Bitcoin Price Hits $7,500 Again, Ethereum Value Also Up 3.5%

KEY POINTS

• Bitcoin is back at $7,500 and currently trades near $7,600
• Ethereum is also up 3.5% but has not recovered since its drop last week
• The rest of the top 20 cryptos are up except for Tezos
• If "hodlers" are banking on a Santa Clause rally, then this is not it yet for Bitcoin (BTC). But for the time being, it will do.

The largest crypto by market cap has registered new gains as it sets itself up for the coming week. From dipping near $6,400 on Dec. 18, Bitcoin is back at $7,500 and is almost trading close to $7,600, as of press time.

Among the crypto market, BTC is not the only one to post gains — Ethereum (ETH), the second most popular cryptocurrency, was also up by about 3.5 percent in the past 24 hours. Coindesk prices show that Ethereum traded at a low of $126.59 and climbed to a high of $131.68 on Sunday. The altcoin currently trades at $130.45.

All of the top 20 cryptos — with the exception of Tezos (XTZ) — recorded medium gains. This comes after the entire market was in the red last week because of a report about a Chinese Ponzi scam that dumped billion dollars worth of cryptos in exchanges so scammers can cash out.

However, even as ETH is poised to finish the day on the positive side, it still is $10 away from its original price before the news came out that caused it to dip 10 percent. Bitcoin, on the other hand, has more than recovered much of what it lost in the crypto market drop.

Still, most analysts expect BTC to fall before its scheduled halving sometime in May next year. Even billionaire venture capitalist Tim Draper broadcasted his comments that Bitcoin should be at these levels based on technical analysis data. Although he couldn't provide more details about what the charts say, he is confident that BTC will reach a price of $250,000 by 2022.

CNBC used a similar chart to understand what Draper could be referring to. Brian Kelly of CNBC's "Fast Money" used a logarithmic chart that showed BTC prices since 2013 has been on an upward slope. He pointed to the top of the channel, which falls at 2022, that is on par with Draper's prediction of $250,000. But if the price continues to slide before the halving, as what some analysts expect, that could be below the channel of the log chart Kelly drew up.

 

By Ron Mendoza

@ronmendoza_

12/22/19 AT 11:24 PM

 

David – http://markethive.com/david-ogden

Bitcoin (BTC) Price Prediction: Key Levels BTC Must Overcome to Confirm Growth

If you want to be part of a new trend from the get-go, then you should pay attention to the price structure that you will find in this article.

Bitcoin (BTC) Price Prediction: Key Levels BTC Must Overcome to Confirm Growth

Overall Picture

Forming a Trend

Other Confirmation Signs

BTC against USD

 

Overall Picture

As always, let's start with the daily chart to see how the general situation is for Bitcoin (BTC).

From a simple perspective, we can recognize the fact that BTC's price has been holding below the 30-day moving average, or in layman's terms, the average monthly price. This means that the bears are maintaining control, for now.

 

Of course, December 21st had a bullish engulfing pattern. Some could even say that it's all about the double bottom, but we would like to keep it simple as we said before.

Everyone knows that the money is mainly made from trends. So, let's try to find a trend.

 

Forming a Trend

Looking at the chart below, you will find how the current market tries to form a bullish structure. How do we find out about the formation of such a trend? A trend is confirmed when lows and highs are ascending, a minimum of two times from both sides.

If the price is pushed above the local high without breaking the previous low, then congratulations is in order – we are in a local upswing.

 

BTC against USD

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Other Confirmation Signs

To understand BTC's price prediction in a long-term scenario, check out the article here. Now let's take a look at how Bitcoin strengthens its position over other altcoins. By the way, you can use the same trend determination method.

 

When do you think the 68% level will be broken?

 

Sponsored by Celsius.Network

Dmitry Zhyhalkin

David – http://markethive.com/david-ogden

Bitcoin (BTC) Daily Price Forecast – November 27

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,800, $6,900, $7,000

Support levels: $3,600, $3,400, $3,200

Yesterday, November 26, the price of Bitcoin was in a bearish trend. On November 25, the digital currency fell to the low of $3,774.80 and made a bullish movement to the 12-day EMA. On November 26, the crypto’s price was resisted at the 12-day EMA and it fell to the low of $3835. Price is likely to make another bullish movement to the 12-day EMA.

However, for the digital currency to resume its uptrend the crypto must break the 12-day EMA and the 26-day EMA to the upside and remain above it. Meanwhile, the crypto's price is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. Also, the MACD line and the signal line are below the zero line which indicates a sell signal.

On the 1-hour chart, the price of Bitcoin was in a sideways trend. On November 25, the crypto's price broke the 12-day EMA and the 26-day EMA to the upside and remain above it. On November 26, the crypto ‘s price broke the EMAs to the downside which led to the continuation of the bearish trend.

Courtesy of  BitcoinExchangeGuide.com

David – http://markethive.com/david-ogden

Bitcoin (BTC) Price Watch – Watch This Triangle for Directional Clues

Bitcoin Price Key Highlights

 

• Bitcoin price is still stuck in consolidation, forming higher lows and lower highs inside a symmetrical triangle on the short-term chart.

• Price is approaching the peak of this formation so a breakout might be due soon, providing longer-term directional clues.

• Technical indicators are giving mixed signals, although there seems to be some bearish pressure in play.

Bitcoin price is consolidating inside a symmetrical triangle on the short-term charts while traders decide which direction to take.

 

Technical Indicators Signals

The 100 SMA crossed below the longer-term 200 SMA on this time frame, indicating that the path of least resistance is to the downside. In other words, support is more likely to break than to hold, possibly leading to a slide that’s at least the same height as the triangle. This pattern spans $6,640 to around $$7,000.

Stochastic is on the move down to show that sellers are in control and could push for a break below the triangle bottom. RSI also seems to be moving south to signal that bearish pressure could stay in play as the oscillator has plenty of room to move down before hitting oversold levels.

The recent surge in bitcoin price is being pinned on the Tether selloff, although the launch of Fidelity’s institutional platform might be a bigger factor sustaining longer-term gains. After all, this could open bitcoin and ethereum to stronger volumes and increased trading activity from bigger market players.

A candle closing past the $6,750 triangle resistance could be enough to signal an upside break and a continuation of the rally from the larger triangle breakouts. A break below the $6,675 level, on the other hand, could lead to a test of the nearby support zones, although it’s worth noting that bulls are strongly defending the lows by buying on dips.

 

SARAH JENN | OCTOBER 17, 2018 | 3:54 AM

David – http://markethive.com/david-ogden