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Bitcoin Nears Crucial Test as Hashrate StrengthensBitcoin (BTC) is on the cusp of a critical test as it approaches a trendline resistance that proved formidable in May. Concurrently, a surge in Bitcoin mining hashrate, a bullish indicator, is adding fuel to the rally. The benchmark cryptocurrency has been on a consistent upward trajectory, fueled by a combination of factors including increased institutional interest, macroeconomic concerns, and the halving event. As BTC closes in on the May trendline, traders and analysts are closely watching for how the market will react. A decisive breakout could ignite a new leg up in the price, while a rejection could lead to a period of consolidation or even a temporary pullback. The recent strengthening of the Bitcoin mining hashrate is a positive development that underpins the bullish outlook. The hashrate, which measures the computational power dedicated to mining new Bitcoin blocks, is often seen as a leading indicator of price trends. A higher hashrate implies increased miner confidence in the future price of Bitcoin, as miners are willing to invest more resources into the network. This surge in hashrate can also be attributed to the ongoing Bitcoin halving cycle, which reduces the block reward and incentivizes miners to optimize their operations. While the technical and fundamental backdrop for Bitcoin appears constructive, it's essential to approach the market with caution. Cryptocurrencies remain highly volatile assets, and price movements can be influenced by a variety of factors, including regulatory developments, macroeconomic conditions, and investor sentiment. Moreover, the Bitcoin market has a history of false breakouts, where prices briefly pierce resistance levels before retracing. Therefore, traders must employ risk management strategies and avoid overexposure. The potential breakout from the May trendline will be a key event to watch. If Bitcoin successfully overcomes this hurdle, it could open the door for a more substantial rally towards higher price targets. However, a rejection at this level could lead to a period of consolidation or even a temporary pullback. Ultimately, the cryptocurrency market remains highly dynamic, and investors should conduct their own research and due diligence before making investment decisions. Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments involve significant risks, and investors should be prepared for the possibility of losses.
BITSTAMP:BTCUSDLong
by bryandowningqln
XRP: Outperforming Bitcoin and EthereumThe cryptocurrency market is a volatile landscape, marked by sudden shifts in investor sentiment and regulatory uncertainty. Amidst this turbulence, XRP has emerged as a standout performer, outpacing both Bitcoin and Ethereum. This exceptional performance can be attributed to several key factors, including its unique value proposition, technological advancements, and the evolving regulatory landscape. Unlike Bitcoin, which primarily functions as a digital store of value, XRP is designed to facilitate fast, low-cost, and global payments. This focus on utility has made it particularly attractive to financial institutions and remittance services seeking to streamline cross-border transactions. Additionally, XRP's consensus mechanism, which is significantly faster and more energy-efficient than Bitcoin's proof-of-work, provides a compelling advantage. While offering smart contract functionality, Ethereum has faced scalability challenges that have impacted transaction speeds and costs. XRP, on the other hand, has been engineered to handle high transaction volumes efficiently. This superior scalability makes it a more viable option for real-world applications, such as payments and remittances. A crucial factor driving XRP's recent outperformance is the improving fundamental backdrop. The long-standing legal battle between Ripple and the SEC has cast a shadow over the cryptocurrency. However, with Ripple CEO Brad Garlinghouse expressing optimism about a resolution in the near future, investor confidence in XRP has been bolstered. A favorable outcome in the lawsuit could potentially unlock significant institutional investment and propel XRP to new heights. Furthermore, XRP's growing ecosystem of partnerships and integrations is solidifying its position as a leading player in the global payments landscape. By collaborating with financial institutions and payment providers, XRP is expanding its reach and demonstrating its practical utility. This expanding network effect is likely to attract more users and investors, further driving price appreciation. While XRP's performance has been impressive, it is essential to approach any investment with caution. The cryptocurrency market remains highly volatile, and regulatory risks persist. However, the confluence of XRP's unique value proposition, technological advantages, and improving fundamentals positions it favorably for continued outperformance in the long term. As the broader cryptocurrency market matures and institutional adoption accelerates, XRP's focus on utility and scalability could give it a significant competitive edge. Ultimately, the decision to invest in XRP should be based on thorough research, risk tolerance, and a long-term investment horizon. By carefully considering these factors and staying informed about market developments, investors can make informed decisions about whether XRP aligns with their investment goals.
by bryandowningqln
BITCOIN Potential SkyrocketIn the monthly time frame, Bitcoin looks bullish. The price of BTC is consolidating between the resistance zone (Blue) at $71,225.18 - $73,849.29 and the support zone (Green) at $58,694.30 - $60,594.35 for the last 5 months. If you look at the chart, the price of BTC did not close under the support zone (Green) not a single time. On the chart, a bull flag pattern is forming. This pattern is a continuation that typically indicates a bullish trend. The pattern is characterized by a steep price increase (flagpole) followed by a declining-trending consolidation phase (flag). According to the chart, Bitcoin had a strong upward movement that resulted in the formation of the flagpole. After that, it entered a consolidation phase, where many monthly candles moved horizontally and then slightly downward to form the flag. If BTC breaks out above the resistance zone (Blue), it could lead to a significant upward movement, continuing its previous uptrend. This is supported by the red arrow projecting upwards on the chart, indicating the potential for a breakout. A successful breakout would likely be accompanied by increased trading volume, reinforcing the bullish trend. However, a bearish scenario is also possible. If BTC fails to break out of the consolidation phase and drops below the support zone (Green), the bull flag pattern could be invalidated. This could lead to further downward movement, testing lower support levels. If the bull flag pattern is completed, the chart indicates a bullish view for Bitcoin, with the possibility of a breakout above the resistance zone (Blue). To confirm a breakout, traders should keep a close eye on the price activity near the resistance zone (Blue) and watch for higher volume.
Long
by TheCryptoCity
Bitcoin and altcoins overview(Jule 26-27)For Bitcoin , we have almost completely broken the short scenario and bounced off the zone we marked yesterday. There was no additional retest from the local selling zone, as there was no seller at these levels, so most likely from the current prices we will see an update of the local high. A less prioritized scenario is a retest of the new buying zone $64,900-$63,900. Selling zones: $68,700-$69,800 (volume anomalies), $70,500-$71,400 (accumulated volume). Buying zones: $64,900-$63,900 (buyer activity), $61,700-$60,800 (pushing volume), $58,700-$55,200 (zone of accumulated volumes), $55,000-$53,900 (zone of volume anomalies). Interesting altcoins This time again MEW , we have come to the zone of interest from which we made a structure break. We expect a long position when we return to the marked zone $0,00686-$0,00632.
by Crypto_robotics
BTC Major Support Played Well - Still A riskWe are finally back up from the danger zone but not the time to be fully relaxed. The major support zone was able to hold the price very well. If you pay close attention to the price movement of bitcoin you will understand that we did not just move straight up. The price took a surge, then took a small correction, again rose and took another correction. These are called healthy correction is small time. They help in building small support zones. You see that stairs like formation in hourly chart, that is a very good sign that the market is playing in a supportive manner. Comes to MAs. If you have been reading my previous charts, you know I have been talking about a Golden cross over under the base of zone 2. MA 20 crossed MA 50 and 100 and now we are waiting it to cross the 200 (spot is already marked) A Golden Cross over happens when a small MA passes the larger MA to upside. This is a bullish signal. The MACD has also cleared the pass as the MACD line (Blue) has crossed over the Signal Line (Orange). What's the next move? The price should consolidate for a while. It is similar to when a person climbs the hill, he has to rest for a while at a good spot before moving further in order not to get wasted. Same applies for the price chart. We are above Support zone 2 and needs to rest a bit. During this resting period, the price will go up and down in a particular zone. Once the market has cooled off, the price will start further movement. Watch out for major btc news today. What's the risk? It has been historically that when ever the market recovers from a small dip like this so easily, it is a market game sometimes. The market tricks the traders in beliving that bad times have passed and they become fearless and start taking big longs. This is the perfect time for the market makers to make some extra cash and they drop the price suddendly causing big number of longs to liquidate. The price will come back to the same zone momentorily but traders lose money. Hence it is recommended to use stop loss to prevent liquidation. I would request you to read my previous charts, in order to understand various market playoffs. They will help you to learn various market movements in different situations. Have any questions? Just ask!
Long
by imvijaygir
BTC upside potential for the next 24 hours The Bitcoin Conference 2024, the largest world’s Bitcoin conference, kicks off in Nashville later today. Republican presidential candidate Donald Trump will be its keynote speaker on Saturday. There are rumors that he will announce that Bitcoin will be transformed into a strategic reserve asset. Meanwhile, the organizer of the conference, Bitcoin Magazine, denied rumors that the Democrat presidential candidate Kamala Harris would be speaking. “No surprise. What can she say to us when she’s actively imprisoning developers, forcing our industry overseas, attacking PoW… it would have been a disaster for her,” the CEO of Bitcoin Magazine David Bailey said. “I gotta be honest, feels like Kamala should commute Ross Ulbricht’s sentence before addressing the Bitcoin community. That’s the tables stakes. Both Trump and RFK have promised to do that day 1,” Bailey said. Ulbricht was sentenced to life in prison without the possibility of parole under the Obama administration in 2015 for creating and operating the darknet market website Silk Road. This website sold drugs and other illegal goods. “All eyes on Trump now. Choice is simple really, Trump Pump or Biden Dump?,” Bailey added. Bitcoin may reach $100,000 “very soon” on expectations that the Republicans will win the US presidential elections in November, the CEO of CSOP Asset Management Ding Chen told Bloomberg earlier this week. The price of Bitcoin fell 2.5 percent to $64,190 over the past 24 hours, Trading View’s Bitcoin chart shows, while ATTMO forecasts strong sun for Bitcoin for the next 24 hours, indicating upside potential and a bullish trend. Follow us for more crypto news and weather reports!
Long
by ATTMO
The BTC in Dead Fall : Get Ready for the PUMPIf you have read my previous chart idea, I am sure you were ready for this. Now, there is nothing to see in the hourly chart, we have to move towards the daily chart. Here you can see we have touched the Major Support Zone, this is a very crucial barrier for BTC. All the MAs are sitting below it one by one. MACD shows the decrease in bull power. Under this support zone we have a fib level at $63,200. The biggest and most powerful MA, 200is sitting at $60,000. Most of the traders don't want to go there, because if that happens, it will be very difficult to come back as we were at $55,000 only a few days ago. Going back to these zones will break market confidence and it will take at least a month or minimum 15 days to recover this shock. I have another theory that I am not allowed to share here. What to do now? Accumulate btc if you can. Do not take futures trade as the market would be very unstable. Watch out for btc conference and the price will shoot around the conference, and especially when Trump reaches there, when he talks about bitcoin, when he talks to crypto pro big names - Expect multiple shoots tomorrow.
Long
by imvijaygir
Bitcoin BTCUSD Bullish Side Money heist PlanMy Dear Robbers / Traders, This is our master plan to Heist Bitcoin BTCUSD market based on Thief Trading style Technical Analysis.. kindly please follow the plan I have mentioned in the chart focus on Long entry. Our target is Red Zone that is High risk Dangerous level, market is overbought / Consolidation / Trend Reversal at the level Bearish Robbers / Traders gain the strength. Be safe and be careful and Be rich. Note: If you've got a lot of money you can get out right away otherwise you can join with a swing trade robbers and continue the heist plan, Use Trailing SL to protect our money. Stop Loss : Recent Swing Low using 2h timeframe Warning : Fundamental Analysis comes against our robbery plan. our plan will be ruined smash the Stop Loss. Don't Enter the market at the news update. Loot and escape on the target 🎯 Swing Traders Plz Book the partial sum of money and wait for next breakout of dynamic level / Order block, Once it is cleared we can continue our heist plan to next new target. Support our Robbery plan we can easily make money & take money 💰💵 Follow, Like & Share with your friends and Lovers. Make our Robbery Team Very Strong Join Ur hands with US. Loot Everything in this market everyday make money easily with Thief Trading Style.
BITSTAMP:BTCUSDLong
by Thief_Trader
Hash Ribbons Signal Potential Bitcoin Bull RunMiner Capitulation Ends, Igniting Bullish Outlook The cryptocurrency market is abuzz with excitement as a key indicator signals a potential turning point for Bitcoin. The Hash Ribbons indicator, a tool used to measure miner capitulation, has recently shifted into a bullish "buy" signal. This development, coupled with other positive market trends, is fueling speculation of an imminent Bitcoin rally. The Hash Ribbons indicator tracks Bitcoin's hashrate using two moving averages: a 30-day and a 60-day. When the shorter moving average dips below the longer one, it typically signals miner distress and potential market downturn. Conversely, when the 30-day average surpasses the 60-day, it historically marks a "buy" signal, often preceding significant price increases. The recent shift to a bullish signal indicates that miners may have weathered the storm, and Bitcoin could be poised for an upward trajectory. This positive development is further reinforced by evidence suggesting the end of miner capitulation. Miners often sell their Bitcoin holdings during periods of low profitability to cover operational costs. When this selling pressure subsides, it can lead to a price increase as the supply of Bitcoin available for sale decreases. Market Enthusiasm Amidst Uncertainties While the Hash Ribbons signal and the apparent end of miner capitulation are undoubtedly bullish indicators, it's essential to consider the broader market context. Several factors could potentially dampen Bitcoin's momentum. One significant concern is the impending payout of claims from the collapsed Mt. Gox exchange. A substantial amount of Bitcoin is expected to be released into the market, which could exert downward pressure on prices. Additionally, the potential approval of Ether ETFs in the United States has introduced a new element of uncertainty. While this development could benefit the broader cryptocurrency market, it may also lead to increased volatility in Bitcoin's price. Despite these potential headwinds, the overall sentiment among market participants appears to be optimistic. The Hash Ribbons signal has generated significant buzz, and many analysts believe that Bitcoin is primed for a substantial rally. However, as with any investment, it's crucial to approach the market with caution and conduct thorough research before making any decisions. The cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Investors should carefully consider their risk tolerance and investment goals before allocating funds to Bitcoin or any other digital asset. While the Hash Ribbons indicator and other positive factors suggest a potential bullish trend, it's essential to remain vigilant and monitor market developments closely. Ultimately, the future of Bitcoin's price is difficult to predict with certainty. However, the recent bullish signals provide a glimmer of hope for investors who have weathered the cryptocurrency market's ups and downs. As the market continues to evolve, it will be fascinating to see how Bitcoin responds to the challenges and opportunities ahead.
BITSTAMP:BTCUSDLong
by bryandowningqln
Bitcoin and altcoins overview(Jule 24-25)We made another attempt to resume purchases on Bitcoin , but it was unsuccessful. Currently, we are below the volume zone, so locally we expect movement to the next sales zone located lower. Globally, the scenario has not changed, we expect a test of the sales zones above: $68,700-$69,800 (volume anomalies), $70,500-$71,400 (accumulated volume). Purchase zones: $65,000-$63,400 (accumulated volumes), $61,700-$60,800 (pushing volume), $58,700-$55,200 (accumulated volumes zone), $55,000-$53,900 (volume anomalies zone). Interesting altcoins. For the DAR coin, we have a strong buyer volume zone at $0.175-$0.165, from which it is logical to expect a resumption of purchases. For STMX , we also expect the upward movement to continue from the local volume zone $0.0068-$0.0066
by Crypto_robotics
1
BTC 24-hour upside potential; downside over the 7-day horizonBitcoin reached a five-week high over the weekend supported by hopes of a Republican victory in November. These were slightly dashed on Sunday when the Democratic presidential candidate Joe Biden dropped out of the race, increasing the chances of a Democratic victory. A Republican victory is seen as much more favorable for the cryptosphere. The SEC has extended its deadline for comments on the potential listing and trading of options on trusts or ETFs holding Bitcoin to between Sept 21 and Nov 20, the US regulator said. The price of Bitcoin dropped 1.4 percent to $66,838 over the past 24 hours, Trading View’s Bitcoin chart shows. ATTMO forecasts a sunny day ahead for Bitcoin, indicating a potential upside, yet, drizzle within 3 days, extending to the next week, which could announce a bearish trend and downside for the biggest crypto. Follow us for more crypto news and weather reports!
BITSTAMP:BTCUSD
by ATTMO
A little Bear Cycle for BITCOINThe market went up and got rejected from the upper resistance level. Even though we have 100 MA but I don't think it would be enough to hold the price fall because data shows a large number of shorts are ebing opened. If traders believe market gonna go down, it will. Some people will make profit but rest they will get liquidated when the price will take a sudden rise. The same thing happened last night and this will happen again. More than $100M dollar of short trades were liquidated and the long. When people think market is gonna go deep, it takes sudden shift in the movement. At current point, the lower level of support zone MIGHT be able to hold but if fails it will go down to the 0.786 Fib mark for support. Going under it will be another dip story. But if any of these twi succeed in holding and pushing back, the market will come up to recreate the support level at point 2 and will try to stay in the zone to make the support stronger, or better get a ittle up so the zone soidifies, making a way to upside and try to break the red zone above it. And this time it should succeed and touch the $70k mark. We are looking at another over $100k in liquidations.
by imvijaygir
BEWARE : Bitcoin Price in an UNCERTAIN zone In the last 2 days, Bitcoin has received support from the $66,000 zone four times, and the rejection from $67,800 twice and from $68,700 one time. A simple rule, the more the hit the weaken the support or resistance becomes. As discussed in the previous post, Bitcoin price came down to take support from level 2, and bounced back. Now the previous support level 1 has become the resistance. {When price crosses its support and goes under it, the support turns into a resistance, and vice-versa} As of the current chart, btc is taking rejection from Level 1. Once it over comes, this level will again become a support and hence helping the btc in its rise again. In case it receives high resistance from this elvel, the next support would be the fib level around $65,800. The enxt few hours are very crutial. Perpentul data shows that as compared to long positions at this range, traders have more short positions. This can cause the btc price to get struck in this zone for a while before taking any side. Trade should be avoided as this would be veru risky in an uncertain environment. In the next 10 hours, btc should have chosen a side. In such situations, the market liquidates both sides by playing double side. a sudden price movement to one side first and then taking a U-turn. Traders were advised to remain cautious
by imvijaygir
2
Is the Bitcoin Bull Run on Fumes? Bullish Wedge?Bitcoin (BTC), the enigmatic pioneer of cryptocurrencies, has captivated investors with its volatile price swings and potential for massive returns. After a strong incline in recent months, questions are swirling about the sustainability of this bullish trend. One technical analysis pattern catching attention is the bullish wedge, and its potential to signal a reversal. The Bullish Wedge: A Double-Edged Sword The bullish wedge is a chart pattern formed by two converging trendlines, one acting as resistance and the other as support. While it initially suggests a continuation of the uptrend, a breakout from the lower trendline can indicate a potential price decline. Here's why the bullish wedge is a double-edged sword for BTC investors: • Continuation Pattern: If the price breaks above the resistance line with increasing trading volume, it can be interpreted as a confirmation of the bullish trend. This would suggest that buyers are accumulating BTC at higher prices, potentially pushing the price further upwards. • Reversal Pattern: A breakdown below the support line, particularly with significant selling volume, could signal a trend reversal. This would indicate that sellers are overpowering buyers, potentially leading to a price decline. Is This the End of the Bull Run? Whether we're witnessing the tail end of the BTC incline depends on several factors: • Price Action at the Wedge: Closely monitoring the price action at the wedge's apex (the point where the trendlines converge) is crucial. A clean breakout above resistance with strong volume suggests a continuation of the uptrend. Conversely, a forceful breakdown below support with high selling pressure indicates a potential reversal. • Technical Indicators: While the bullish wedge is a valuable tool, it shouldn't be used in isolation. Combining it with other technical indicators like the Relative Strength Index (RSI) or Moving Average Convergence Divergence (MACD) can provide a more comprehensive picture. Overbought readings on the RSI or bearish divergences on the MACD could signal a potential reversal despite the wedge pattern. • Fundamental Factors: External factors like regulatory changes, institutional adoption, and broader economic conditions heavily influence the cryptocurrency market. Positive news on these fronts can bolster the bullish momentum, while negative developments can trigger a sell-off. Beyond the Bullish Wedge: Other Considerations Predicting the future of Bitcoin is notoriously difficult. Here are some additional factors to consider: • Market Sentiment: Bullish sentiment can fuel upward price movements, while bearish sentiment can lead to a decline. Gauging investor sentiment through social media analysis or news outlets can provide valuable insights. • On-chain Analysis: Analyzing on-chain data, such as active addresses or exchange inflows/outflows, can reveal investor behavior and potential buying or selling pressure. Navigating the Uncertainty: What Investors Can Do While the bullish wedge presents a potential turning point, it's not a guaranteed indicator. Here's what investors can do: • Employ Risk Management: Always implement stop-loss orders to mitigate potential losses if the price falls below a certain level. • Diversify Your Portfolio: Don't put all your eggs in one basket. Diversify your crypto holdings and consider other asset classes to manage overall portfolio risk. • Stay Informed: Keep yourself updated on the latest developments in the cryptocurrency space, including technical analysis, market sentiment, and regulatory changes. Conclusion The bullish wedge presents an intriguing scenario for Bitcoin's price trajectory. While it raises the possibility of a trend reversal, a confirmation requires a breakdown below support with significant selling pressure. By combining technical analysis with other factors like market sentiment and fundamental analysis, investors can make informed decisions. Remember, the cryptocurrency market remains highly volatile, and a healthy dose of caution is always advisable.
BITSTAMP:BTCUSD
by bryandowningqln