Bitcoin Uptrend Shows No Signs of Stopping

Bitcoin broke above the round resistance levels of $25,000 and $27,500 with ease. The massive bullish momentum seems to be confirming an impulsive wave 3 of a higher degree.

What can traders expect in this bull run? Let’s review the key Fibonacci support levels.

Price Charts and Technical Analysis

BTC/USD 30.12.2020 4 hour chart

The BTC/USD train is now approaching the $30,000 mark. An immediate push higher (blue arrow) towards the next round level is one of the possibilities.

The 30k target could create some selling and a pullback. However, as long as price action shows choppy corrections, more upside continuation remains the most likely scenario.

Another alternative is that price action will show a retracement before hitting 30k. Then price could fall back to the 23.6% and 38.2% Fibonacci retracement levels. This a potential support zone and bullish bounce.

On the 15 minute chart, we can try to estimate whether that immediate continuation will occur or whether price action will create a retracement first.

The key support zone is the 38.2-50% Fibonacci levels. A bullish bounce would confirm a wave 4 (grey) pullback on the lower time frame. And the uptrend could continue within the wave 5 (grey).

Whereas a bearish break below the 61.8% Fib invalidates (red circle) the current wave outlook. This could be a first indication that a deeper pullback is taking place on the 4 hour chart.

BTC/USD 30.12.2020 15 minute chart

For a look at all of today’s economic events, check out our economic calendar.

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

 

Bitcoin Rallies Above $28,300 – Is This The Peak?

We hope you enjoyed the brief holiday break… it seems Bitcoin has been busy while the markets have been resting! Bitcoin enthusiasts are adamant that the price rally has just started a parabolic move higher.  From a technical standpoint, this current rally certainly appears to have gone parabolic.  As any trader already understands, what goes up may eventually come crashing downward.

My research team and I believe failure at the current highs would represent a clear technical divergence pattern between price and the RSI indicator. Additionally, the current rally that started on December 20 consists of a $10,850 rally phase.  The previous rally that took place from October 20 to December 2 consisted of a $9,200 rally phase.  We believe this current rally phase from December 11 could be a Wave 5 rally (almost equal to the Wave 3 rally range).  If our researchers are correct, this final rally phase could come crashing downward after reaching these peak levels above $28,000.

This 4 Hour Bitcoin chart highlights the incredible price rally that has taken place over the past 16+ days – a rally of over $10,000.  It also highlights two very clear price rally phases – creating an A-B-C price wave pattern.

This Daily Bitcoin chart highlights the two, almost identical in size, that we believe has created a price peak above $28,000.  It also highlights the technical divergence between price and the RSI indicator in the lower pane.

We believe this current peak may become a near term top in Bitcoin – possibly resulting in a downward price decline.  Critical support near $18~$20k is still very valid.  If Bitcoin prices collapse from these peaks, we believe the $18k to $20k level will become the next level for price to find support.

Overall, this incredible rally in Bitcoin prices before the end of 2020 has certainly proved the Bitcoin skeptics wrong and set the enthusiasts on fire.  At this point, we get to see what happens in early 2021 and if this $28k level will hold up.  One thing is certain, the past 30+ days have shown a massive rally potential in Bitcoin and other Cryptos – is this an excess phase peak or the start of a massive uptrend in 2021?

Our proprietary BAN (Best Asset Now) strategy allows us to know which assets are potentially the best performers in any type of market trend.  If you want to learn more about how we can help you with our proprietary tools and strategy then go to www.TheTechnicalTraders.com to learn more. Sign up today to get my daily pre-market analysis of the markets that walks you through the technical indicators of Bitcoin and the major asset classes.

Para ver todos los eventos económicos del día le recomendamos visitar nuestro calendario económico.

Stay healthy!

Chris Vermeulen
Chief Market Strategist
www.TheTechnicalTraders.com

 

Bitcoin Rally Similarities – Is This The Peak?

The recent rally in Bitcoin is strangely similar to the rally that took place in 2017.  Although the range of price throughout the rally is somewhat different, the structure of price throughout the rally phase is very similar.  Our researchers believe this similarity suggests a peak may be forming in Bitcoin and the big volume on Monday, December 21, 2020, may have represented a “blow-off peak” in price.

BITCOIN 2017 PEAK STRUCTURE

The following Weekly Bitcoin chart highlights the three rally phases that took place before the peak level was reached in December 2017. Pay very close attention to the structure you are seeing on this chart and the highlights we’ve made to help you understand how the price structure is being mirrored in the current rally phase.

Initially, we saw a $2100 rally in Bitcoin which setup a peak near $2980 that initiated near March 26, 2017 (the first Green Arrow on this chart).  After, a mild correction took place which setup a deep trough on the RSI indicator (in the lower pane of this chart).  Notice how this deeper low level in RSI set up a momentum base for future trends.  Then, a second rally phase pushed Bitcoin prices higher to $4979 – spanning a rally phase of nearly $3050 (the second Green Arrow). This second rally initiated near July 2017 and was followed by another brief consolidation period.  Lastly, a breakout rally initiated in October 2017 and reached the peak price level on December 17, 2017 near $19,666.

Next, pay attention to how the end of the rally phase broke below the support channel on the RSI (in RED) and began a excess phase contraction of over $16,000 (-84%) that lasted until December 2018 (near $3135). Are we witnessing a mirror example of this same type of price action in the current Bitcoin rally?

BITCOIN 2020 PEAK STRUCTURE

This next current Bitcoin Weekly chart, below, highlights the similarities between the 2017 rally and the current rally phase.  Although there are minor price range variances related to the size and scope of the different price wave structures, the technical setup is almost identical to the 2017 rally phase.

First, the bottom after the COVID-19 decline setup on March 13, 2020 – only about 14 trading days away from the March 26, 2017 bottom.  Next, the initial rally in 2017 consisted of a $2082 (+233%) rally phase whereas the current rally from the March 13 lows consisted of a $6750 rally (+186%) in price.  We believe the similarities in the rally percent ranges align close enough to consider both initial rally phases similar.

Next, a moderate price decline setup after that first rally phase which setup a deep RSI low level in July 2020. Remember, in 2017, this first contraction phase ended in July 2017 also – just an odd similarity, or is this something more critical to understand?

After this contraction phase ended, in July 2020, another rally phase initiated pushing Bitcoin prices higher by about $3225 (+35.75%) which ended in August 2020.  In 2017, this second rally phase consisted of a $3061 price rally (+166%) which ended on September 15, 2017.  In this instance, we are focused on the similarities in the price ranges of these second rallies and the dates of these rallies.  The actual price ranges of these second phase rallies are very similar and the start and end dates of these rallies are strangely similar – even though the end dates are more than 30 days apart.

Lastly, the final rally phase in 2017 initiated near the end of September 2017 and really broke-out in October 12, 2017 – then peaked about 60 days later near December 17, 2017.  The current rally phase in 2020 initiated near a low price level on September 8, 2020 and generated a break-out rally on October 20, 2020 – only 8 trading days difference between the 2020 breakout bar and the 2017 breakout bar.

The final phase rally in 2020 has, so far, consisted of a $14,435 price rally (+146%) whereas the 2017 final phase rally consisted of a $16,704 price rally (+553%) and the current 2020 final rally phase has moved $14,435 (+146%).  Even though one could argue the price ranges and percent ranges are far enough away from one another to qualify as a “mirror” of the two examples, we feel the similarities are very difficult to dismiss – even if this final phase rally size/scope is 14% smaller than the one in 2017.

Notice how the RSI technical pattern has continued to set up almost exactly like the 2017 rally phase setup – an initial low price level set in July acts as critical support while the subsequent rallies setup an upward sloping support channel – which will eventually be broken. Does this mean that Bitcoin has reached its peak levels – just like in 2017?  Are the similarities between the December 17, 2017 price peak and the December 20, 2020 price peak simply an odd curiosity or aligning dates, price phases, and similar structures or is it something more ominous?

Time will tell if our research plays out as we suspect.  We are simply pointing out that similarities between the 2017 rally and the current rally are strangely aligning to suggest the current peak price level in Bitcoin may be ending soon.  It is a very rare situation where price triggers and trends align so closely to a previous trend that spanned nearly 9 months – but we do understand that these types of price patterns do exist.

Some people have built complete trading systems around historical patterns that repeat with a high degree of accuracy over the past 15 to 20+ years.  So it is not uncommon for these types of patterns to exist.  We find it incredibly interesting to see this type of extended price pattern aligning so closely to the 2017 setup in Bitcoin.

If a future selloff does happen – it will be an incredible example of a “mirror-like” setup taking place on very similar dates nearly 3 years apart.  Keep this article in your focus as we move closer to the start of 2021.  Remember, the big breakdown in Bitcoin in 2017  first took place on December 22, 2017, then broke down further on January 16,2017.  Those might be very important dates in the future.

Our proprietary BAN (Best Asset Now) strategy allows us to know which assets are potentially the best performers in any type of market trend.  If you want to learn more about how we can help you with our proprietary tools and strategy then go to www.TheTechnicalTraders.com to learn more. Sign up today to get my daily pre-market analysis of the markets that walks you through the technical indicators of the major asset classes.

Less than two trading sessions before the holidays – stay healthy!

For a look at all of today’s economic events, check out our economic calendar.

Chris Vermeulen
Chief Market Strategist
www.TheTechnicalTraders.com

 

Bitcoin’s Doji on Daily Chart Indicates ABC Pullback

Bitcoin (BTC/USD) closed with a Doji candle yesterday. This indicates indecision after several bullish daily candles made an impressive new all-time high at $24,000.

The angle of and distance between the moving averages confirm the massive uptrend at the moment. But is it time for some type of pullback? Let’s review.

Price Charts and Technical Analysis

BTC/USD 21.12.2020 daily chart

BTC/USD is currently developing a wave 3 (blue). As long as price action stays above the smaller 38.2-50% Fibonacci support zone, then price action is expected to stay in that wave 3.

In that case, price could easily go sideways and then break up north (blue arrow) for a new all-time high at the round psychological level of $25,000.

A bearish breakout, however, could indicate a larger retracement. This could start a wave 4 (blue) pattern:

  • The main targets are the 23.6% and 38.2% Fibonacci retracement levels.
  • A bullish bounce is expected at the Fib support (blue arrows).
  • Only a break below these Fibs places the uptrend on hold (yellow circles).

On the 4 hour chart, price action has completed a wave 5 (purple) of wave 3 (pink) at the recent high.

The current retracement seems to be a wave A (purple). Price action will probably build an ABC correction or ABCDE triangle pattern.

After the consolidation pattern is completed, a breakout above the resistance would confirm the continuation of the uptrend within wave 5 (pink).

Price action should bounce at the long-term moving averages (blue box) and Fibonacci support zone, otherwise a larger retracement is taking place on the daily chart.

BTC/USD 21.12.2020 1 hour chart

For a look at all of today’s economic events, check out our economic calendar.

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

 

Gold Forecast – Precious Metals and Mining Breakout Forecast

The US government will shut down Saturday, and 12-million people will lose their unemployment benefits on December 26 if Congress fails to pass a new stimulus package. They are currently negotiating a $900-billion agreement.

The near-term fate of metals and miners hangs in the balance:

  • If Congress passes a deal (weaker dollar), gold will likely continue higher and forgo the December decline.
  • If Congress fails to reach the $900-billion solution, metals and miners would likely turn immediately lower and proceed to our December targets.

The next 24 to 48-hours are critical. Congress may work over the weekend to reach a deal, so we may have to wait until Monday for a decision.

DOLLAR WEAKNESS: The dollar has been exceptionally weak, and prices have been unable to rally out of the most recent low. This supports the potential for a breakout in precious metals.

Chart Description automatically generated

DOLLAR MONTHLY CHART: The persistent weakness in the dollar is like what we experienced in 2002 and 2003. The monthly chart has broken the multi-year trendline, paused, and is continuing lower. At this rate, I decline to 80 seems likely by the first half of 2021. Closing below 88.15 would confirm a bearish breakdown towards 80.00.

 

CALIFORNIA COVID SPIKE: California reported 61,569 new daily cases yesterday. The day before was 35,547. I’m not sure what caused the recent spike, perhaps something with testing. Nevertheless, if daily cases stay above 50,000 for any length of time, that can pose real problems for their healthcare system. Covid remains a major threat.

https://www.worldometers.info/coronavirus/usa/california/

The Gold Cycle Indicator is at a critical level. Consecutive finishes above 100 would support a bullish breakout and a 6-month low in precious metals – it finished at 98 today.

 

-GOLD- Gold closed above the $1880 level. I’ve said progressive closes above the $1880 level would support a 6-month low and bullish breakout. We got one close today. However, I neglected to mention the intermediate trendline in prior posts. From a technical standpoint, closing above the intermediate trendline (currently above $1925) is the proper confirmation of a breakout.

Note- The bullish engulfing candles on December 1 and December 15 support the bullish breakout scenario.

SILVER– For a breakout in silver, I’ve been looking for progressive closes above the November $26.14 high – we got one today. Prices are also testing the intermediate trendline, and a close above $26.30 would prescribe a bullish breakout.

Bullish Note- Silver diverged from gold in late November and made a higher high. If silver confirms a bullish breakout, I think it could move sharply higher, outpacing gold during this cycle advance.

PLATINUM– Another bullish sign I’m contemplating is the divergence in platinum. Prices rallied to new highs ahead of gold and silver. That could be an incredibly bullish sign if metals and miners confirm breakouts in the coming days. Closing above $1093.10 would support a run to fresh highs.

-GDX- Miners gapped higher at the open and finished above December 7 $36.92 high. I see the potential for a bullish breakout if prices maintain today’s gap and do not close below the 200-day MA (currently $35.88). Any reversal that settles below the 200-day would recommend a bearish reversal and maintain the outlook for one more decline in December.

-GDXJ- Juniors gapped higher at the open and finished above the December 7 high. As long as prices maintain today’s gap (do not close below $53.00), I see the potential for a bullish breakout. A close above the intermediate trendline (currently $58.00) would confirm a new cycle advance.

-SILJ- The silver junior mining ETF closed above the intermediate trendline supporting the bullish argument for silver. I see the potential for a breakout as long as prices don’t close below $15.00.

Bitcoin is at new all-time highs, and it could top any day. I have the same feeling about it as I do Tesla – both have a bubble feel. Speaking of Tesla, the days surrounding the December 21 addition into the S&P 500 are of particular interest and could time a peak, just something I’m considering.

In summary, the near-term fate of precious metals and miners hinges on the ability of Congress to reach a deal. On the one hand, I thank they can and should, but on the other, I have little faith in the political establishment.

For a look at all of today’s economic events, check out our economic calendar.

AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information, please visit here.

 

 

Bitcoin is Hot: Massive Breakout Above $20k Top

Bitcoin (BTC/USD) has finally done it: price action managed to break above the $20,000 (20k) resistance and the all time high of 2017 yesterday.

The main questions racing through every trader’s mind are simple: will the trend continue? And if yes, how much pullback (discount) can be expected? Let’s review.

Price Charts and Technical Analysis

Bitcoin 17.12.20 daily chart

The BTC/USD’s third attempt to break above the 20k resistance zone finally worked. Price action went sideways at the resistance zone, which indicated that there were no sellers pushing price lower.

The consolidation zone at the 20k resistance indicates a wave 4 (grey) pattern. The swift break above the -27.2% Fibonacci target is indicating strong momentum as well. Typical for a wave 3 (purple) pattern.

The volatile price action will be a difficult read. But an uptrend continuation is very likely to take place. The first target is the -61.8% Fibonacci level at $25,000. Higher targets could be $26,500 and then $27,500 followed by the round $30k level.

On the 15 minute chart, price action seems to have completed a strong bullish swing. This has been labelled as a wave 3 (orange) for now. But it will depend on the type of retracement.

  • A mild pullback that stays above the 50-61.8% Fibonacci retracement levels could indicate an uptrend continuation.
  • A strong bearish push might indicate that the break above the top was a short lived bull run.

The pullback pattern will be key for understanding whether the uptrend can continue. If there is a shallow one, then it will probably be a wave 4 (orange) with more upside left.

Bitcoin 17.12.20 15 minute chart

For a look at all of today’s economic events, check out our economic calendar.

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

 

The Crypto Daily – Movers and Shakers – December 12th, 2020

Bitcoin, BTC to USD, fell 1.17% on Friday. Following on from a 1.61% decline on Thursday, Bitcoin ended the day at $18,049.9.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $18,299.0 before hitting reverse.

Falling short of the first major resistance level at $18,574, Bitcoin fell to a late morning intraday low $17,629.0.

The reversal saw Bitcoin fall through the first major support level at $17,941.

Finding support at the second major support level at $17,621, Bitcoin briefly revisited $18,190 levels before ending the day at sub-$18,100.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$18,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $10,095 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Friday.

Litecoin and Ripple’s XRP slid by 3.39% and by 3.72% respectively to lead the way down.

Bitcoin Cash SV, (-2.28%), Chainlink (-2.05%), Ethereum (-2.65%) and Polkadot (-2.70%) and also saw relatively heavy losses.

Binance Coin (-1.21%), Cardano’s ADA (-1.79%), and Crypto.com Coin (-1.69%) saw relatively modest losses on the day.

In the current week, the crypto total market cap rose to a Monday high $569.88bn before falling to a Friday low $509.01bn. At the time of writing, the total market cap stood at $531.62bn.

Bitcoin’s dominance rose to a Wednesday high 64.26% before falling to a Wednesday low 63.03%. At the time of writing, Bitcoin’s dominance stood at 64.01%.

This Morning

At the time of writing, Bitcoin was up by 1.62% to $18,342.0. A bullish start to the day saw Bitcoin rise from an early morning low $18,049.9 to a high $18,400.0.

Bitcoin broke through the first major resistance level at $18,356 early on before easing back.

Elsewhere, it was a mixed start to the day.

Ripple’s XRP (-2.22%) and Bitcoin Cash SV (-0.77%) saw red to buck the trend early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Cardano’s ADA was up by 4.84% to lead the way.

BTC/USD 12/12/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $17,993 to bring the first major resistance level at $18,356 back into play.

Support from the broader market would be needed for Bitcoin to hold onto $18,300 levels early on.

Barring an extended crypto rally, the first major resistance level and resistance at $18,500 would likely cap any upside.

In the event of an extended crypto rally, the second major resistance level at $18,663 and resistance at $19,000 would likely come into play.

Failure to avoid a fall through the $17,993 pivot would bring the first major support level at $17,686 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$17,500 levels. The second major support level sits at $17,323.

Bitcoin at $19,000: How to Trade the Pauze

Bitcoin (BTC/USD) has been testing the previous top around $19,000 for 10 daily candles in a row. But so far, the bulls have not succeeded to break it.

Will price be able to break above the key resistance? Or is the uptrend over and ready for a reversal?

Price Charts and Technical Analysis

07.12.2020 BTC/USD daily chart

The BTC/USD’s hesitation to break could indicate an extended wave 4 (pink). In that case, price action is expected to test the shallow Fibonacci retracement levels.

A bullish bounce is expected at those Fibs and support zone (blue box). This is a significant confirmation… Why?

  • Because it would indicate the development of a larger wave 3 (grey) and uptrend continuation.
  • A break below the 50% Fibonacci level would pauze (yellow circle) the trend temporarily and a very deep reversal would invalidate it (red circle).

The other likely scenario is an immediate breakout above the previous top. In that case, it would be good to see a break, pullback and continuation. This pattern helps avoid false breakouts. Plus there is also a round level resistance at the $20,000 mark.

On the 4 hour chart, a break below the support trend line (green) confirms the extension of the wave 4 (pink 4’). The pattern is then completing a bearish ABC pattern (purple).

A bullish breakout should see a break, pullback, and continuation pattern. Otherwise the break remains vulnerable to a deeper retracement.

07.12.2020 BTC/USD 4 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

Biden and Yellen Pushed Gold to $1,800

Whoa! Tuesday, November 24 wasn’t too good for gold. The price of the yellow metal plunged then from $1,840 to $1,800. Actually, November was an awful month for gold prices, which dropped from a local peak of $1,941, or more than 7 percent.

So, what happened? Well, it seems that the positive news of the vaccines eliminated the negative tail-risk related to the pandemic. In consequence, the safe-haven demand for gold declined . On the other hand, the price of Bitcoin has jumped recently as investors increased their risk appetites. Moreover, the elections results also reduced the uncertainty in the marketplace. In other words, the economic outlook is improving as the uncertainty clouds begin to part.

Indeed, this week President-elect Joe Biden announced the beginning of a formal transition of power from Trump’s administration to his. Biden also started to announce nominations for top positions, which served to reduce the risk that a contested election had for uncertainty among investors.

In particular, there are rumors that Biden is likely to tap former Fed Chief Janet Yellen to become the next Treasury secretary. Investors know her and trust her, so they welcomed the possibility of her nomination for a key position in the new administration. Indeed, Yellen is well-known and well-respected, while having the knowledge and skills necessary for the position (although she has more experience in monetary policy than fiscal policy ).

Moreover, Yellen, who is seen as a dovish person , is believed to be supportive of bigger government economic aid in order to stimulate the economy and recover quickly from the coronavirus crisis . Actually, she has for some time been calling for increased government spending to help combat the recession and has always been concerned about the labor markets, low participation rates and high unemployment. As well, as the former Fed Chief, Yellen will closely cooperate with the US central bank and will listen to the Fed’s calls for a fiscal package. She will, therefore, help sustain high government expenditure to assure that the labor market is recovering.

Implications for Gold

What does it all mean for the gold market? Well, the recent plunge in the gold market is disturbing. Some declines are perfectly understandable as the uncertainty related both to the pandemic and elections diminished. However, the divergence between equities and gold in their reaction to higher odds of more economic stimulus is bad news for the precious metals market. The return of normalcy in the marketplace and resulting strengthened risk appetite could make gold struggle for a while , especially if the real interest rates increase.

You see, the coronavirus crisis was very deep but short-lived and the return to normalcy has to arrive earlier than it did after the Great Recession . However, I don’t think that we will experience a replay of 2013 yet. The risk appetite increased, but the monetary and fiscal policies are still far from normalization. There is, of course, the risk of an increase in the interest rates, but the Fed will actively try to suppress the interest rates as long as it will not see inflation above two percent.

However, the long-term fundamentals haven’t significantly changed. The real interest rates actually remain deep below zero while the U.S. dollar remains weak. These factors should support gold prices and the expanding public debt should also help the yellow metal. Investors also shouldn’t forget about the possibility of a debt crisis or the risk of accelerating inflation when the epidemic ends and people increase their spending.

In other words, the ongoing fiscal and monetary stimulus should support or even push gold prices higher in the medium to long-run. It’s possible that, when confronted with the lack of a fiscal package, the Fed will introduce some changes at its upcoming meeting in December to keep the real interest rates at ultra low levels and to stimulate the economy.

If you’re not ready to subscribe yet though and are not on our gold mailing list yet, we urge you to sign up. It’s free and if you don’t like it, you can easily unsubscribe. Sign up today!

For a look at all of today’s economic events, check out our economic calendar.

Arkadiusz Sieron, PhD
Sunshine Profits: Analysis. Care. Profits.

 

Bitcoin Drops $3,000 in Few Hours but Bullish Outlook Valid

Bitcoin (BTC/USD) managed to break the previous all time high around $19,000 before price action started dropping quickly.

Traders are probably grabbing profits at the resistance. But is the BTC/USD uptrend over? Or is the decline just part of a retracement? Let’s review the key Elliott Wave patterns.

Price Charts and Technical Analysis

BTC/USD 26.11.2020 daily chart

The BTC/USD decline is probably completing a wave 3 (grey). Which means that the current retracement is expected to be a retracement. And that means: more uptrend.

That said, waves 4 are usually choppy, corrective and lengthy. A bull flag pattern or triangle pattern is typical. If this pattern does emerge, then an uptrend is very likely.

What if price action keeps falling? It would need to break below the 50-61.8%% Fibonacci retracement level before an immediate uptrend becomes unlikely (orange circle). A break below the long-term moving averages indicates a change of trend (red circle).

On the 4 hour chart, you can see the $3,000 drop that occurred earlier this week. The decline is showing strong momentum (red candles). But price action could easily bounce at the 38.2% Fibonacci level.

If it does, the main question will be: how far does price move up?

  • A retest of the previous top indicates potential triangle chart pattern
  • A shallower bullish pullback could indicate a bearish zigzag pattern instead

Once the pattern is complete, an uptrend (blue arrows) is expected unless price breaks below the 50% Fib support zone. In that case, hang on for more volatility (red circle).

BTC/USD 26.11.20 4 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

InteractiveCrypto Fast Becoming Traders Favourite Crypto News Platform

The site offers the latest crypto news, educational articles and guides, in-depth studies, expert opinions, information on trading and the best brokers for cryptocurrency trading, along with digital wallets.

All the cryptocurrency information and news offered on the InteractiveCrypto platform is based on comprehensive market research, so visitors gain access to accurate and recent information from the crypto space. The latest market updates are also available via a mobile application, compatible with both iOS and Android.

A Platform for All Levels and Interest of Investors

With a mission to be the most complete and professional source of information on bitcoin and cryptocurrencies news, InteractiveCrypto satisfies both novice and experienced investors and traders in cryptocurrencies.

People are interested in bitcoin and blockchain development for a variety of reasons. From trading and investing, to mining and developing. Which is why InteractiveCrypto provides news and education covering the entire range and breadth of virtual currencies.

Standout Features of the Platform

The InteractiveCrypto platform also provides indicators and robust technical analysis. With this, traders can review the results of technical analysis, at a glance, for a wide range of cryptocurrencies. From Bitcoin and Ether to Polkadot and Cosmos; visitors can check what the key indicators signal, across various timeframes. For instance, they can see what the moving averages line as well as overall indicators signal for Bitcoin across 5-minute, 15-minute, hourly and daily charts.

Other key features of the platform include:

Crypto News

Visitors can access the latest happenings in the cryptocurrency space with this feature, along with expert opinions and analysis. For instance, traders can read about the how the cryptocurrency market has been doing after the US presidential elections and the Biden win. They can check whether volatility levels have been impacted by the results or whether the market is seeing greater stability now that the results are out.

Traders can also learn about new developments, such as Coinbase introducing a Layer 2 scaling solution for Ethereum. The new technology will speed up Ethereum transactions and make them cheaper. This could impact market sentiment on and demand for ETH. The stepping down of crypto exchange BitMEX’s CEO, following criminal charges being filed against him, could be a cause for concern for market participants.

On the other hand, many might not be familiar with the recently launched GoldToken, the value of which is backed in physical gold. The Crypto News feature offers these insights, helping traders make informed investment decisions.

Among the features that users can access are live rates of cryptocurrencies. The user can choose to view the rate of a specific digital currency against a fiat currency, such as BTC/USD or against another cryptocurrency, such as BTC/ETH. These rates can be seen in real time for informed trading decisions.

Users can also set watchlists on their favourite cryptocurrencies and be alerted to price moves, latest news and reviews.

Crypto Reviews

The cryptocurrency space is a rapidly developing one, with new coins being launched at regular intervals. With the Crypto Reviews segment, InteractiveCrypto offers traders of all skill levels an avenue to learn more about each coin.

From this segment, they can choose any cryptocurrency and read crucial information about their ecosystem and the blockchain technology they are based on. Traders can also check the historical price performance of the coin and how it compares to other digital currencies.

Reviews are constantly updated, so that visitors always have access to the latest information.

Broker Reviews

Cryptocurrencies have gained favour among traders not only due to the numerous trading opportunities that their volatility offers. They have seen an increase in popularity especially in 2020, since their value remains unaffected by the geo-political and economic factors that influence the price movements of other assets. With the covid-19 pandemic persisting through the year, economies across the world have been severely hit, as have fiat currencies.

This has raised cryptocurrencies, especially Bitcoin, to the status of safe haven investments, along the lines of gold. With the rising popularity of digital assets, the number of traders, both new and experienced, has also seen a significant rise. And, when there is a rise in demand for a service, it is only natural for service providers to mushroom to fulfill the supply gap.

The cryptocurrency space has seen a similar mushrooming of brokers, with traders now being spoilt for choice with brokerage firms. This makes deciding which broker to open an account with, confusing. Every firm appears to offer similar services, while claiming to be reliable and trustworthy, assuring of low latency trade execution and tight spreads.

To ease the process of making an informed choice of service providers, InteractiveCrypto offers comprehensive reviews for hundreds of brokers operating in the cryptocurrency market. Each broker review offers information on the history of the firm, their client base and track record, if they are regulated and the financial instruments offered for trading.

In addition, traders can check the process for deposits and withdrawals, security measures undertaken, customer services offered, and commission and fees charged. For an informed decision, traders can also check a table of pros and cons, which provides information on the brokers.

InteractiveCrypto also rates the brokers and informs visitors on their top picks with in-depth reviews.

Wallet Reviews

To trade cryptocurrencies directly on the exchange, traders first need to open an exchange wallet. This is where the cryptos they purchase will be stored while they hold on to the digital currency. InteractiveCrypto offers reviews of a wide range of exchange wallets, from the most popular to the latest entrant in the market. Each review provides basic information on the wallet, when it was launched, which exchange it is linked to, etc. In addition, the key features of the wallet are described. The user interface, security features, fees and customer services have also been reviewed for each wallet.

How to get started with the wallet and its pros and cons are reviewed. Traders can also check the consumer ratings given to the wallet on Google Play Store and Apple’s App Store.

Education

With cryptocurrency still being a new market, knowledge is vital for long-term trading success. For this, InteractiveCrypto offers rich educational resources in the form of articles and guides. From information suited to beginners in the crypto world, such as what cryptocurrencies and blockchain are and how they work, to trading strategies for skilled traders. The education segment covers a wide range of topics.

Traders can learn about every aspect of the crypto market through these resources. Topics such as how to choose a broker, how to choose the best exchange, ways to trade digital currencies, including derivative instruments like CFDs, bitcoin mining and how it works, have been addressed.

The educational resources are available only for registered members of InteractiveCrypto.

Cryptocurrency Community

InteractiveCrypto has become a hub for the digital community. With a dedicated following on social media channels including Facebook, Twitter, Instagram and Telegram, their monthly newsletter is sent out to over 15,000 people. They also invite press release submissions from bitcoin, blockchain, technology, cryptocurrency, ICO, fintech and finance companies.

Registering on the Platform

Signing up to be a member is a simple two-step process. Visitors simply provide basic contact information, such as their name, email address, region and phone number. Once the phone number is verified via a code sent through SMS, the user’s account is activated. This offers access to the various features of the platform.

Once a user registers on the platform, they can customise the news and alerts they wish to receive. Members can create their own watchlist on the InteractiveCrypto platform, so they stay updated on their selected cryptocurrencies in real time. In addition, with the mobile app, users can receive notifications directly on their mobile phone, ensuring that they never lose touch with the market, even on the go.

“Our aim is to ease cryptocurrency trading and make it accessible to everyone. Therefore, we created a platform that does all the groundwork. You don’t need to be an expert to analyse the market and create a robust trading plan. Our team performs comprehensive market research to provide the most accurate data helping our members make informed trading decision,” states Yossef A, Chief Operating Officer at InteractiveCrypto.

About the Company

The team at InteractiveCrypto has over a decade of experience in the trading domain. Their experience with the financial markets and passion for trading led them to create a comprehensive platform that would ease crypto trading for people of all levels of experience.

The company has already garnered an active user base of over 100,000 customers from around the world. To offer a seamless experience to visitors, regardless of their country, the InteractiveCrypto platform comes with an auto-translation feature. The main aim of the platform is to provide traders with all the information they need to get started. The mobile app is available on Google Play Store and Apple’s App Store.

Discover the platform at www.interactivecrypto.com

Bitcoin Bulls Not Retreating After Reaching All-Time High

Bitcoin (BTC/USD) is showing massive bullish momentum as expected in earlier analysis. Price action is moving away from the 21 ema zone without any hesitation.Will price action continue or will there be a pauze?

Price Charts and Technical Analysis

Bitcoin weekly chart

The BTC/USD rocket has broken above the 78.6% and 88.6% Fibonacci retracement resistance levels. Price action will probably test the previous top and all time high soon.

But the top is likely to stop price action for a little while:

  • Some minor bearish pullback is expected as bulls take profit.
  • The retracement will probably create a bull flag chart pattern (orange arrows).
  • An immediate breakout above the top without a flag indicates very strong bullish momentum.
  • If a flag pattern does appear on the 4 hour or daily chart (does not have to be a weekly chart), then a bullish breakout is expected.

On the 1 hour chart, price action is moving sideways. This seems to be an ABC (red) pattern in wave 4 (green).

Price action broke above the 21 ema zone and used it as a bouncing spot. Now the price is above the 21 ema. A breakout above the Fractal could indicate an immediate upside (green arrow).

A bearish breakout below the 21 ema, however, could indicate a deeper retracement (orange arrow). This could indicate an extended wave 4 (green).

Bitcoin 1 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Reaches 17k But Rally Far From Completed

Bitcoin (BTC/USD) is surging higher. But can the uptrend keep its pace?

This article reviews the key Elliott Wave patterns. Plus we dive into the critical invalidation and confirmation levels.

Price Charts and Technical Analysis

BTC/USD 4 hour chart

Bitcoin’s most recent high showed the strongest momentum. This is visible in the momentum indicators at the bottom (green boxes). The momentum strength confirms a wave 3 of wave 3.

This means that more upside is very likely. The uptrend will probably develop via multiple waves 345 to higher targets. Currently price action seems to be in wave 3 (green). The next targets are located at 16,700 and 17,500.

On the 1 hour chart, price action completed an ABC (pink) pattern within a wave 4 (blue) correction. Now it’s developing a 5 wave extension (pink) within wave 5 (blue).

The next price swing will be determined by the breakout direction versus the 21 ema zone:

  • A bullish breakout confirms the continuation of the uptrend and wave 3 (pink)
  • A bearish breakout could indicate a deeper wave 4 (pink)
  • The current 5 wave (pink) is invalidated if price retraces too deep (red circle)

The bulls seem to be in control for an immediate push higher on the 1 hour chart. But also on the 4 hour chart, more upside seems to be a question of when, not if.

BTC/USD 1 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

The Crypto Daily – The Movers and Shakers – November 16th, 2020

Bitcoin, BTC to USD, fell by 0.58% on Sunday. Following on from a 1.54% slide on Saturday, Bitcoin ended the week up by 3.00% to $15,965.0.

It was a mixed start to the day. Recovering from an early morning low $15,870.1, Bitcoin rose to a late morning intraday high $16,151.0.

Falling well short of the first major resistance level at $16,343, Bitcoin slid to a late intraday low $15,794.0.

Steering clear of the first major support level at $15,743, Bitcoin moved back through to $15,900 levels to limit the loss on the day.

Resistance at $16,000 pinned Bitcoin back late in the day.

The near-term bullish trend remained intact, supported by the latest move through to $16,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $8,768 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Ripple’s XRP rose by 0.38% to buck the trend for a 2nd consecutive day.

It was a bearish day for the rest of the majors, however, which joined Bitcoin in the red once more.

Chainlink (-3.62%) and Cardano’s ADA (-3.45%) led the way down.

Litecoin (-2.38%), Ethereum (-2.74%), and Crypto.com Coin (-2.37%) also struggled on the day.

Binance Coin (-0.89%), Bitcoin Cash SV (-1.48%), and Polkadot (-1.45%) saw relatively modest losses.

For the week, it was also a mixed bag.

Litecoin (+2.26%) and Ripple’s XRP (+6.29%) bucked the trend for the week to join Bitcoin in the green.

It was a bearish week for the rest of the majors, however.

Crypto.com Coin slid by -10.10% to lead the way down, with Bitcoin Cash SV (-7.90%), Cardano’s ADA (-5.70%), and Chainlink (-4.64%) also struggling.

Binance Coin (-2.59%), Ethereum (-1.33%), and Polkadot (-3.02%) saw relatively modest losses for the week.

For the week, the crypto total market cap fell to a Monday low $421.37bn before rising to a Friday high $471.11bn. At the time of writing, the total market cap stood at $451.28bn.

Bitcoin’s dominance fell to a Tuesday low 64.22% before rising to a Friday high 66.00%. At the time of writing, Bitcoin’s dominance stood at 65.54%.

The Crypto News

Overnight, a Bitcoin Cash ABC hard fork took place. The hard fork occurred as a result of disagreement over its Infrastructure Funding Plan (“IFP”).

Early reports indicate that Bitcoin Cash Node (“BCHN”) will become the dominant network, according to Coin.Dance.

At the time of writing, Bitcoin Cash Node was 43 blocks ahead.

This Morning

At the time of writing, Bitcoin was down by 0.05% to $15,957.0. A Bearish start to the day saw Bitcoin fall from an early morning high $15,966.0 to a low $15,874.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day early on.

Cardano’s ADA (+0.01%), Ethereum (+0.32%), Litecoin (+1.49%), Polkadot (+0.41%), and Ripple’s XRP (+0.28%) found early support.

It was a bearish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was down by 3.49% to lead the way down.

BTC/USD 16/11/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $15,970 to bring the first major resistance level at $16,146 into play.

Support from the broader market would be needed for Bitcoin to break back through to $16,100 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $16,151.0 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $16,327. Resistance at $16,500 would likely cap any upside to a breakout, however.

Failure to move back through the $15,970 pivot would bring the first major support level at $15,789 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$15,500 levels. The second major support level at $15,613 should limit any downside.

The Crypto Daily – Movers and Shakers – November 15th, 2020

Bitcoin, BTC to USD, fell by 1.54% on Saturday. Reversing a 0.08% gain from Friday, Bitcoin ended the day at $16,057.0.

It was a bearish day. Bitcoin slid from an early morning intraday high $16,315.0 to a late afternoon intraday low $15,715.0.

The extended sell-off saw Bitcoin slide through the first major support level at $15,743 and the second major support level at $15,429.

Finding support late in the day Bitcoin broke back through the support levels to wrap up the day at $16,000 levels.

The near-term bullish trend remained intact, supported by the latest move through to $16,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $8,768 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Ripple’s XRP rose by 0.98% to buck the trend on the day.

It was a bearish day for the rest of the majors, however, which joined Bitcoin in the red.

Crypto.com Coin (-3.16%) Litecoin (-3.27%), and Ethereum (-3.35%) led the way down.

Bitcoin Cash ABC (-1.70%), Bitcoin Cash SV (-2.17%), Cardano’s ADA (-2.28%), and Chainlink (-2.29%) also struggled.

Binance Coin (-0.93%) and Polkadot (-0.17%) saw relatively modest losses.

For the current week, the crypto total market cap fell to a Monday low $421.37bn before rising to a Friday high $471.06bn. At the time of writing, the total market cap stood at $455.81bn.

Bitcoin’s dominance fell to a Tuesday low 64.22% before rising to a Friday high 65.99%. At the time of writing, Bitcoin’s dominance stood at 65.10%.

This Morning

At the time of writing, Bitcoin was down by 0.55% to $15,969.0. A mixed start to the day saw Bitcoin rise to an early morning high $16,099.6 before falling to a low $15,925.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.22%), Cardano’s ADA (-0.26%), Chainlink (-0.47%), Crypto.com Coin (-0.89%), Ethereum (-0.06%), and Litecoin (-0.52%) joined Bitcoin in the red.

It was a bullish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP was up by 3.07% to lead the way.

BTC/USD 15/11/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $16,029 to bring the first major resistance level at $16,343 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $16,315.0.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test resistance at $16,500 before any pullback. The second major resistance level sits at $16,629.

Failure to move back through the $16,029 pivot would bring the first major support level at $15,743 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$15,500 levels. The second major support level sits at $15,429.

The Crypto Daily – Movers and Shakers – November 14th, 2020

Bitcoin, BTC to USD, rose by 0.08% on Friday. Following on from a 3.74% rally on Thursday, Bitcoin ended the day at $16,308.6.

It was a bullish start to the day. Bitcoin rose to an early morning intraday high and new swing hi $16,481.0 before hitting reverse.

Falling short of the first major resistance level at $16,596, Bitcoin slid to a late afternoon intraday low $15,974.0.

Steering clear of the first major support level at $15,725, Bitcoin bounced back to $16,300 levels to end the day in the green.

The near-term bullish trend remained intact, supported by the latest move through to $16,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $8,768 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Bitcoin Cash ABC and Crypto.com Coin fell by 0.05% and by 2.65% respectively to buck the trend on the day.

It was a bullish day for the rest, however, with Litecoin surging by 8.68% to lead the way.

Chainlink (+3.79%), Ethereum (+3.07%), Polkadot (+2.91%), and Ripple’s XRP (+4.31%) also found strong support.

Binance Coin (+1.88%), Bitcoin Cash SV (+1.67%), and Cardano’s ADA (+1.78%) trailed the front runners.

For the current week, the crypto total market cap fell to a Monday low $421.37bn before rising to a Friday high $471.06bn. At the time of writing, the total market cap stood at $465.73bn.

Bitcoin’s dominance fell to a Tuesday low 64.22% before rising to a Friday high 66.00%. At the time of writing, Bitcoin’s dominance stood at 64.6%.

This Morning

At the time of writing, Bitcoin was down by 0.29% to $16,261.0. A mixed start to the day saw Bitcoin rise to an early morning high $16,315.0 before falling to a low $16,207.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.22%), Cardano’s ADA (+0.45%), Polkadot (+0.04%), and Ripple’s XRP (+2.09%) found early support.

It was a bearish start for the rest of the majors, however.

At the time of writing, Litecoin was down by 1.82% to lead the way down.

BTC/USD 14/11/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $16,255 to bring the first major resistance level at $16,535 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $16,481.0.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test the second major resistance level at $16,762 and resistance at $17,000.

Failure to avoid a fall back through the $16,255 pivot would bring the first major support level at $16,028 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$16,000 levels. The second major support level sits at $15,748.

The Crypto Daily – Movers and Shakers – November 13th, 2020

Bitcoin, BTC to USD, rallied by 3.74% on Thursday. Following on from a 2.60% gain on Wednesday, Bitcoin ended the day at $16,296.2.

It was a bearish start to the day. Bitcoin fell to an early morning intraday low $15,453.0 before making a move.

Steering clear of the first major support level at $15,341, Bitcoin rallied to a late intraday high $16,325.0.

Bitcoin broke through the first major resistance level at $16,030 to wrap up the day at $16,290 levels.

The near-term bullish trend remained intact, supported by the latest move through to $15,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Bitcoin Cash ABC (+0.72%), Bitcoin Cash SV (+0.03%), Crypto.com Coin (+2.29%), and Litecoin (+2.38%) joined Bitcoin in the green to buck the trend on the day.

It was a bearish day for the rest of the majors.

Chainlink and Polkadot slid by 2.99% and by 4.62% respectively to lead the way down.

Binance Coin (-1.19%), Cardano’s ADA (-1.30%), Ethereum (-0.17%), and Ripple’s XRP (-0.45%) also saw red on the day.

For the current week, the crypto total market cap fell to a Monday low $421.37bn before rising to a Thursday high $466.77bn. At the time of writing, the total market cap stood at $495.66bn.

Bitcoin’s dominance fell to a Tuesday low 64.22% before rising to a Thursday high 65.90%. At the time of writing, Bitcoin’s dominance stood at 65.93%.

This Morning

At the time of writing, Bitcoin was up by 0.27% to $16,340.0. A mixed start to the day saw Bitcoin fall to an early morning low $16,266.5 before rising to a high $16,344.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day. Binance Coin and Polkadot were down by 0.02% and by 0.45% respectively to buck the trend early on.

It was a relatively bullish start to the day for the rest of the majors, however.

At the time of writing, Litecoin was up by 1.14% to lead the way.

BTC/USD 13/11/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $16,024.4 to bring the first major resistance level at $16,596 into play.

Support from the broader market would be needed for Bitcoin to break out from the morning high $16,344.0.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test the second major resistance level at $16,895 and resistance at $17,000.

Failure to avoid a fall through the $16,024 pivot would bring the first major support level at $15,725 into play.

Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$15,500 levels. The second major support level sits at $15,153.

The Crypto Daily – Movers and Shakers – November 11th, 2020

Bitcoin, BTC to USD, fell by 0.17% on Tuesday. Following on from a 1.07% decline on Monday, Bitcoin ended the day at $15,311.5.

It was a range-bound start to the day. Bitcoin rose to a late morning intraday high $15,474.0 before hitting reverse.

Falling well short of the first major resistance level at $15,839, Bitcoin slid to a mid-afternoon intraday low $15,077.0.

Steering clear of the first major support level at $14,836, Bitcoin revisited $15,400 levels before easing back into the red.

The near-term bullish trend remained intact, supported by the latest move through to $15,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Bitcoin Cash ABC (-2.49%), Bitcoin Cash SV (-1.94%), Crypto.com Coin (-0.86%), and Litecoin (-2.23%) saw red to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Chainlink rallied by 4.24% to lead the way.

Ethereum (+1.36%), Polkadot (+1.83%), and Ripple’s XRP (+1.41%) also found relatively strong support.

Binance Coin (+0.51%) and Cardano’s ADA (+0.31%) saw modest gains on the day.

For the current week, the crypto total market cap rose to a Monday high $454.30bn before falling to a Monday low $421.37bn. At the time of writing, the total market cap stood at $443.16bn.

Bitcoin’s dominance rose to a Monday high 65.22% before falling to a Tuesday low 64.25%. At the time of writing, Bitcoin’s dominance stood at 64.53%.

This Morning

At the time of writing, Bitcoin was up by 0.83% to $15,438.4. A mixed start to the day saw Bitcoin fall to an early morning low $15,292.0 before rising to a high $15,439.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bullish start to the day for the majors.

At the time of writing, Litecoin was up by 3.11% to lead the pack.

BTC/USD 11/11/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $15,288 to bring the first major resistance level at $15,498 into play.

Support from the broader market would be needed for Bitcoin to break back through to $15,500 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $15,474.0 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $15,685 and resistance at $15,700.

Failure to avoid a fall through the $15,288 pivot would bring the first major support level at $15,101 into play.

Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$15,000 levels. The second major support level sits at $14,891.

The Crypto Daily – The Movers and Shakers – November 10th, 2020

Bitcoin, BTC to USD, fell by 1.07% on Monday. Partially reversing a 4.38% rally from Sunday, Bitcoin ended the day at $15,334.5.

It was a mixed start to the day. Bitcoin fell to a late morning low $15,182 before making a move.

Steering clear of the first major support level at $14,953, Bitcoin rallied to a late morning intraday high $15,844.0.

Coming up against the first major resistance level at $15,848, Bitcoin slid to a late afternoon intraday low $14,841.0.

Bitcoin fell through the first major support level at $14,953 before a partial recovery to $15,300 levels.

The near-term bullish trend remained intact, supported by the latest move through to $15,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Monday.

Polkadot bucked the trend at the start of the week, with a 0.44% gain.

It was a bearish day for the rest of the majors.

Bitcoin Cash SV and Crypto.com Coin slid by 5.03% and by 4.50% to lead the way down.

Bitcoin Cash ABC (-3.38%), Ethereum (-2.16%), and Litecoin (-2.85%) also struggled.

Binance Coin (-1.26%), Cardano’s ADA (-0.87%), Chainlink (-1.69%), and Ripple’s XRP (-1.23%) saw relatively modest losses on the day.

For the week, the crypto total market cap rose to a Monday high $449.53bn before falling to a Monday low $423.81bn. At the time of writing, the total market cap stood at $443.58bn.

Bitcoin’s dominance rose to a Monday high 65.22% before falling to a low 64.70%. At the time of writing, Bitcoin’s dominance stood at 64.87%.

This Morning

At the time of writing, Bitcoin was down by 0.26% to $15,294.7. A mixed start to the day saw Bitcoin rise to an early morning high $15,350.0 before falling to a low $15,181.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Cardano’s ADA (+0.15%), Chainlink (+1.00%), Crypto.com Coin (+1.29%), Ethereum (+0.46%), and Litecoin (+0.19%) found early support.

It was a bearish start for the rest of the majors, however.

At the time of writing, Binance Coin was down by 0.38% to lead the way down.

BTC/USD 10/11/20 Hourly Chart

 

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $15,340 to bring the first major resistance level at $15,839 into play.

Support from the broader market would be needed for Bitcoin to break back through to $15,800 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test resistance at $16,000 before any pullback. The second major resistance level sits at $16,343.

Failure to move back through the $15,340 pivot would bring the first major support level at $14,836 into play.

Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$14,500 levels. The second major support level sits at $14,337.

The Crypto Daily – Movers and Shakers – November 9th, 2020

Bitcoin, BTC to USD, rallied by 4.38% on Sunday. Reversing a 4.67% slide from Saturday, Bitcoin ended the week up by 12.69% to $15,500.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $14,755 before making a move.

Steering clear of the first major support level at $14,257, Bitcoin rallied to a late afternoon intraday high $15,650.0.

Bitcoin broke through the first major resistance level at $15,586 before falling back to $15,200 levels.

Finding late support, however, Bitcoin recovered to close out the week at $15,500 levels.

The near-term bullish trend remained intact, supported by the latest move through to $15,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Sunday.

Crypto.com Coin and Polkadot fell by 5.30% and by 1.09% respectively to buck the trend on the day.

It was a bullish day for the rest of the majors.

Bitcoin Cash ABC (+7.17%) and Chainlink (+8.25%) led the way.

Bitcoin Cash SV (+4.20%), Cardano’s ADA (+5.22%), Ethereum (+4.30%), and Litecoin (+3.43%) also found strong support.

Binance Coin (+2.37%) and Ripple’s XRP (+1.79%) trailed the front runners.

For the week, it was also a mixed bag for the crypto majors.

Crypto.com Coin and Polkadot slid by 14.27% and by 8.02% respectively, with Binance Coin down by 0.35%.

It was a bullish week for the rest of the majors, however.

Ethereum (+14.54%), Cardano’s ADA (+8.46%), Chainlink (+9.84%), Litecoin (+9.56%) led the way.

Bitcoin Cash ABC (+0.77%), Bitcoin Cash SV (+2.22%), and Ripple’s XPR (+5.44%) trailed the front runners in the week.

For the week, the crypto total market cap fell to a Tuesday low $379.41bn before hitting a Friday high $456.16bn. At the time of writing, the total market cap stood at $443.58bn.

Bitcoin’s dominance fell to a Monday low 63.16% before rising to a Friday high 66.51%. At the time of writing, Bitcoin’s dominance stood at 65.04%.

This Morning

At the time of writing, Bitcoin was up by 0.54% to $15,583.0. A mixed start to the day saw Bitcoin fall to an early morning low $15,424.0 before striking a high $15,600.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day. Bitcoin Cash SV was down by 0.83% to buck the trend early on.

It was a bullish start to the day for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 2.32% to lead the way.

BTC/USD 09/11/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $15,302 to bring the first major resistance level at $15,848 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $15,650.0.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test resistance at $16,000 before any pullback. The second major resistance level sits at $16,197.

Failure to avoid a fall through the $15,302 pivot would bring the first major support level at $14,953 into play.

Barring an extended crypto sell-off, Bitcoin should steer well clear of the second major support level at $14,407.