READ MORE: These 3 major Crypto Tokens will unlock $27 Million within the next 7 days – Explained ![]() Historical data reveals that in three out of seven instances when a death cross occurred, Bitcoin experienced a decline of more than 60%, with a 42% probability of dropping below $13,000 according to historical trends. Should the 50 EMA dip below the 200 EMA, it would signal a death cross for Bitcoin, typically a bearish indicator associated with negative market sentiment. Moreover, a breakdown at this level would confirm a structural breach and potentially mark a return to a bearish market, causing further price decline.Ĭurrently, the 50-day Exponential Moving Average (EMA) and the 200-day EMA are in close proximity. Maintaining this level is of utmost importance, as a breach would likely trigger a surge in selling pressure, leading to liquidations and stop-loss activations. READ MORE: Ethereum’s Bearish Trend and Structural Break Pointing to $1120 – Market OutlookĬrucially, Bitcoin has yet to touch its previous Higher-Low level and remains above the $24,756 threshold. In such an environment, traders and investors must remain vigilant for news that could further intensify selling pressure in Bitcoin. This pattern underscores the high selling pressure in the market, with Bitcoin bulls struggling to sustain gains after positive developments. Similarly, the recent Grayscale victory against the Securities and Exchange Commission saw Bitcoin surge by more than 6%, only for those gains to vanish within 2 days. Historically, such scenarios have often preceded a significant sell-off in Bitcoin.įor example, when Bitcoin was trading at $30,200, a positive XRP news catalyst drove it to $31,800, but the following day, those gains were swiftly wiped out. To illustrate, let’s examine instances where Bitcoin exhibited an upward surge, only to see all those gains erased within the subsequent 1, 2, or 3 days. In today’s sentiment analysis, we’ll explore how Bitcoin’s price may react to various market conditions and trader sentiment. As we navigate through September, it’s evident that Bitcoin has remained relatively stable, prompting us to wonder whether this is the calm before a potential storm. Over the course of this week, Bitcoin reached a low of $25,386, a downward movement that was previously discussed in our sentiment analysis here. 200 EMA at weekly and 50 EMA at monthly are crucial for Bitcoin.Ĭurrently, Bitcoin is trading at $25,867, reflecting a 1.47% decrease today.Bitcoin sentimental analysis and what charts are telling us.Looking at the trader’s chart, he appears to predict ETH/BTC rising to 0.06992 BTC worth $1,799.Īt time of writing, ETH/BTC is trading for 0.06303 BTC worth $1,621. The bull market always starts when nobody expects it and, this might be the period.” Source: Michaël van de Poppe/X “There’s a high chance that we’ve seen the low on Ethereum against Bitcoin as well, as we’re having the case of the low 252 days prior to the halving of Bitcoin.Īdd to that the case that we’re most likely going to see an approval of the Ethereum futures exchange-traded fund to be confirmed in a maximum of one month from now. Van de Poppe also says he is bullish on Ethereum ( ETH) against Bitcoin (ETH/BTC). ![]() If that continues to happen, we’re on the edge of having breakouts on altcoins across the board.” Source: Michaël van de Poppe/X We’ve seen a case where the BTC pairs of altcoins are bouncing up. But did we see that happen in the previous corrections? That means that, as we’re again 8-10 months before the halving of Bitcoin, we can expect to see a surge in altcoins, rather than a downwards moving market.Īnd yes, of course, if Bitcoin falls another 10% in September, the US dollar values of altcoins will start to fall too. On the other hand, Bitcoin dominance is down since the test of the 200-week EMA, which is in line with the previous cycles, too. ![]() “Well, the overall sentiment is still that the markets are continuing to fall, which might be possible. Generally, traders see a bearish BTC.D chart as a positive sign for altcoins as it suggests that alts may rise faster in value than BTC. According to the analyst, the Bitcoin dominance chart could repeat its late 2019 to mid-2020 market structure when it respected the 200-week exponential moving average (EMA) as resistance.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |