So you've probably faced the difficulty of whether to trade ALTs or not when BTC price action is uncertain. Some of you may not even be aware of how BTC price action affects ALTS. Here's a quick reference: Assume you pay $10,000 for one bitcoin.
When an asset is beginning to exhibit consolidation tendencies, then it is either one of these two situations below is in play; BTC Chart 1)Distribution Phase: Price is actually in a distribution phase and this illustrates a situation where by an asset is overvalued, and buyers are beginning to embark on a mass action to offload their positions.
BTC Technical Analysis: What Traders Should Look Out For After Bitcoin Breached A Strong Resistance.
The moment feels euphoric for traders, as Bitcoin has now managed to bolt through a rigid resistance that once posed as a challenge to the asset's long awaited advancement. The flipped resistance now serves as a support, but also leaves traders with the question of what lies next in line for the asset.
Without doubt, it is a tough time for crypto traders who are keen to see Bitcoin reclaim previous highs. Their expectations have suffered setbacks severally, as Bitcoin has failed to break through its unique resistance for the 6th time. BTC- 4H Chart. Usually, when a resistance is tested more than three times in a row, the asset in question begins to strengthens in momentum.
Equipping oneself on how to read the volume profile indicator can reflect positively on the balance sheet of a trader. That said, the volume profile indicator does a really good job in indicating key areas that are critical to an asset. It successfully does this, by mapping out where price has traded the most over a defined period in time.
Price has been indecisive in the last twelve hours, and this seem to have put traders on the edge as they can hardly find a basis for the next decisive movement for the asset. Moments like this can precede sudden price change, so much so that a big candle stick could form either way, which must times, magnify the gains of traders who place their bets on the right side of the anticipated move.
The Bitcoin market has been forced to adopt a bullish tone, just when lots of people felt that there was no hope left for bulls, especially at a time when a series of FUD from both China and Iran generated panic selling along the temporary support area. A Pin Bar.
In the build up to the current state of the Bitcoin market, you will recall that there was a follow through of events that pointed in the direction of a 'head and shoulder' pattern on the one hour Bitcoin chart. The Initial Stage Of Unfolding H&S Pattern On 4H Timeframe.
The most important level ($30,000)in the last two months has now established itself as a support that traders will not forget in a long time to come. While this support has acted as a critical region for price action, later, traders will have to draw reference from this region, as it can now play the role as a pivot when trying to build a basis for future projections.
Bitcoin has undeniable performed well in the last 24 hours, and this is a feat that rarely occurs on weekends, a market period that is usually characterized by a lacklustre participation between buyers and sellers. However, a new challenge has surfaced, one that can be crucial to the future of Bitcoin's long anticipated climb.
What next for bitcoin after topped all-time highs? Four cryptocurrency analysts offer their opinion.
Popular cryptocurrency analysts expect Bitcoin (CRYPTO: BTC) to rise even further, despite the fact that the apex cryptocurrency has retreated after reaching all-time highs this week. What Happened: Kaleo, a pseudonymous technical analyst, warned his more than 409,000 Twitter followers that if Bitcoin's "one last dip" in the $65,288 range scared them, they could miss out on huge profits.
Elon Musk, the ever-hilarious meme-loving Tesla Technoking, took to Twitter yesterday to predict a higher BTC all-time high with a raunchy undertone. Everyone can see why Elon is rooting for $69,000 rather than $70,000 or $100,000. Elon is looking to eulogize Bitcoin for its resilient strides and sprinkle a bit of x-rated humor with only 6.5 percent left to beat this newly-set odious resistance.
Godwin Emefiele Governments across the world are increasingly considering the adoption of digital currencies in their nation but are wary of their handicap to apply fiat style regulation. The continued growth of cryptocurrencies as a means of exchange across the world has continued unabated. El Salvador announced it will move to make it a legal tender becoming the first nation in the world to do so.
CBN is set to release the new authorised crypto currency called E-naira on the 1st of October. Here are the few things you should know about E-naira: First of all to understand what E-naira entails we must first know the meaning of it. E-naira is a digit representation of the paper currency set to be released by CBN( Central Bank of Nigeria) on the 1st of October.
The recent bullish leg has produced about 5% for the investors of Bitcoin, however, nothing at the moment makes it certain that this profit might not be eroded, especially when the argument for the emergence of a rising wedge pattern on the one hour chart stands.
This is the first time in the last 15days that Bitcoin has produced a higher high, thus indicating a resumption of opportunistic buying even in the face of an established bearish trend. However, situations like this are underpinned on the very fact that an identified imbalance in market structure more often will produce immediate market reversals, and can most times do so without any external influences.
Although bitcoin prices have plummeted this week, the network's hashrate has also decreased significantly since May 9, when it reached a peak. Because of the crypto market decline, suspected power outages in Sichuan, China, and the upcoming difficulty update, the hashrate has fluctuated between 10-15% since then.
Cryptocurrency is rapidly gaining traction as the value of digital currencies rises. It has become the latest craze among investors and those interested in finance and technology, as digital money aims to change the way we transact in the coming years. Popular cryptocurrencies like Bitcoin and Ethereum have a growing track record of holding and increasing in value over time, while lesser-known cryptos are considered much more speculative and unpredictable.
Bictoin has again shown that price action remains largely non-subvertible to technical analysis, even as traditional charting continues to suffer a lack of interest from rookie traders. Technically speaking, Bitcoin at the moment still trades inside of a rising wedge pattern. The structure formation in particular, is yet to hit its tipping point and this may have put a temporary stop to a generally anticipated drop.
Sometimes if you want to move into trading, first of all make a research, ask yourself (what is Bitcoin and how does it work). Download all the necessary tools needed(all the app needed), and then look for some experts who can help you, maybe you may pay them.