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06/06/2023

Bitcoin (BTC) Declined Below The $26K Mark as SEC Unveiled A Lawsuit Against Binance

●BTC price liquidation exceeded $100M following the lawsuit against Binance filed by the Security Exchange Commission.
●The price dropped to $25,389 following the bearish breakout of the support at $27,000.
●Bitcoin may enter a long-term downtrend if the support near $25,000 is broken following the current bearish momentum.

Bitcoin has maintained a constrained price range between $26,300 and $28,500 for about a month. However, price movements that have crossed the range have lacked the essential force to produce a meaningful trend reversal.

Technically, BTC is coming out of the current consolidation period following a strong bearish breakout at the previous support near $27,000 on June 5, 2023. During this period, the price has also broken the 100 EMA support at $26,400, indicating a potential bearish trend reversal.

At present, Bitcoin is trading around $25,500, close to the long-term support at $25,000. If this level is broken, the price may retest several support levels at $23,500 and $24,000. Although these support zone may turn weak and let BTC slip towards $21K because a drop below $25K will indicate a strong long-term bearish trend signal.

Furthermore, the relative strength index (RSI) value dropped below the 14-day signal moving average and currently roaming around 37.09, suggesting a strong bearish momentum. However, we’ll also watch if Bitcoin plots a pullback after the RSI hits the oversold zone near the 30-level.

Based on the current chart on the daily timeframe, technical traders will be more interested in going short on potential pullbacks near the immediate resistance at $27,000 with the expectation of BTC breaking the critical support at $25K.

25/05/2023

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24/05/2023

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17/05/2023

Bitcoin (BTC) Finds Strong Support At $27K Zone And Can Bounce Back To $28,500

●Bitcoin price rebounds above $27K following a short-term bullish momentum.
●The price must exceed the 50-EMA resistance near $27,718 to rejoin the recent uptrend.
●The resistance at $28,500 is the nearest upside target for BTC.

Despite the most recent technical downturn, there are numerous on-chain and fundamental advantages for Bitcoin. The 200-day moving average still serves as a support level, and the accumulation and distribution stages of the market provide important information about investor psychology.

BTC kept consolidating below $27,000 from May 12 to 14 but quickly rebounded for a bullish move and claimed its position above the current support again. The price holding above $27K will indicate a further bullish move which may lead Bitcoin to retest the immediate resistance near $28,500.

The 50 EMA resistance around $27,718 can be a crucial level for Bitcoin. The price must exceed this level to continue with the current bullish momentum. Contrarily, a failure to break this resistance may push the price back to $27,000 and increase more sell pressure driving the price below the critical support.

For a bearish outlook, markets for bitcoin futures and options indicate that professional traders tend to be less confident, which lowers the likelihood of a sudden increase above $28,000. The 12.7% drop, however, was unable to turn the metrics for BTC derivatives from neutral to bearish. Thus, one might still view the entire movement as bullish.

Therefore, those who gambled on a possible bull trap, indicating that a more significant Bitcoin price fall is coming, are likely to be let down.

11/05/2023

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10/05/2023

Bitcoin (BTC) Price Consolidates Above $27K, Investors Await US CPI Inflation Data Release To Anticipate Upcoming Market Bias.
●Bitcoin is likely to retest the critical support at $27K following the overall bearish sentiment.
●The price has already broken the 50-EMA support, with RSI dropping below 50, indicating a potential downtrend ahead.
●US CPI Inflation data expected to release on May 10 (8:30 AM EST) can play a deciding role in the next BTC price trend.

Bitcoin has been consolidating above the critical support at $27,000 since the price failed to exceed the psychological barrier at $30,000. Although the 50-day exponential moving average (EMA) has been acting as a strong support is currently broken near the $28,000 mark.

If the chart prints a valid bearish breakout at $27K, the $25K zone near the current 200 EMA level will be the next possible downside target for BTC. Additionally, the RSI recently fell below the 50% level, indicating a likely collapse following the bearish momentum signal in the near term.

Technically, Bitcoin will remain under an overall bearish sentiment until the price exceeds the 50 EMA and regains its position above the immediate resistance at $28,500. Alternatively, a potential break of the current support at $27,000 will validate the current Head and Shoulder pattern plotted on the daily chart. In such a case, BTC will be at risk of crashing to $25,000 and initiating a long-term downtrend.

The US Consumer Price Index (CPI) data release, scheduled for May 10 at 8:30 a.m. EST, is quickly approaching. Every market participant, including the cryptocurrency market, is waiting with expectation. As investors wait for the Federal Reserve's (Fed) statement, which could influence them to anticipate the upcoming trend of Bitcoin price.

05/05/2023

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03/05/2023

Dogecoin May Retest The Critical Support Near 0.0750 Following The Current Bearish Sentiment
●Dogecoin failed to exceed the 50 & 100-day EMA since the price broke the support at 0.0850.
●MACD suggests an overall the price is still under an overall bearish momentum.
●DOGE may retest the long-term support at 0.0750 following the current downtrend.

Dogecoin price has been consolidating between 0.0850 to 0.0750 since the price broke the support at 0.0850 on 20 April. During this period, the price rejected the support at 0.0750 and tested the 50 and 100 EMA several times but failed to exceed the dynamic resistances.

The MACD drops below the 9 EMA signal line, with its value turning negative (-0.00059), indicating an ongoing bearish momentum. However, both 50 and 100 EMA are at the closest positions to each other and are yet to plot a clear crossover to confirm a fresh market bias.

If DOGE fails to break the dynamic resistance at 100 EMA, the price will continue to be dominated by sellers. In such a case, we may see the price retesting the strong support at 0.0750. A potential bearish breakout at this level may crash the price below the 0.0700 zone and extend the overall bearish mode.

Based on the current market trend, the price may pull back near the recent high of 0.0837 before rejoining the bearish move targeting 0.0750.

For a bullish outlook, Dogecoin must exceed the 100 EMA and break the upcoming resistance at 0.0850. If the price can sustain above the 0.0800 zone, the next upside target for DOGE will be 0.0950.

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02/05/2023

Bitcoin (BTC) Price Slides Below $28,000 With FTX Bankruptcy News Stifling Further Recovery.

●Bitcoin breaks key support at $28,500 after plotting a bearish reversal below $30K.
●The price may rejoin the bullish move if it can hold above the 50 EMA support on the daily chart.
●A break below $27,000 may push the BTC price to a further downside target near $25,000.

The cryptocurrency market capitalization increased by 2.5% over the last 7 days to around $1.18 trillion. However, the extent of the price hike was twice as large on Sunday. Since the FTX crash last November, Glassnode has experienced the most substantial cryptocurrency inflows on Binance.

The market's pressure continued last night and surged on Monday morning. And it appears that Bitcoin is once again at the root of this decline, as its price plots a fresh bearish reversal right below the psychological resistance at $30,000.

While BTC broke below the support at $28,500, the Relative Strength Index dropped below 50 and reached 45.73, indicating a bearish momentum. The RSI line also moved below the 14-day SMA, which signals a potential downtrend movement ahead.

According to the bullish crossover of 50 and 100 EMA on the daily chart, Bitcoin is still under an overall bullish trend. Currently, the price is testing the dynamic support of the 50 EMA at $27,699. If the price can hold above the support, we may see BTC rejoining the bullish rally to reclaim its position above $30k.

For a bearish outlook, a bearish breakout of the immediate support at $27,000 may cause further losses by crashing the price near $25,000.

27/04/2023

Ethereum (ETH) Attempts A Further Decline As The Price Breaks The Support At $1,838

● Ethereum fails to hold above the current support at $1,838 following the overall bearish
momentum.
● The price also breaks the 50 EMA support, indicating a potential bearish trend reversal.
● ETH may retest the key support at $1,700 if it fails to return above $1,800.

Since April 12, when the Shanghai hardfork became available on the main net, Ethereum has experienced a large number of withdrawals. However, the volume of deposits has been
counteracting the ETH removal from staking platforms simultaneously.

Decentralized Finance (DeFi) applications have received the majority of Ethereum staking attention at the moment. Lido DAO, Staked.us, and other entities have received the most ETH
deposits, according to statistics collected after the Shanghai hardfork went live.

These sites have been tracking big withdrawals, but their net ETH cash flows are still positive.
On the other hand, centralized exchanges (CEXes), Coinbase, Huobi, and Kraken are the top three platforms where the most withdrawals are seen.

Its interesting to note that the majority of withdrawals have been shown to happen four days apart as and when the price of Ethereum turns red on the charts. A few examples include the
0.44 percent decline since April 15, the 8% decline from April 19, and the 1% decline from April 24.

Ethereum holding below the $1,800 level will indicate a further bearish move in the upcoming weeks. The support near $1,700 is the next possible downside target for ETH.
For a bullish outlook, the price must exceed the current resistance $1,928 to reinstate the recent bullish rally targeting above $2,000.

27/04/2023

Bitcoin (BTC) Still Holds Above $27,000 Despite The Bearish Momentum

● Bitcoin retests the 50 EMA support following the current bearish momentum.
● A break below the current support at $27,000 may force the price to a further downside
target near $23,500.
● The price must exceed $28,500 to revive the recent bullish trend.

The overall decline in the cryptocurrency market continued throughout the weekend, as the majority of projects failed to stage any recovery.

While writing this report, the price of bitcoin is trading just above $27K but is now heading in that direction. Altcoins experienced no relief over the past 24 hours, with the majority continuing to
suffer more decline in price.

The start of a new week hasn't done anything to aid Bitcoin in its comeback efforts. In actuality, the price is still falling, and it appears that the next level the cryptocurrency will reach is $27K.

Notably, BTC tried to recover $28,000 but was halted quickly around $27.5K, where the bears grabbed complete control. Since then, every hourly candle has been red.

BTC experienced its biggest value decline in five months last week. Compared to the price it was trading at seven days ago, it has decreased by about 10%.

If Gold falls even more, Bitcoin might still experience some retracement, but a comeback above $28,500 would push the crypto-asset back above $30,000.

However, the bullish bias has somewhat subsided after the price fell below support at the high point of roughly $29,000 at the end of March.

If the price breaks the current 50 EMA support and moves below $27,000, it may accelerate the
downtrend and crash BTC to the next critical support near $23,500.

21/04/2023

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