Bitcoin’s current setup creates an interesting risk-reward situation for bulls

The Bitcoin (BTC) chart has formed a symmetrical triangle, which currently holds a tight range from $28,900 to $30,900. This pattern has been holding for nearly two weeks and could potentially extend for another two weeks before price makes a more decisive movement. Bitcoin/USD 12-hour price at Kraken. Source: TradingView For those unfamiliar with technical analysis, a symmetrical triangle can be either bullish or bearish. In that sense, the price converges in a series of lower peaks and higher lows. The decisive moment is the support or resistance breakthrough when…

Read More

Bitcoin Reclaims $30K, Why Bulls Face Uphill Task

Bitcoin started a fresh increase from the $28,500 support zone against the US Dollar. BTC must clear $30,600 to move further into a positive zone. Bitcoin formed a base above $28,500 and started a fresh increase. The price is now trading above the $30,000 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a clear move above $30,600.…

Read More

This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls

Bitcoin broke through support and plunged to the lowest prices seen since 2020. However, despite all the fear the drop has caused, it could be the last low before the top cryptocurrency continues its bull run. Here is why an extremely rare Elliott Wave expanding triangle pattern could be the last hope Bitcoin bulls have for new highs before a bear market. Ralph Nelson Elliott And His Theory On How Markets Move Ask most crypto investors and they would probably agree: we are in a bear market. However, based on…

Read More

Bitcoin bulls aim to flip $30K to support, but derivatives data show traders lack confidence

Bitcoin (BTC) bounced 19% from the $25,400 low on May 12, but has investor confidence in the market been restored? Judging by the ascending channel formation, it’s possible that bulls at least have plans to recover the $30,000 level in the short term. Bitcoin/USD 4-hour price at Bitstamp. Source: TradingView Does derivatives data support reclaiming $30,000, or is Bitcoin potentially heading to another leg down after failing to break above $31,000 on May 16? Bitcoin price falters in the face of regulatory concerns and the Terra debacle One factor placing…

Read More

Any dip buyers left? Bulls are largely absent as the total crypto market cap drops to $1.65T

The total crypto market capitalization has been trading within a descending channel for 24 days and the $1.65 trillion support was retested on May 6. The drop to $1.65 trillion was followed by Bitcoin (BTC) reaching $35,550, its lowest price in 70 days. Total crypto market cap, USD billion. Source: TradingView In terms of performance, the aggregate market capitalization of all cryptocurrencies dropped 6% over the past seven days, but this modest correction in the overall market does not represent some mid-capitalization altcoins, which managed to lose 19% or more…

Read More

Bitcoin pushes to $40K, but are bulls strong enough to win Friday’s $735M options expiry?

Bitcoin (BTC) price has been stuck in a falling wedge pattern for the past two months and during this time it has tested the $37,600 support on multiple instances.  Adding to this “bearish” price action, BTC is down 16% year-to-date, which is in line with the Russell 2000s performance. Bitcoin/USD 1-day chart at FTX. Source: TradingView The real driver of Bitcoin’s current price action is investors’ concerns about worsening macroeconomic conditions. Professional investors are worried about the impact of the U.S. Federal Reserve’s tightening economic policies and on May 3,…

Read More

Ethereum Reclaims $3K, Can The Bulls Clear This Key Hurdle

Ethereum started a strong recovery from $2,800 against the US Dollar. ETH is back above $3,000 and eyes a major increase above the $3,035 resistance. Ethereum started a major recovery wave above $2,900 and $2,950. The price is now trading above $2,950 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $2,980 support to accelerate further higher above $3,035. Ethereum Price Dives…

Read More

Ethereum Dives Below $3K, Can The Bulls Save Day?

Ethereum started a sharp decline from $3,180 against the US Dollar. ETH bulls must protect the $2,950 support to avoid a trend change in the near term. Ethereum failed to gain strength above $3,150 and started a fresh decline. The price is now trading above $3,030 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $2,950 support to avoid more downsides in…

Read More

Bitcoin Technicals Suggest Bulls Aim Sharp Move Above $42K

Bitcoin climbed further above the $42,000 level against the US Dollar. BTC is showing positive signs and might rally further above $42,200. Bitcoin remained well supported above the $41,000 and $41,100 levels. The price is now trading above $41,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $41,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start a strong upward move if it settles above the $42,000 resistance zone. Bitcoin Price Gains Pace…

Read More

Bitcoin bulls need to reclaim $41K ahead of Friday’s $615M BTC options expiry

Over the past three months, Bitcoin’s (BTC) daily closing price fluctuated between $35,050 and $47,550, which is a 35.7% range. Although it might seem excessive, this is not unusual, especially considering BTC’s 68% historical annualized volatility.  Bitcoin/USD 1-day chart at Coinbase. Source: TradingView The relief rally that came after the April 11 dip below $40,000 followed the U.S. Consumer Price Index (CPI) report that announced 8.5% for March, the highest since 1981. Meanwhile, in the United Kingdom, the CPI jumped to 7%, a 30-year high. For these reasons, cryptocurrency traders…

Read More