Crypto Traders Should Brace for Extended Correction, Warns Analyst – Here’s How Long Market Downturn Could Last

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The Daily Hodl 09 July, 2021 - 09:01pm 15 views

When is ETH London hard fork?

Ethereum's long-awaited London hard fork is likely to launch on Aug. 4 between 13:00 UTC (9 a.m. ET) and 17:00 UTC, with block 12,965,000. Many Ethereum enthusiasts are excited for the delayed release, while some are watching on with “cautious optimism.” Yahoo FinanceEthereum’s London Hard Fork Expected to Launch on Aug. 4

A popular crypto analyst who accurately predicted a pair of Bitcoin (BTC) price crashes says traders should brace for an extended market correction.

Pseudonymous crypto trader Dave the Wave tells his 68,600 Twitter followers that previous pullbacks on Bitcoin’s logarithmic growth curve (LGC) indicate that the current correction could extend another five months – until the end of 2021.

The trader accurately predicted Bitcoin’s crash from $11,400 to $6,400 in 2019.

He also warned traders about bearish Bitcoin price action prior to the late-May crash. Now he’s saying that the current momentum is mimicking 2018.

One not for the faint-hearted, and one not likely to gain many fans.

Momentum most similar to 2018. Short term bounce within a two-stage drop out to the end of the year. The good news is that price may find support at the top of the 'buy zone' this time. pic.twitter.com/5W0z7Upv3l

— dave the wave🌊 (@davthewave) July 6, 2021

The trader says that Bitcoin’s price is likely to soar over the long term.

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Top 5 Cryptocurrencies of 2021

Finance Magnates 10 July, 2021 - 02:29pm

2021 started as a ‘game-changing’ year for the cryptocurrency market as a dramatic surge in demand for cryptocurrencies led to a substantial jump in the value of digital assets. The overall market cap of digital currencies jumped from $750 billion in January to a record high of approximately $2.5 trillion in May 2021. Despite the latest dip, the total market cap of cryptocurrencies is hovering near $1.4 trillion, which is up by more than 85% in the last six months.

While some of the cryptocurrencies spiked by more than 10,000% in 2021, we have compiled a list of the top cryptocurrency assets which is not only focused on price gains. We have ranked the top 5 cryptocurrencies on the basis of retail and institutional adoption, popularity and market cap.

Started as a joke cryptocurrency in 2013, Dogecoin became the most popular digital currency in 2021. Driven by the Redditt frenzy in January this year, DOGE spiked by nearly 900% within 24 hours on 29 January. Additionally, Dogecoin received support from celebrities, including Elon Musk and Snoop Dogg. In terms of adoption, several global organizations started accepting DOGE as a mode for payments. As of the time of writing, Dogecoin is trading above $0.21 with a market cap of more than $27 billion. DOGE is up by more than 4,500% since the start of 2021.

BNB surprised everyone in 2021 with substantial gains. The cryptocurrency became popular among retail traders due to its limited supply. One of the main reasons behind the surge in the popularity of BNB in 2021 is that a record number of BNB tokens were burnt this year. “When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins,” Binance CEO, Changpeng Zhao mentioned on Twitter in April. Binance Coin started this year with a price level of $37. The cryptocurrency spiked by more than 700% to reach $300 by the end of June 2021. BNB’s current market cap stands at around $47 billion.

In December 2020, XRP lost nearly 60% of its value after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple. However, the adoption of XRP Ledger (XRPL) has increased rapidly since the start of 2021. Ripple formed several partnerships with some of the leading cross-border payment firms around the world to enhance the use of XRP in global payments. XRP-related investment products also saw large institutional inflows this year. XRP’s retail demand and the total number of whale addresses have increased substantially over the last six months. As a result, the price of XRP has jumped from $0.22 to $0.60 in the first half of 2021. XRP is the 6th most valuable cryptocurrency in the world with a market cap of over $28 billion.

Despite the reason that BTC lagged behind other cryptocurrencies like Ethereum, XRP and Dogecoin in terms of price gains, Bitcoin received immense support from large hedge fund managers and institutional investors. In February 2021, Tesla, the world’s largest electric car maker, purchased $1.5 billion worth of Bitcoin. Moreover, MicroStrategy and Square increased their BTC holdings during the first half of 2021. CoinShares mentioned that the overall investment into BTC-related investment products in H1 of 2021 has already jumped above the total investment of the entire 2020. According to the latest data published by crypto analytics firm, Santiment, Bitcoin whales holding between 100 and 10,000 BTC now have more than 9.13 million coins, which is the highest level on record. This shows that BTC remained the preferred choice of large investors in 2021.

Bitcoin is still the most valuable cryptocurrency in the world with a market cap of over $600 billion.

Bitcoin Ready For Display Of Strength, But Which Direction Will It Break

NewsBTC 10 July, 2021 - 02:25pm

Bitcoin price is still trading in the mid-$30,000 price range for what has been more than 50 days now. Only a few weak attempts to push prices lower have been made, and bulls were able to defend each time.

Bulls have been even weaker, however, putting all their energy and buying power into support and have also failed to produce any substantial upside. A technical indicator suggests the tension and exhausted trading range is ready for a big break, but in which direction might the cryptocurrency head next?

The Relative Strength Index is yet another tool developed by J. Welles Wilder Jr. Another tool this “father” of technical analysis created was heavily discussed recently – the Average Directional Index. The engineer is also responsible for the Parabolic SAR and Average True Range.

The RSI is the most popular of the bunch, and traders use it to reliable read when Bitcoin and other cryptocurrencies are overbought or oversold. In speculative assets like crypto, these conditions can remain a lot longer than one would expect.

Price action can also diverge away from following the same movements of the RSI gauge, which could be a signal of a weakening trend.

A bullish falling wedge pattern points to a retest of $50,000, but because technical analysis is a constantly developing study, there’s a chance the pattern isn’t as bullish as it appears to be.

For every bullish pattern, there’s a bearish pattern lying in the wait. The last time the market was convinced there was a bullish pattern ready to send Bitcoin higher, it was a bearish rising wedge pattern in disguise. This pattern was the local top, and send the crypto market crashing by more than 50%.

The sideways price action has resulted in several higher lows, yet the same lows again and again. If this price action sounds familiar, that’s because it is the description of a descending triangle, which has in the past has been the most dangerous pattern crypto.

Based on the measure rule, the target of the descending triangle would be almost exactly the former all-time high of Bitcoin.

Which direction will the top cryptocurrency ultimately break?

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

© 2020 NewsBTC. All Rights Reserved.

© 2020 NewsBTC. All Rights Reserved.

Ethereum Price Struggles As London Hard Fork Looms, Falls 4% To Lose $2,300 Hold

NewsBTC 09 July, 2021 - 06:00pm

A recent market crash has seen the price of ethereum crumble as the market prepares for the launch of the London Hard Fork. The fork has been scheduled to go live on August 4th this year and so far, investors seem to be very interested in this move. Demand for ethereum has gone up in the past weeks, but even this demand has not seemed to be able to hold up the price of the altcoin.

Ethereum had earlier made a small run-up from the $2,000 trading range into the $2,300 range. At one point even jumping up as high as $2,400. But this was only briefly as the coin subsequently fell back down to the $2,300.

Market enthusiasm seems to have held the coin price a bit steady. But this hold did not last long. With each passing day, the launch of EIP-1559 with the London hard fork draws close, and yet, the price of the coin remains in bearish territory.

Recent news coming out of the market shows ethereum keeps growing in popularity, showing that the protocol had added 5 million new and unique addresses in the span of 30 days. Even this seemed to not have had much of an impact on the coin price. This dip has happened on the heels of ethereum reaching a three-week high.

Lots of investors have seen this thrown around a lot recently but still do not have any idea what it actually means. Or what the launch of the fork will mean for the Ethereum network.

The hard fork is going to be an update that will change the transaction fee model of the current mechanism. This will in turn help to reduce the high transaction fees experienced currently in the network.

The London hard fork is part of a series of upgrades being carried out in the ETH network to facilitate a complete move to ETH 2.0, which has been scheduled for 2022. It is expected to help move towards the goal of more efficiency and scalability of the ethereum network.

So far, all indicators have pointed to bearish patterns for Ethereum. The price is currently trading lower than $2,100. With a threatening downturn looming.

RSI has fallen below 50. Now standing at 40. This number indicates that ETH is currently in a bear market.

The current drop seems to be attributed to the fact that investors are starting to believe that the hard fork will experience another delay. The Ethereum technological upgrades have been riddled with delays so far. The founder Vitalik Buterin stating that the cause of the delay has been the people involved in the project. Citing internal team conflicts being the major reasons in the past five years.

Despite this, ETH 2.0 continues to surge onward with its upgrades. Investors continue to stake their coins with current numbers sitting at 6.1 million of ethereum have already being staked. The dollar equivalent value for this converts to over $13 billion currently staked in ETH 2.0.

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

© 2020 NewsBTC. All Rights Reserved.

© 2020 NewsBTC. All Rights Reserved.

Bitcoin Price Prediction – A Move Back Through to $33,500 Would Bring $35,000 Levels into Play

Yahoo Finance 09 July, 2021 - 05:12am

At the time of writing, Bitcoin, BTC to USD, was up by 0.07% to $32,879.0. A mixed start to the day saw Bitcoin fall to an early morning low $32,237.0 before making a move.

Steering clear of the first major support level at $31,967, Bitcoin rose to a mid-morning high $33,259.0

Falling well short of the first major resistance level at $33,843, however, Bitcoin slipped back to sub-$33,000 levels.

It has also been a mixed morning for the broader crypto market.

Through the morning, Crypto.com Coin was up by 3.38% to lead the way.

Cardano’s ADA (+0.12%) and Polkadot (+0.88%) also joined Bitcoin in positive territory.

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

Bitcoin Cash SV led the way down, sliding by 2.82%, with Chainlink (-1.87%), Litecoin (-1.20%), and Ripple’s XRP (-1.70%) also struggling.

Binance Coin (-0.33%) and Ethereum (-0.47%) saw relatively modest losses, however.

Through the early hours, the crypto total market fell to an early morning low $1,321bn before rising to a high $1,371bn. At the time of writing, the total market cap stood at $1,355bn.

Bitcoin’s dominance rose to an early high 45.91% before falling to a low 45.49%. At the time of writing, Bitcoin’s dominance stood at 45.56%.

Bitcoin would need to move back through the $32,953 pivot to bring the first major resistance level at $33,843 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $33,259.0.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $34,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $35,000 levels. The second major resistance level sits at $34,829.

Failure to move back through the $32,953 pivot would bring the first major support level at $31,967 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$30,000 support levels.

The second major support level at $31,077 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA continue to pullback from the 100 and 200 EMAs in the early hours.

The pullback supported the early lows. Through the late morning, however, the 50 EMA has held its ground suggesting an imminent move.

A further pullback of the 50 EMA from the 100 and 200 EMAs this afternoon would bring support levels back into play.

Key going into the afternoon will be for Bitcoin to break back through the pivot to $33,000 levels to avoid another day in the red.

This article was originally posted on FX Empire

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It’s a mixed start to the day for the majors. Steering clear of the day’s pivot levels, however, would bring resistance levels into play.

After Friday’s recovery, A Bitcoin move back through to $34,500 levels would be needed to support further upside for the crypto majors in the day ahead.

After Thursday’s sell-off, a Bitcoin move back through to $33,500 levels would provide the broader market with support.

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