Bitcoin (BTC) Back On The Bull Above $37,000 – Forex News by FX Leaders
Cryptocurrencies have rebounded over the past 24-hours and are driving toward all-time highs. The big movers today have been Bitcoin Cash BCH (+9.3%), Ethereum ETH (+14.75%), Ripple XRP (+9.31%), and Litecoin LTC (+7.39%). Surprisingly, Bitcoin BTC has shown less volatility, only up +3.62% and holding just above $37,000.
On the crypto news front, the Chicago Mercantile Exchange (CME) has scheduled a February launch for Ethereum futures. Ethereum futures will offer active traders market access to Ether based on a standardized ETH/USD valuation. Here are the contract specs:
Size 50 Ether
Tick Size 0.25
Tick Value $12.50
Ether futures come on the heels of Bitcoin futures, which were launched a few years ago by the CME. Traded volumes of BTC futures have been sporadic, due in large part to the $25.00 tick value limiting retail participation. Perhaps the reduced $12.50 tick value of ETH futures will spark public interest.
Although we saw concerted selling ahead of the MLK weekend, the technical outlook for January Bitcoin futures remains bullish. For reference, the chart below gives us a look at BTC as of Friday’s close. Subsequently, today’s action has been bullish, with prices paring losses taken late last week.
For now, there are two important levels to watch in this market:
- Resistance(1): All-Time High, 42730
- Support(1): 38% Current Wave, 32787
Overview: Hopefully, Ethereum futures will be more retail-friendly than Bitcoin futures. However, the volatility should be strong, making the ETH contract attractive to crypto futures traders. For BTC, the recent uptrend remains intact. As long as prices hold firm above the 38% Current Wave Retracement at 32787, it’s long-or-nothing for this market.
- Bitcoin Risks Falling Below $36K If It Breaks The Support Zone Here
- Bitcoin (BTC) Price Prediction: BTC/USD Is in a Tight Range between $34,500 and $38,000, Breakout is Imminent on the Upside
- Bitcoin and Ethereum start to recover from 11th January drop
- Ethereum Corrects Lower, Why Dips In ETH Remain Attractive
- Why Ethereum Has Hit An All-Time High As The Bitcoin Price Flatlines
Bitcoin Risks Falling Below $36K If It Breaks The Support Zone Here
January 19, 2021January 19, 2021
Bitcoin is facing a strong resistance close to the $37,800 and the $38,000 resistance level with the price is now trading above the $36,500 support and the 100 hourly simple moving average and a key contracting triangle that is forming with the support at $36,100 on the hourly charts of the pair. The pair could clear the $38,000 resistance to start a fresh surge in the near-term. After the close above these levels, the BTC price started a fresh upwards move and broke the $35K and $36K as well with the resistance levels moving into a short-term bullish zone.
The price spiked above the $37,000 level and settled above the 100 hourly simple moving average. The price is, however, facing a strong resistance close to the $37,800 and the $38,000 resistance levels but the new high is formed near the $3,294 and the price is correcting lower. There was a break below the $36,800 level so the initial support on the downside is near the $36,500 level and the 100 hourly simple moving average. The next support is close to the 50% fib retracement level of the recent recovery from the $35,407 low to the $37,294 high.
There’s also a key contracting triangle forming with the support near the $36,100 on the hourly charts of the pair. the triangle support is close to the 61.8% Fib retracement level from the recent recovery from the $35,407 low to the $37,294 high. If there’s a downside break below the triangle support, Bitcoin risks moving down with the next major support nearing the $34,800 level where the bulls could take a stand. If BTC stays above the $36,500 level and the $36,100 support levels it could attempt a clear of the $37,500 levels and the $37,800 resistance levels. The main resistance is still near the $38,000 zone with a close above this, being able to lead to a strong surge in the upcoming sessions.
The hourly MACD for the pair fails to gain momentum in the bullish zone and the hourly RSI for the pair is well above the 50 level. The major support levels include $36,500 and $36,100 and the major resistance levels include $37,250 and $37,800.
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Bitcoin (BTC) Price Prediction: BTC/USD Is in a Tight Range between $34,500 and $38,000, Breakout is Imminent on the Upside
Bitcoin (BTC) Price Prediction – January 20, 2021
BTC/USD is now trading in a tight range. On January 11, the BTC price was fluctuating between $30,000 and $40,000. Nevertheless, on January 15, the price movement has been confined in a tight range between $34,500 and $38,000. This is an indication that a breakout is imminent.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000
As price narrows in a tight range, Bitcoin breakout is imminent and most likely on the upside. The king coin has been trading marginally with small body candlesticks called Doji and Spinning tops. The candlesticks are describing the indecision between buyers and sellers as to the direction of the price movement. Nevertheless, traders are waiting for Bitcoin to breakout before buying. In other words, the price will rise to break the $38,000 and $41,969 resistance levels.
The $41,969 resistance may act as a stiff resistance to Bitcoin’s upward movement. On the upside, if buyers can push BTC above $45,000, the bullish momentum will extend to $50,000 high. Conversely, if the bullish scenario fails, the bears will use the advantage to break the $34,000 support. BTC price will decline to $29,600. However, further decline below this support will attract deeper correction.
Bible Quotation Is Discovered in Bitcoin Block Number 666,66
A Biblical message has been discovered in block number 666,666 of the Bitcoin blockchain: “Do not be overcome by evil…” A hidden Biblical message has been found implanted in a transaction in block number 666,666 of the Bitcoin blockchain. This message is from the New Testament, and to the Epistle to the Romans. It reads: “Do not be overcome by evil, but overcome evil with good – Romans 12:21.
The transaction in question saw an equal amount of Bitcoin — 432,100 satoshis ($160) — sent to two different addresses. The first several characters of those addresses contain the words “God” and “Bible. The sender of the transactions paid over $50 in fees, equating to five times more than Bitcoin’s peak average transaction fee. This implies the sender’s goal was to have their transactions, and message, included in block 666,666 specifically.
Nevertheless, Bitcoin is now confined in a tight range as traders wait for the next move. On January 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement level suggests that BTC price will rise to level 1.272 Fibonacci extensions or the high of $48,161.60.
Author: FOLLOW ON
Bitcoin and Ethereum start to recover from 11th January drop
According to data from CEX.IO, Bitcoin sat just below $30,000 at the end of 2020, with its price on New Years Eve closing at $29,033
It is mid-January, and both Bitcoin and Ethereum — the crypto industry’s two largest coins — have already seen significant price changes. There has been little regarding outside influences on the coins’ prices, but they still saw some strong shifts, likely influenced by the change in demand alone.
The recent Bitcoin price surge that has been leading the market rally has continued in early 2021, especially in the first 10 days of the new year.
According to data from CEX.IO, Bitcoin sat just below $30,000 at the end of 2020, with its price on New Years Eve closing at $29,033, with a daily high at $29,200. In the first two days of January, the coin has been trading sideways for the most part, but then, on 3rd January, saw a surge that took it up to $34,800.
This was a new all-time-high that the coin managed to maintain for around two and a half days. After reaching this level, BTC saw a correction to $30,000, which was followed by a massive new surge that started on 5th January.
The new price increase led the coin to a new all-time high of $41,500 on 8th January. While BTC dropped slightly after that, the real correction started around 10th January, when the coin started sinking, ending its drop at $30,333 on the next day.
The next five days saw BTC struggle to grow, and it even managed to surge to $40,100 again on 14th January. However, its price was rejected by the resistance at $40,000, which sent it back to the $34,400s. At the time of writing the coin is once again surging up and currently sitting at $37,428.
Ethereum has followed a similar path to Bitcoin, which is not that surprising, considering Bitcoin’s dominance in the crypto industry. Ethereum ended 2020 with the price of $737, while its daily high on 31st December was actually $744, according to CEX.IO data.
The first two days of the new year did not see much happen, and the coin has mostly remained where it was. Then, around 3rd January, its price surged up, breaching the $1,000 mark. Ethereum kept going up to $1,095, which it reached on 4th January.
After a small correction, Ethereum made another major leap upwards, hitting a new two-year high at $1,342 on 10th January. After that, it started seeing a strong correction, similarly to Bitcoin.
The correction took it down to $900 by 11th January, but that’s when traders started buying again, aiming to make good use of the dip. Ethereum was back above $1,000 by the next day, and while it sank below $1,000 one more time since then, it quickly recovered, never going below $988.
The coin then surged back towards $1,300, but hasn’t reached it so far. Instead, the highest that it managed to go to was $1,255, at least thus far. The 15th January saw another dip to $1,070, but today’s recovery had already brought it back above $1,200.
At the time of writing, the coin sits at $1,211 according to CEX.IO, with a daily volume over $35 billion. Meanwhile, its market cap is sitting at $138.4 billion, which is still far below Bitcoin’s $694bn.
When it comes to Bitcoin, the stock-to-flow model has been extremely accurate in predicting the coin’s future price action. 2020 brought Bitcoin’s third halving, which has typically been followed by a major supply shock. Not to mention the increased activity of institutional investors who have been buying the coin in massive quantities through intermediaries such as Grayscale and Microstrategy.
With that in mind, I expect Bitcoin to hit $50,000 by the end of Q1 2021, or by March 31st. This may happen before this date, given that the coin has already reached an ATH above $41,000.
As we go deeper into the year, the coin will likely continue surging up, and I believe that it could reach $80,000 by the end of Q2. Historical data shows that a drop in activity can be expected during the summer, which might be the time when a correction could take place. After that, I expect another surge in Q4, with the coin ending the year at the price of $90,000.
On the other hand, we have Ethereum, which has already surpassed $1,300 earlier this year. While the coin has retraced its steps since then, it will likely go back to this level by the end of Q1.
Unlike Bitcoin, Ethereum has not had the chance to hit a new ATH this year, mostly sitting on the sidelines, which is unusual, given all the activity its network has seen. With the project still leading in smart contracts, dApps, and DeFi — not to mention the early stages of its shift to Ethereum 2.0 — there is definitely a lot of room for Ethereum to grow down the line.
I believe that the coin could potentially even rise to twice its current price by the end of Q2, potentially ending the second quarter at $2,200. After the summer, the surge will take BTC to $90k and could also include Ethereum, especially if the history repeats itself, and the coin ends up being late to the party as it was in 2017/2018. By the end of the year, I expect it to come close to the $5k mark, possibly at $4,900.
The post Bitcoin and Ethereum start to recover from 11th January drop appeared first on Coin Journal.
Ethereum Corrects Lower, Why Dips In ETH Remain Attractive
Ethereum traded as high as $1,437 before starting a downside correction against the US Dollar. ETH price is approaching a key support at $1,340 and $1,320.
Yesterday, we saw a sharp increase in Ethereum above $1,350 and $1,400. ETH price traded above the $1,420 resistance, and traded as high as $1,437 before starting a downside correction.
There was a short-term downside correction below the $1,400 level. There was a break below the 23.6% Fib retracement level of the upward wave from the $1,215 swing low to $1,437 high. Ether is now trading below the $1,380 and it is approaching a couple of important supports at $1,340.
Source: ETHUSD on TradingView.com
There is also a major declining channel forming with support near $1,340 on the hourly chart of ETH/USD. An immediate support is near the $1,325 level, where the bulls are likely to take control.
The 50% Fib retracement level of the upward wave from the $1,215 swing low to $1,437 high. If there is a downside break below $1,325, there are chances of a drop towards the $1,280 level. The 100 hourly simple moving average is also near the $1,280 support zone. Any more losses could lead the price towards the $1,250 and $1,220 support levels.
If ethereum remains stable above $1,280 support zone, it could start a fresh increase. An initial resistance is near the $1,400 level and the channel upper trend line.
A close above the channel resistance could open the doors for more gains towards the $1,440 level. A clear break above the $1,440 zone could clear the path for a push towards the $1,500 resistance zone in the coming sessions. The next key target could be near the $1,550 and $1,580 levels.
Hourly MACD – The MACD for ETH/USD is now slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is correcting lower below the 50 level.
Major Support Level – $1,280
Major Resistance Level – $1,400
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Why Ethereum Has Hit An All-Time High As The Bitcoin Price Flatlines
Ethereum, the world’s second biggest cryptocurrency by value after bitcoin, has broken fresh ground today for the first time since early 2018.
The ethereum price, traded as the digital token ether, usually moves in tandem with the bitcoin price—but has surged higher over the last week as bitcoin trades sideways (though some smaller cryptocurrencies have made far larger gains).
Ethereum’s huge rally, that’s seen it climb almost 300% since bitcoin and other cryptocurrencies broke out in early October, is thought to be largely driven by the emerging decentralized finance (DeFi) market—the idea bitcoin and cryptocurrency technology can be used to recreate traditional financial instruments such as loans and insurance.
MORE FROM FORBESAfter Huge Bitcoin Price Rally, Here’s What Billionaire Mark Cuban Thinks Is Next For Bitcoin And CryptoBy Billy Bambrough
Bitcoin and ethereum, the two largest cryptocurrencies by value, have both soared in recent weeks, … [+] with the ethereum price notching a fresh all-time high today.
“2020 saw the explosion of the DeFi ecosystem on ethereum—first hitting $1 billion in total value locked in February, now $20.5 billion in only 11 months,” Brian Norton, chief operations officer of MyEtherWallet, said in emailed comments. “This growth has attracted many new users seeking yields that are not available on bitcoin with centralized intermediaries.”
Last year, ethereum began a long-awaited upgrade designed to improve scalability and security and will see the ethereum network move from the proof-of-work (PoW) consensus algorithm to the proof-of-stake (PoS) algorithm.
This will essentially mean those who receive ethereum’s ether tokens as a reward for maintaining the network will be removed from the process in order to optimize the settlement of transactions—with ethereum users instead able to deposit their tokens to secure the network and earn rewards instead.
The hotly-anticipated launch of ethereum 2.0, along with the booming DeFi market that’s almost entirely built on top of ethereum’s blockchain, has caused developers to pile onto the network.
“What I am watching is developer activity on ethereum, as it serves as an indicator that new and better use cases are coming which will increase demand for the native asset,” Norton added. “Ethereum has over five-fold the number of active developers as bitcoin, and is adding developers at a faster clip every day.”
It’s hoped by many in the bitcoin and crypto community that the upgrade will help ethereum cope with growing demands on its network.
“While the explosion of projects in DeFi has caused growing pains for ethereum, layering solutions are in the works that are helping the network to scale,” Paolo Ardoino, chief technology officer of Hong Kong- headquartered British Virgin Islands-registered crypto exchange Bitfinex, said via email.
MORE FROM FORBESLindsay Lohan Records Video Predicting $100,000 Bitcoin And $10,000 Ethereum-Is 2017’s Celebrity Crypto Mania Back?By Billy Bambrough
The ethereum price has surged to a fresh all-time high for the first time in three years, following … [+] in bitcoin’s footsteps after the bitcoin price broke new ground last month.
Meanwhile, ethereum’s rally doesn’t mean bitcoin, which recorded its own all-time high of over $42,000 per bitcoin earlier this month before falling back slightly, has been written off.
“Sentiment around bitcoin remains overwhelmingly bullish,” said Ardoino. “Bitcoin is providing a solid foundation for a staggering array of projects, some of which will fundamentally change the nature of money by the end of the decade. Those celebrating the rise of competing chains in a rampant bull crypto market should do well to remember that they owe everything to bitcoin.”
Looking ahead, long-suffering cryptocurrency traders, triumphant after bitcoin and crypto’s return to glory following a three year bear market, are feeling upbeat about ethereum.
“I believe it is very feasible for ethereum to hit $2,500 in 2021, as it also benefits from the extended crypto-asset bull run we are currently seeing,” Simon Peters, crypto-asset analyst at brokerage eToro said in emailed comments. “Today’s all-time high of $1,419 could just be the beginning.”
Author: Billy Bambrough