Ethereum Price Regains Bullish Momentum, But $400 Still A Key Hurdle

Ethereum recovered nicely above the $380 and $390 levels against the US Dollar. ETH price must surpass the $400 barrier for another leg higher in the near term. Ethereum is up over 5% and it broke the key $380 and $390 resistance levels. The price traded close to the $398 level and it settled above the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $390 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct a…

This Simple Bullish Pattern Suggest Ripple (XRP) Could Surge Above $0.25

Ripple is up over 2% and it is showing positive signs above the $0.2400 resistance zone against the US Dollar. XRP price is likely to accelerate gains if it clears the $0.2500 resistance. Ripple price started consolidating gains after it rallied towards the $0.2500 level against the US dollar. The price is currently trading nicely above the $0.2400 and $0.2380 support levels. There is a key rising channel forming with support near $0.2410 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair remains well supported…

Is the Growing Correlation Between Bitcoin and Gold a Bullish Sign?

As Bitcoin (BTC) rallied to its 2020 high of $11,392 this week, its correlation with gold increased and at the moment, BTC’s monthly correlation with gold on daily returns sits at 0.66, according to data from CryptoCompare.  The correlation started to increase as gold broke through $1,900, nearing a new high before pulling back alongside Bitcoin.  The increase in correlation represents a trend shift as the relationship between the two had previously been falling according to data from Kraken exchange’s research team. BTC monthly correlation on daily returns. Source: CryptoCompare…

Bitcoin Just Posted an Ultra Bullish Technical Formation Not Seen Since 2017

Bitcoin’s intense rally seen yesterday evening allowed it to surmount multiple heavy resistance levels that were previously suppressing its price action. The cryptocurrency has also bolstered its technical outlook, with multiple factors now working firmly in the favor of BTC’s bulls. One such technical factor would be a bull cross seen while looking at its Ichimoku Cloud, which just formed for the first time seen since the bull market in 2017. Technical factors like this have led to a sense of euphoria amongst investors, but it is important to keep…

Bitcoin Bulls Aim Big After Recent Bullish Breakout At $9,650

Bitcoin is gaining bullish momentum above the $9,500 and $9,600 levels against the US Dollar. BTC is likely to continue higher towards $10,000 as long as it is above $9,500. Bitcoin is up over 3% and it surpassed the $9,650 resistance zone. It traded as high as $9,748 and settled well above the 100 simple moving average (4-hours). There is a crucial bullish trend line forming with support near $9,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $9,650 support…

Ripple (XRP) Bullish Breakout Seems Real: Indicators Suggest Sustained Rally

Ripple is up over 2% and it broke the main $0.2000 resistance zone against the US Dollar. XRP price is trading in a positive zone and it could continue to rise towards $0.2120 or $0.2150. Ripple price broke a couple of important hurdles near the $0.2000 level against the US dollar. The price spiked towards $0.2050 and it is currently correcting gains. There was a break above this week’s followed bullish flag with resistance near $0.1990 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair…

Bitcoin Rally Will Continue, Analyst Asserts With Three Bullish Indicators

Bitcoin expects to hold its long-term bullish bias as long as it trading above $8,800, according to market analyst Mohit Sorout. Bitazu Capital’s founding partner based his analogy on three bullish technical indicators, each signifying a favorable buying sentiment in the cryptocurrency market. A modest rally in the Bitcoin market on Tuesday promised to improve its short-term outlook. A day later, the cryptocurrency corrected lower on profit-taking sentiment, signaling it may negate all its recent gains in favors of bears. However, Mohit Sorout believes the next Bitcoin plunge will do…

On-Chain Metric Signals the Bitcoin Market Isn’t Overheated: Why This Is Bullish

Despite the recent stagnation, Bitcoin is still up by over 150% from the capitulation lows of March’s crash. By the standards, that means that BTC’s nascent market is at exuberant levels — especially considering the dismal state of the world economy. Chart of BTC’s price action since the start of the year from TradingView.com But on-chain data shows that BTC is not yet in an “overheated” market, leaving room for the leading cryptocurrency to appreciate in the months ahead. Related Reading: BTC Just Confirmed a Signal That Preceded Historical 5,000% Rallies…

Bitcoin Signals Bullish Breakout as EU Confirms $2tn Stimulus Package

Bitcoin broke out of a narrow technical range to close above $9,300 this Tuesday. The jump appeared after the European Union leaders confirmed a €1.8 trillion ($2.06 trillion) stimulus package. The cryptocurrency now eyes bullish continuation beyond $9,400, a resistance level it failed to break twice in the last three weeks. Bitcoin jumped on Tuesday as European Union leaders reached a historic agreement on a stimulus package earlier this morning. The BTC/USD exchange rate was up 1.85 percent to circa $9,330 as of 1016 GMT. At its intraday high, the…

Why An Analyst Says Ethereum Has At Least 1 Month of Bullish Fuel

Against Bitcoin, Ethereum has been embroiled in a brutal bear market for the past two years. There was a point when one ETH was worth in excess of 0.1 BTC, but those days have long passed. Now, Ethereum trades for under 0.03 BTC — a far cry from its all-time highs. But multiple analysts say that the asset is on track to see a strong recovery against Bitcoin in the months ahead. Related Reading: Asked About Bitcoin, Elon Musk Just Joked He “Only Sells Dogecoin” Ethereum Has At Least a Month…