Bitcoin Forming Another Bullish Breakout Pattern and It Could Rally To $7.2K

Bitcoin is up more than 4% and it broke the key $6,500 resistance area against the US Dollar. BTC price is forming a solid bullish trend and it could soon rally towards $7,000 or $7,200. Bitcoin started a fresh increase after testing the $6,200 support area against the US Dollar. The price is up close to 5% and it surpassed the $6,500 and $6,600 resistance levels. There is a short term contracting triangle forming with resistance near $6,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).…

Bitcoin Rips to $6,750 In Move Reminiscent of Last Year’s 25% April Fool’s Rally

Since NewsBTC’s last market update, Bitcoin has continued to rip higher, recently hitting $6,750. With this, the cryptocurrency is up nearly 9% from the daily lows around $6,200, and up over 16% from the weekend lows at $5,800. Although not on the same magnitude, many have likened Bitcoin’s recent price action to the 25% surge seen on April Fool’s and April 2nd last year, which was a move that kickstarted a rally from the $4,000s to $14,000 by mid-June. Analysts believe that the cryptocurrency could continue higher. Could Bitcoin Continue…

Ripple (XRP) Showing Signs of Weakness But 100 SMA Can Trigger New Rally

Ripple is still struggling to surpass the $0.1780 resistance area against the US Dollar. XRP price is currently holding the 100 hourly SMA and it could rise again. Ripple price is still facing a strong hurdle near $0.1750 and $0.1780 against the US dollar. There key supports forming near the $0.1720 and the 100 hourly SMA. There is an expanding triangle forming with resistance near $0.1780 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to rally above $0.1780 in the short term…

Ethereum Breaking This Single Level Will Spark a Strong Rally

Ethereum is still struggling to clear the main $135 resistance area against the US Dollar. ETH price must break the $135 hurdle to start a strong rally in the coming sessions. Ethereum is currently consolidating below the main $135 resistance against the US Dollar. The price is likely to find a decent support near the $130 region. There was a break below a connecting bullish trend line with support near $133 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct a few points towards $130…

Dow Futures Fade Because This Rally Has a Fake Fuming Bull

Dow Jones Industrial Average (DJIA) futures slipped 0.2% on Tuesday. Investors initially cheered strong factory data out of China but the rally soon faded. There is little else to fuel the bullish rally as the coronavirus slowly cripples the US economy. The stock market looks set to dip lower after Monday’s glorious relief rally. Dow Jones Industrial Average (DJIA) futures were down 0.2% in the premarket session. The Dow has jumped 20% from last week’s bottom, but analysts warn this is a classic dead cat bounce. ‘There’s no faith in…

Here’s Why 100 SMA Could Spark Fresh Bitcoin Rally In Near Term

Bitcoin failed to surpass the $7,000 resistance and declined below $6,500 against the US Dollar. BTC is likely to bounce back as long as it is above $6,000 and the 100 SMA (H4). Bitcoin price is currently correcting gains from the $7,000 resistance area. The $6,000 region and the 100 simple moving average (4-hours) are important supports. There was a break below a major bullish trend line with support at $6,620 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is currently consolidating losses above…

Ethereum Is In Downtrend But This Variable Can Trigger A New Rally

Ethereum failed to clear the $142 resistance and started a fresh decline against the US Dollar, similar to bitcoin. ETH price could soon test the main $120 support area, where the bulls might emerge. ETH price is currently trading in a bearish zone below the $135 level against the US Dollar. There are many hurdles on the upside, starting with $135 and up to $144. There is a major bearish trend line forming with resistance near $135 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair remains…

Dow Jones Stimulus Rally Crushed with Terrifying Coronavirus Reality

The Dow’s recovery come to an end on Friday as the United States becomes the most-infected country in the world. Now that the coronavirus stimulus package has been absorbed, the Dow has little in the way of the catalyst to fuel a sustained rally. Profit-taking will likely erase most of this week’s gains. The stock market made its way out of bear territory this week after three consecutive days of gains. But Dow Futures pointed to a lower open on Friday as a worrying spike in U.S. coronavirus cases threatened…

Do or Die For Bitcoin Bulls: Here’s What Could Trigger A Strong Rally

Bitcoin is slowly rising and trading above the $6,750 level against the US Dollar. BTC price must claim the $7,000 resistance to start a strong rally in the near term. Bitcoin is trading in a crucial range below the $7,000 resistance area against the US Dollar. Yesterday’s discussed double top pattern is still active with resistance near $7,000 and support at $6,400. There was a break above a short term contracting triangle with resistance near $6,680 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair…

Ethereum is Primed For a Rally And Only 1 Thing is Holding it Back

Ethereum is still facing a strong resistance near the $142 and $144 levels against the US Dollar. A successful close above $144 could start a strong increase in ETH price in the near term. Ethereum is struggling to gain bullish momentum above the $142 zone against the US Dollar. The price is currently trading nicely above the $135 support and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $142 on the hourly chart of ETH/USD (data feed via Kraken). The bulls are…