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Bitcoin Drops Below 4-Hour MA – Bearish Trend Ahead?

Following a pullback, the price of Bitcoin has continued on its downward movement. The coin, after failing to break above the 100-day Simple Moving Average (SMA) and the trend line has experienced a drop of over 6% from its previous high.

Will the price of BTC continue to move in a downward direction or will it reverse and start moving in an upward direction?

As of the time of writing, the price of BTC was trading around $62,972 which is about 28% down from its all-time high and was down by 1.27% in the last 24 hours. Although the price is trading below the 100 SMA on the 4-hour chart, on the daily chart it is still trading above the 100 SMA.

Current Condition Of Indicators And What They Suggest

Looking at the chart, technically a support level and a resistance level of $59,653 and  $67,255 were formed respectively. However, there could be more support and resistance levels created if the price continues to move downward.

Bitcoin

4-Hour Moving Average: A technical observation of the chart from the 4-hour timeframe as seen in the image below reveals that the price is trending below the 100-day moving average. This suggests that the price is on a downtrend and could potentially move further downward.

4-Hour RSI indicator: The Relative Strength Index (RSI) indicator here suggests a downward trend as the RSI signal has crossed and is trending below the 50% line as observed on the above chart.

Bitcoin

The MACD indicator from the 4-hour chart also suggests that the price might continue to move downward as the MACD histograms are trending below the zero line. Both the MACD line and the Signal line have crossed and are trending below the MACD zero line, indicating a bearish trend, as seen in the above image.

Possible Outcome

With the setup of the above indicators, it can be suggested that the price of Bitcoin is still bearish and that there are possibilities that it could still move further downward.

If Bitcoin continues downward and breaks below the support level of $59,653, it could witness a deep correction to create a new support level. However, if the price fails to break below this support level, it could start an upward correctional movement towards its previous level of $67,255 and if it manages to break above this level, the price will begin an uptrend.

Bitcoin

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Bitcoin Bearish Signal: Analyst Warns Of Potential Drop To $59,000

Amidst the anticipated positive effect of the recently concluded Bitcoin Halving event, Ali Martinez, a well-known cryptocurrency analyst and trader has issued a noteworthy warning about BTC’s trajectory, predicting that the price of the crypto asset could undergo a correction to the $59,000 mark.

Potential Declines For Bitcoin

Martinez’s analysis delves into the potential for Bitcoin to experience possible dives on the downside in the short term. Considering the BTC’s chart in the 12-hour timeframe, the analyst noted that two signals have manifested signaling potential price declines.

Related Reading: Analyst Points To Possible 30% Bitcoin Correction, Calls For Caution

These include a red candlestick from the TD (Tom Demark) Sequential and a death cross between the 50 and 100 Simple Moving Average (SMA). As a result, Martinez believes that the development could trigger a price drop to $63,300. Additionally, he urged the community to be ready for further dips to around $61,000 and $59,000.

Bitcoin

Martinez previously highlighted that the TD Sequential indicator on the 12-hour chart has flashed a sell signal. This signal came in light of Bitcoin experiencing a mid-level resistance of a parallel channel. Given this, he underscores a cautious approach amidst times like this, given the history of this indication, especially in the event that the digital asset falls below the $65,500 support level.

According to the expert, the trend score for the coin’s accumulation has fallen to zero. Specifically, this suggests that whales are either distributing or not hoarding BTC at the moment.

It seems Martinez’s forecast has taken place as BTC is already trading below the aforementioned support level. Following the price decline, Bitcoin has also seen a notable drop in accumulation.

Over the past few weeks, there has been consolidation in Bitcoin’s price as it has been unable to sustain its surge over its all-time high of $73,000 achieved in March. On Thursday, BTC witnessed a notable drop to around $63,000, which higher inflation and slower growth in the United States were considered to be a catalyst for the drop.

BTC’s Path To $1 Million

Even though there have been some short-term swings with Bitcoin, its long-term trend is still positive. Jack Mallers, the Chief Executive Officer (CEO) of Strike has predicted a long-term growth for BTC to a whopping $1 million.

Mallers shared his perspective on the digital asset’s future trajectory during an interview with David Lin. The financial instability in the bond markets, which significantly involves banks, is the foundation upon which Maller draws his projection.

He asserts that significant liquidity infusions could result from the possible rescue needed to stabilize these markets, driving up the price of assets like Bitcoin. Mallers believes BTC’s value will rise, underlining the limited availability of BTC when paired with rising demand.

At the time of writing, BTC was trading at $64,207, indicating a 0.72% increase in the last 24 hours. Despite the crypto asset showing positive signs, its trading volume is down by over 8% in the past day.

Bitcoin

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Bitcoin Bearish Signal: Analyst Warns Of Potential Drop To $59,000

Amidst the anticipated positive effect of the recently concluded Bitcoin Halving event, Ali Martinez, a well-known cryptocurrency analyst and trader has issued a noteworthy warning about BTC’s trajectory, predicting that the price of the crypto asset could undergo a correction to the $59,000 mark.

Potential Declines For Bitcoin

Martinez’s analysis delves into the potential for Bitcoin to experience possible dives on the downside in the short term. Considering the BTC’s chart in the 12-hour timeframe, the analyst noted that two signals have manifested signaling potential price declines.

Related Reading: Analyst Points To Possible 30% Bitcoin Correction, Calls For Caution

These include a red candlestick from the TD (Tom Demark) Sequential and a death cross between the 50 and 100 Simple Moving Average (SMA). As a result, Martinez believes that the development could trigger a price drop to $63,300. Additionally, he urged the community to be ready for further dips to around $61,000 and $59,000.

Bitcoin

Martinez previously highlighted that the TD Sequential indicator on the 12-hour chart has flashed a sell signal. This signal came in light of Bitcoin experiencing a mid-level resistance of a parallel channel. Given this, he underscores a cautious approach amidst times like this, given the history of this indication, especially in the event that the digital asset falls below the $65,500 support level.

According to the expert, the trend score for the coin’s accumulation has fallen to zero. Specifically, this suggests that whales are either distributing or not hoarding BTC at the moment.

It seems Martinez’s forecast has taken place as BTC is already trading below the aforementioned support level. Following the price decline, Bitcoin has also seen a notable drop in accumulation.

Over the past few weeks, there has been consolidation in Bitcoin’s price as it has been unable to sustain its surge over its all-time high of $73,000 achieved in March. On Thursday, BTC witnessed a notable drop to around $63,000, which higher inflation and slower growth in the United States were considered to be a catalyst for the drop.

BTC’s Path To $1 Million

Even though there have been some short-term swings with Bitcoin, its long-term trend is still positive. Jack Mallers, the Chief Executive Officer (CEO) of Strike has predicted a long-term growth for BTC to a whopping $1 million.

Mallers shared his perspective on the digital asset’s future trajectory during an interview with David Lin. The financial instability in the bond markets, which significantly involves banks, is the foundation upon which Maller draws his projection.

He asserts that significant liquidity infusions could result from the possible rescue needed to stabilize these markets, driving up the price of assets like Bitcoin. Mallers believes BTC’s value will rise, underlining the limited availability of BTC when paired with rising demand.

At the time of writing, BTC was trading at $64,207, indicating a 0.72% increase in the last 24 hours. Despite the crypto asset showing positive signs, its trading volume is down by over 8% in the past day.

Bitcoin

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BNB Resilience: Holding Firm At $560 – What’s Next?

The price of BNB hasn’t fallen below its previous low, and it’s showing some strong signs of heading up. After a spell of moving downward, the Binance Smart Chain’s native token is aiming for an upward bounce back towards its earlier high.

Technical Indicators Point Toward Sustained Uptrend For BNB

To figure out where the BNB price might be headed next, several indicators can be used to examine the chart:

BNB

4-Hour MACD: A technical look at the MACD indicator from the 4-hour timeframe, the MACD histograms are trending above the zero line, and both the MACD line and the Signal line have crossed and are heading towards the MACD zero line, indicating a bullish trend. This can be seen in the above image.

RSI 4-hour Timeframe: The formation of the Relative Strength Index (RSI) in the below image also suggests an upward movement as the RSI signal line is seen trending above the 50% level. This indicates that buyers are still very active in the market therefore overpowering the strength of sellers.

4-hour alligator: A look at the alligator indicator from the 4-hour time frame shows that BNB is trading above the alligator lines as the alligator lip and teeth have both successfully crossed above the alligator jaw, suggesting that the price might be starting a new rally.

BNB

At the time of writing, the price of BNB was up by 1.35% and was trading around $561 in the last 24 hours. BNB price is showing bullish signs and also forming a base above the $508.1 support level. Also, the price is trading above the bearish trend line and below the 100 Simple Moving Average (SMA) on the 4-hour chart.

Final Thoughts

From the previous downward movement, the price of BNB has managed to create one major resistance level of $635 and one major support level of $508. Currently, BNB is moving toward this resistance level and if it breaks above this level, the price might go even further to create a new high. 

On the other hand, if the price fails to break above this major resistance, it will reverse and start a downward movement toward its previous support and if it manages to break below this support level, the price might move further downward thereby starting a new downward trend.

BNB

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Analyst Predicts Bitcoin Rally To $45,000 Before Pullback

Bitcoin (BTC) has started riding the recent bull market wave and rising with fresh gains after weeks of sluggish momentum, with crypto analysts predicting more potential gains for the leading cryptocurrency asset in the coming days.

Bitcoin To See A Correction After Surging To $45,000

A cryptocurrency expert from Cheeky Crypto has made a daring forecast for Bitcoin. The analyst revealed his recent projections during one of Cheeky Crypto’s latest episodes on YouTube.

His predictions came in light of the price of Bitcoin closing Wednesday on a positive note, leading the altcoin market as a whole with it. As the new trading day began, BTC’s price broke above the consolidation, signaling that bulls have returned to the fore.

Cheeky Crypto analyst’s latest analysis delves into the present trading range for Bitcoin. In the analysis, the expert talked about a potential surge to the upside that will take BTC to $45,000. 

Bitcoin

He defined the current stage as a continuation pattern and forecasted that after the range is done, there will be an upward breakout. The analyst mentioned that volume profiles have been declining throughout the market’s range, which gave him the belief that the price will increase to $45,000.

However, he believes a notable correction will occur after BTC reaches the aforementioned price level. Meanwhile, given the positioning on the Stochastic Relative Strength Index (RSI), he anticipates a further decline to $30,000.

He underscored that there is resistance at the 50 Exponential Moving Average (EMA) and support at the 50 Simple Moving Average (SMA) for BTC’s present trading range. If the 50 EMA is breached, Bitcoin may test the 50 EMA once again, and the 200 EMA would provide extra support.

Furthermore, the analyst looked at a series of indications throughout the hourly, daily, and weekly time periods. He noted key levels of support, resistance, and indicators to inspect for prospective market changes and momentum, like the RSI and the stochastic RSI.

BTC’s Price Surges Above $44,000, Eyes $45,000

Amid the recent bullish rally encompassing the crypto market, Bitcoin’s price has risen over $44,000. This marks the first time this month that the crypto asset has reached this level, suggesting market recovery.

The recent surge has sent quite a positive sentiment in the entire crypto space. It is believed that the rise might be due to the anticipation around the Ethereum Spot ETFs and BTC ETF options. Although, in comparison to last month, trend levels are still low, indicating that one should stay vigilant. 

As of the time of writing, the price of Bitcoin has increased by over 4% in the past 24 hours, trading at $44,704. In addition, its market cap and trading volume have increased by over 4% and 47% in the past day.

Bitcoin

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Unblocking Crypto: How to Access The Asset Class

Since many options are available for digital asset investment and we see more digital asset investment vehicles, now is a great time to start. Understanding the choices available for will help clients of advisors plan how to support them.

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Analyst: VeChain Enters Buy Zone, Should You Jump In?

On the weekly timeframe, a crypto analyst named Egrag explained on Twitter that VeChain (VET) is currently in a buy zone. He further explained the details of its possible price behavior using trading charts and noting recurring patterns.

VET is in the green today, holding onto its gains from yesterday’s closing price. 

Egrag’s Analysis on VeChain (VET)

Egrag mentioned VET’s attempt to exit the descending channel and move into an uptrend in his analysis. The asset has remained in a descending channel since it fell below its all-time high value of $0.2782 in April 2021.  According to Egrag, VET attempted a breakout from this descending channel five times previously. 

He noted that the more VET attempts, the closer it will break upwards from its current channel. Also, the analyst stated that VET would likely form a double bottom. A double bottom is a technical chart pattern where the price of an asset touches a low point twice, with a slight recovery in between.

A double bottom is often associated with a trend reversal, accompanied by a potential break to the upside for an asset. 

The analyst believes this pattern could occur at the $0.015 price level or the $0.007 zone if the asset’s price declines further. Historical data shows that the last time VET reached this price level was in June 2020. 

Egrag set up three targets for the asset as pivot points to exit the descending channel. His price targets are $0.0648, $0.11649, and $1.66. He believes that VET will repeat its past price action in 2018 as it remained in a descending channel until it broke out in 2020. 

This breakout climaxed in its all-time high value of $0.2782 on April 17, 2021. In conclusion, the analyst stated that VET is currently in a buy zone which presents traders with an attractive buy opportunity. 

VET’s weekly chart shows that the buy zone is between $0.012 and $0.025. The asset entered this zone in December 2022 and traded there until January 2023.

Analyzing VET’s Price Action

VET is currently in a sideways trend on the weekly chart, but if the analysis is right, the token might see some action in the short term. 

VET’s sideways trend from December 2022 ushered in an uptrend in March 2023. Therefore, the token’s price current sideway trend will likely break upward in the coming weeks if history repeats itself and VET can break from the descending channel. 

The Relative Strength Index (RSI) is 41.89 in the neutral zone, reflecting the trend on the weekly chart. However, it will move to the upside if the bulls prevail. But VET is trading below its 50-day and 200-day Simple Moving Averages (SMA), a bearish signal for the asset. 

Combined with the descending channel and price consolidation, this fact could hint at a fresh decline. If VET cannot target and reach higher levels, bears could re-take control and send the token back into critical support.

Vechain

VET is currently trading at the $0.01943 price level and may increase to $0.06 in the coming weeks as it recovers.

Featured image from Pexels, chart from TradingView

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Uniswap (UNI) Surges After A Bumpy Ride, Is Bearish Run Over?

Uniswap (UNI) has been experiencing downward movement due to general market sentiment. The downtrend started on April 19, dropping from $6 to $5. However, the price rises gradually, indicating that the bulls are building momentum.

This slight increase has left traders wondering if the bearish trend is over and whether things might start getting better for Uniswap (UNI).

Signs of Bullish Sentiment As UNI Surges

Notably, UNI is up today by 3.27% at a high of $5.12 within the last 24-hour trading session. The 24-hour trading volume is also up by over 97.72% at $68 million, signifying that the UNI market is experiencing high activity. This data shows that the bulls build strong momentum with positive market sentiment.

Related Reading: Bitcoin Price Blasts Above $28,000 Following 4.9% April CPI Report

Moreover, the token still holds the 22nd position on the CoinMarketCap ranking with a market cap of $2.9 billion. According to CFGI.io, the market sentiment towards Uniswap (UNI) is bullish. 

The indicator confirms the bullish sentiment with a 61 reading, meaning investors are greedy. This further shows that investors are optimistic about the future potential, and the recent increase in price may be sustainable.

UNI Technical Analysis

Even with the increasing price and trading volume, the technical indicators for UNI remained contradictory, with some pointing towards a potential bear market.

UNI is currently trading below its 50-day & 200-day Simple Moving Averages (SMAs) and has formed a Death Cross, a bearish sign. The Death Cross contributed to the price drop as it caused traders and investors to sell their holdings or take short positions. 

The SMA indicator suggests that both the long-term and short-term trend is bearish. But, the price might reverse if the bulls hold their long positions. The Relative Strength Index (RSI), with a reading of 40.20, suggests that the asset is not in the overbought or oversold regions but in a neutral range. 

This indicates that there’s no significant buying or selling pressure and UNI might experience some level of consolidation or a positive price change.

The MACD indicator suggests a bearish trend, with the MACD currently below the signal line. The histogram also confirms the bearish momentum as it is trading below zero.

UNI is trading at $5.14 at the time of writing. The bears are trying to break through the first support level of $4.746, a level several times.

However, if the bulls build strong momentum and break above the significant resistance level of $5.731, it might trigger a bullish trend. The next support and resistance level will be $3.358 and $7.651. Uniswap’s price can also lose most of its gains if the bears break the support levels successfully. 

Uniswap (UNI) Surges After A Bumpy Ride, Is Bearish Run Over?

Featured image from Pixabay and chart from Tradingview

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Analysts Predicts Bitcoin Will Plunge Shortly But Suggest Buy Bitcoin

It is no secret that many cryptos have been experiencing a price plunge. As of June 18, the price of the world’s largest digital currency, Bitcoin, fell to about $17,622. This data was taken from Binance. Since then, there have been several conversations as to whether or not that price will be the lowest for the asset.

A digital currency analyst from CryptoQuant has revealed the possible price of Bitcoin in the nearest future. CryptoQuant is a recognized digital currency resource platform. According to the analyst, the $17,622 price mark may not be the lowest Bitcoin will see. However, this assumption is not very solid given the level it is at the moment.

Crypto Winter Overview

Many traders and investors are still doubting if there will be a positive change soon. Several pieces of information state the possibility that Bitcoin will still hit a price mark lower than $20K.

The scenario has made several digital currency holders sell off their assets. Also, before now, certain major crypto firms have taken some hard decisions due to the bearish turn of the market. A notable example of these crypto firms is Vauld.

Source: CryptoQuant

According to reports, the crypto lending platform had to suspend withdrawals and reduce its headcount. This was revealed on July 4.

Probable BTC Price

Going further, a cryptocurrency resource platform analyst, Tomáš Hančar, has explained the possibility of his prediction. According to him, the LTH SORP 20-day chart SMA is projecting a 1/3rd chance of Bitcoin hitting that bottom price mark.

The explanation of the indicator (SMA) presented above is an acronym for 20-day chart Simple Moving Average. This represents the LTH SOPR (Long-Term Holders’ Spent Output Profit Ratio.

According to the data, the ratio derived has been below the impartial level worth of “one” for up to three months. Drawing from the analyst prediction, this is 1/3rd the level that explains a potential bottoming process.

The analyst further explained the function of the 20-day idea of the indicator he used. He cited that the idea of the 20-day indicator was for transferring appropriate standard lines.

Buying Bitcoin Is Now, Says Tomáš Hančar

After this analysis, Tomáš Hančar concluded that buying BTC should commence now. This is because there will be a strong bounce-off in a short while. But, there is a drawback to be aware of, he added. That is the probability that the digital token will drop below the $20K price mark.

Bitcoin price sustains a bullish trend Source: BTCUSDT Tradingview

According to the crypto market watch data, 47 days have passed since the last new low of Bitcoin price.

Considering this fact, the analyst suggested traders furthermore; he cited that it will be necessary for traders to deploy a potential breakout option.

Featured image from Pexels – Chart from TradingView.com

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Ethereum Needs To Break Above $2,650, But Why Won’t It Budge?

Ethereum continues to struggle after falling below $3,000. This price point was critical for bulls to hold and ever since bears dragged the price below it, it has been a continuous display of dips and crashes. For a cryptocurrency like Ethereum, there are resistance and support levels that are very important for the digital asset. One of those support levels sits just above $2,500.

So far, the digital asset has managed to maintain above this point. This shows that bulls are mounting significant support. However, with momentum falling and selling pressure up, it remains shaky at this point. For Ethereum to maintain any semblance of balance towards a bull rally, it must beat its next resistance point. This now sits above $2,600, but what is the price doing?

50-Day SMA Continues To Resist

For the short term, there are some important milestones that Ethereum must beat to secure a bullish trend. One of these is the 50-day simple moving average. This points to the average where investors have been purchasing the cryptocurrency for the last couple of weeks. A position above or below this SMA always tells if investors are willing to keep purchasing the coins at a certain price or if they have pulled back.

Related Reading | Russian Cryptocurrency Volumes Across Several Exchanges Dip By 50%

For Ethereum, it had mostly traded above this 50-day SMA for the better part of 2021. However, the new year would prove to be more daunting than expected as crashes have rocked the market. This has seen Ethereum decline alongside the rest of the market. But more importantly, ETH slipped so far down that it has begun trading below the 50-day SMA.

This puts the digital asset at a disadvantage in the short term given that investors are no longer willing to purchase at the average price they have been the past couple of weeks. Sitting at $2,574, Ethereum is well below the 50-day average of $2,891.

ETH falls below 50-day SMA | Source: ETHUSD on TradingView.com

Falling below this SMA does not necessarily mean a bearish trend for the long term but for the short term, the 50-day SMA paints a pretty gloomy picture for the digital asset. Combined with the fact that ETH has also fallen below its 20-day SMA, it seems this period of downtrend might continue.

But Can Ethereum Bounce Back?

Current trends point to what can be assumed to be the beginning stages of another stretched-out bull market but it will not be the first time that investors have been caught in a bear trap before. If so, then Ethereum may not be done just yet with its rally. Rather, there could be another pump-up that could happen.

Related Reading | Abra CEO Predicts Ethereum Could Reach $40,000 – But Some Fintech Analysts Don’t Agree

Some of the longest bullish rallies have been characterized by a long period of low momentum, like the one the market is currently in. Mostly a result of investors accumulating at what they believe to be ‘discount prices’, taking more supply out of circulation and pushing up the value.

For ETH to do that though, it would have to safely beat the next resistance point at $2,654. After which, a solid week of trading above the 50-day SMA. If these are fulfilled, then the digital asset may see itself on another bull rally.

Featured image from Admiral Markets, chart from TradingView.com