Cryptocurrency Market Ripping To New Highs

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Cryptocurrency Market Ripping To New Highs

Bitcoin $10,000 Is At Hand

With evidence popping up around the market it is easy to say the recent correction in cryptocurrency is over. The China Correction, which only happened 2 months ago, looked like it would depress digital currencies for some time but now is only a minor blip on the radar. Bitcoin has been leading the market and now trading at all time highs. Ethereum, Litecoin and others have been lagging this recovery and only now begun to match moves made by elder brother BTC. If past history proves an indicator of future performance we can expected to see both ETH and LTC continue to move higher into the near term.

Why? Because in the past these currency have traded in tandem; when one moves up the others are soon to follow. Bitcoin is typically market leader as it is the number one accepted token worldwide; traders can access it easily and then use it to purchase other tokens if they chose. Ethereum and Litecoin are similarly easy to access and also used to purchase other tokens not typically available at the exchanges. This layering of the market results in waves of action that we as traders can follow. Bitcoin is the first wave, followed by LTC and ETH and then in turn by tokens such as Omisego and Basic Attention Token.

Is Bitcoin Going To $10,000

With current action it looks like BTC is heading straight for $10,000. The coin is moving up from the $8,000 level which is now new support with a target of at least $10,000. This is derived from the magnitude of the post-China Correction recovery and surge to new highs. This surge is driven by expectation of a Bitcoin future to be listed on the CME which has the mainstream trading community taking notice. The coin is currently forming a flagpole/flag break-out with a magnitude of $2,250. Now that it is breaking out of the flag we can expect a total move near or equal to $2,650 or $10,250. Bitcoin has gained 183% since hitting the post-China bottom and is projected to move nearly 280% by my calculations.

In this same time Ethereum has been trending sideways and well below the top seen just before the China Correction. It has recently moved up to test that top and broken out to new highs. It is now trading near $480 and showing gains of only 140% since the bottom which leaves another 40% to go, if it tracks along with BTC. Looking at the charts that is very possible. The coin is moving up with strong white candles and high volume, posting new all time highs, and likely to attract new money now that sentiment has shifted to the upside. Assuming $480 is where a flag pattern may form and projecting this forward we get a target near $655 or 235% since hitting the September bottom.

Litecoin is lagging further still with the added benefit of lower cost. The coin is still trading below its all time highs near $100 but looking more and more like those highs will be tested in the least. If we can assume similar moves as seen in BTC and ETH this means a break to new highs and gains in excess of 200% of current prices ($85 as I am writing this). A look to the charts concurs although there is much speculation involved. The next likely place for resistance is in the $90 to $100 range. Assuming this is the point of consolidation before breaking out the flag pole would be $40 putting upper target at $130 to $140 in the near to short term.

Cryptocurrency market update: Bitcoin Races to new 2020 highs past $12k; Ethereum and Ripple unbothered

Bitcoin raced to new 2020 highs bared three days since it broke the barrier at $10,000. While most of the major cryptocurrencies are in the green, some of the top twenty digital assets are still in the red, some of them include NEO, Litecoin, Dash and Monero which are down 0.38%, 1.42%,0.74% and 5.8% in that order.

The largest cryptocurrency has once again proved to the investors that it has finally entered a bull rally by zooming above $12,000. BTC/USD rose to new yearly highs around $12,943.16 although it had hit a low around $11,671.45 on Wednesday. At press time, Bitcoin is trading at $12,490 after rising 6.27% on the day.

Bitcoin’s parabolic rise towards $13,000 has taken the market by storm impacting greatly on the market composition. Bitcoin dominance on the market short up to 61.9%; highs it has not reached in the last couple years.

The surge in Bitcoin price is detrimental to the altcoins, which still lag behind the ‘king’ of cryptocurrencies. Bitcoin market capitalization increased to $226 billion while the total market cap is at $365 billion.

Bitcoin is the best performing among the top twenty. Ethereum has been able to recover from the retracement seen yesterday. While a new high has been formed at $337, ETH/USD has corrected under $330.

Ripple, on the other hand, has ignored the current Bitcoin surge. The asset has not been able to step above $0.5 instead forming a high at $0.4803. While exchanging hands 0.46, XRP is up 0.63% on the day. A break past $0.5 will pave the way for more correction towards $0.7.

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Why Bitcoin Price Just Plummeted to $9,350, Liquidating $41 Million In Minutes

Bitcoin price just smashed through $9,500 after repeated tests, causing a flash drop to $9,350 that liquidated $41 million in long positions in just minutes.

Is this the start of a much deeper drop, or was this the test of support before Bitcoin rockets higher?

Bitcoin Price Plummets to $9,350 in a Flash

Bitcoin price has been in a confusing state, ranging back and forth between highs above $10,000 and support at $9,500.

But that support just failed, giving way to what could end up being a much deeper drop, and the end to the early 2020 rally.

The moment that support failed, Bitcoin plummeted to support at the monthly open around $9,350 before it began bouncing.

The drop to $9,350 also coincides with a high-volume node, making it prime target for short-sellers to target longs ready for the next move higher.

The market has been oversaturated with long orders since long before the 2020 rally even first began.

If Bitcoin moves further to the downside, a cascade of long liquidations could continue to drive the price of the first-ever cryptocurrency down at lightning speed.

With so many crypto traders bullish ahead of the halving, it could be an opportunity for contrarian crypto traders to turn the tides and keep prices at bay a while longer.

Price Targets to Watch In the Days Ahead

If $9,350 holds, it could be the final retest of monthly support before a push higher.

The latest move took BitMEX open interest down, although the metric still remains high, signaling that even more volatile price action is likely ahead.

The Bollinger Bands Width has been signaling that Bitcoin was soon going to “rip,” but doesn’t tell the direction it is headed.

After today’s swift move down, it could be the start of Bitcoin price ripping further to the downside, erasing much of the recent 2020 rally.

Downside targets include $8,250 and lower all the way down to $7,400. The $6,000 range likely won’t be revisited, much like Bitcoin never went back to the $3,000 range after it found its bear market bottom in late December 2020.

With Bitcoin’s halving ahead, any downside may be short-lived. The entire crypto market is expecting the cryptocurrency to explode to a new all-time high once the halving occurs, further reducing the supply of the already scarce asset.

After this latest drop, Bitcoin price will have more to climb towards setting a new record, as its already down over $1,000 from the local high it set this month.

Tony Spilotro

I’m Tony Spilotro. I’m an avid Bitcoin supporter and maximalist due to my distrust in society and concerns over privacy, but also a strong believer that XRP could end up being the most disruptive altcoin on the market. I’m an.

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