as-bitcoin-price-consolidates-litecoin-looks-ripe-for-massive-gains

Bitcoin price (BTC) failed to ignite much interest as October closed. There are approximately 194 days left until the next Bitcoin halving, which probably feels like an eternity away for those involved with the crypto space.
 This week there was also a surplus of negative news events like the Bitmex email leak and the Coinbase flash crash that caused mass liquidations on Deribit.
 So can we really expect Bitcoin price to do anything spectacular in the short term?

Bitcoin price has been locked in a tight range around $9,100 - $9,400 for the last 5 days.


 However, since the massive move 2 weeks ago, the Bollinger Bands (BB) indicator has opened up revealing quite a broad range of support and resistance.
 The moving average shows $8,600 being the level of support that Bitcoin needs to hold before falling back in to the $7,000 range.
 However, it is a positive sign that Bitcoin is currently holding in the upper percentile of the Bollinger Bands as the resistance that Bitcoin needs to break to begin a new upward trend is at $9,900.
 But what does the week ahead hold? Well, let's first take a look at the first major bullish signal for Bitcoin that came on Nov. 1 when a new green monthly candle was printed.



Let's not underestimate the significance of this particular signal.
 The last time that the Heikin Ashi candles transitioned from red to green on the Bitcoin monthly chart was on April 1st, 2019. Within just 12 weeks of this last occurring, Bitcoin’s price exploded from a low of $3,979 to $13,868 which represented a massive 350% growth in BTC/USD value. Whilst it’s still early days, as each week progresses Bitcoin is slowly showing more bullish signs, and if history were to repeat itself we could be instore for 29% weekly growth as we head into the new year.
 But what other signs are there?
Read the full topic at
https://cointelegraph.com/news/as-bitcoin-price-consolidates-litecoin-looks-ripe-for-massive-gains

Follow me on
Linkedin: https://www.linkedin.com/in/crypto-expert20
IF you be an admin for your telegram group you can order from the link

Comments

Post a Comment

Popular posts from this blog

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

Image
 The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF. Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments.    Notably, in the past week, several of these firms have made crucial updates to their applications, hinting at the evolving nature of their proposals. Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF The digital asset market has been closely monitoring the situation, speculating on the impact that an approval of a Spot Bitcoin ETF would have. Such an approval would be a groundbreaking event, marking the first of it...
Read more

What’s Causing the Current Bitcoin Crash and How Low Can it Go

Image
 Bitcoin’s price has been very bullish over the last couple of months. However, it is finally showing subtle signs of correction today. Therefore, it is worth analyzing the charts for potential support levels. Technical Analysis Bitcoin Price Analysis: The Daily Chart  On the daily chart, the price has been blowing past resistance levels one by one. Yet, today’s action has been very bearish, as the daily candle looks very bearish.   The price has dropped around 10% today before rebounding from the $40K support level. In case this level holds, it could initiate a rebound, and the market might rally toward the next significant resistance level, which is located at the $48K mark. On the other hand, a bearish breakout could result in a drop to the $38K and potentially the $31K zone.   BTC Price on The 4-Hour Chart The 4-hour chart demonstrates today’s decline much more clearly. The price has created a double top pattern around the $44,500 mark and proceeded to plunge to...
Read more

BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks

Image
 A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly. A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency.   As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest balance sheets in the world – to act as APs to BlackRock's ETF. (Whether they want to is another matter.) The cash APs use in this process can then be exchanged into bitcoin by an intermediary and warehoused ...
Read more