Several cryptocurrencies have broken out of their first resistance levels, which suggests that the bulls might be back in the game. Roughly 42% of the total Bitcoin supply has not moved in the past two years. This shows that the investors are holding on to their Bitcoin as they expect the price to rally further.…
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The bulls have succeeded in defending the 200-day SMA in most major cryptocurrencies. This is likely to result in a sharp relief rally in the next few days. After the rout last week, most asset classes have started the week with a rebound. The total crypto market capitalization has bounced from the recent lows of…
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If the bulls successfully defend the 200-day moving average on several major cryptocurrencies it might offer buying opportunities for traders. Recently, the chairman of Virgin Galactic Chamath Palihapitiya said that “everybody should probably have 1% of their assets in Bitcoin,” as it is “an uncorrelated hedge” to the excesses in the financial industry. He did…
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Investors may interpret the current correction in cryptocurrencies as a long overdue pullback and purchasing opportunity. The equity markets sold off sharply on Feb. 24 and 25. Even gold, a traditional safe-haven has stalled its rally. On similar lines, cryptocurrencies are also witnessing a period of correction. The total crypto market capitalization has dropped from…
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Many cryptocurrencies are struggling to break above their overhead resistances, which could result in a minor correction or consolidation in the next few days. The global equity markets are reeling under pressure as the coronavirus outbreak has spread outside China. While gold, the traditional safe haven, has been moving higher, Bitcoin has largely remained range-bound.…
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The current price action suggests that Bitcoin and Ether are likely to consolidate for the next few days before starting a directional move. Binance CEO Changpeng Zhao believes that the upcoming Bitcoin halving has not been priced in to the digital asset’s current price action. The reduction in miner rewards will increase the cost of…
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Numerous cryptocurrencies are attempting to resume their uptrend, which shows that the sentiment amongst traders remains bullish. Eurekahedge’s index of crypto hedge funds have clocked 21.15% returns since the start of 2020 and this is the best performance from the firm since the index started in 2013. Even in 2017, which was the blockbuster year…
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The current pullback has resolved the overbought state of many cryptocurrencies and after a few days of consolidation the uptrend is likely to resume. After Bitcoin (BTC) scaled above $10,000 the mood among market participants turned hugely bullish. Daily talks of the asset making new highs blanketed crypto Twitter and this bullish sentiment also rubbed…
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A deeper correction may have to wait as many major cryptocurrencies are looking strong and their uptrend is likely to continue. Interest in Bitcoin (BTC) has surged significantly after its rally above $10,000 and if the bulls can sustain the price above this psychological level, it is likely to attract further attention. While it is…
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The bulls are not waiting for a deeper correction before buying, which shows that the momentum remains strong and the uptrend intact. A report by investment management firm VanEck shows that Bitcoin can greatly improve the “risk and return reward profile of institutional investment portfolios.” The research shows that even a small allocation to Bitcoin…
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