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Crypto Analyst: Bitcoin Price Now Above Ideal Buying Zone, Shortest Duration Yet

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The parabolic rise in Bitcoin price over recent weeks has shocked the entire crypto market, as the leading cryptocurrency by market cap revives memories of its media-fueled meteoric rise to its all time high price of $20,000 in late December 2017.Following the break of that famous parabolic advance, Bitcoin price ping ponged between decreasingly lower resistance levels and support at $6,000, until that support broke in November 2018. Once the crypto asset broke below $6,000 it reached what one crypto analyst calls the “ideal buying zone” – a zone the price per BTC has now left, making it the shortest time the cryptocurrency has ever spent in accumulation before resuming a bull cycle.Bitcoin Says Bye-Bye to Ideal Buying Zone, Spends Its Shortest Visit YetAfter Bitcoin broke below the repeatedly tested support at $6,000, the market panicked and a violent selloff ensued. The price per BTC was taken low enough to reach what prominent crypto analyst Dave the Wave calls the “ideal buying zone” in Bitcoin price charts.BTC outside the ideal buying zone. pic.twitter.com/LmJLAqMW9Q— dave the wave (@davthewave) May 14, 2019 During the previous bear and bull market cycle of 2014-2015, crypto analyst’s best chance at discovering repeating patterns, Bitcoin spent two full years in the buy zone. Bitcoin also had a one-year stint in this zone from 2012 to 2013.Related Reading | Bullish: Crypto Community In Shock Over Recent Bitcoin Price ResilienceBut because Bitcoin left the 2018-2019 bear market lows so quickly, the leading crypto asset by market cap spent its shortest time ever in the “ideal buying zone” outlined by the long-term chartist. This time around, BTC barely spent over six months in the zone highlighted for its ability to bring long-term investors the best returns.The relative ease and speed that Bitcoin has left the depths and doldrums of the bear market has shocked just about everyone paying close enough attention to the emerging financial asset. After the severity of the longest bear market on record and the violent selloffs that led Bitcoin to its eventual bottom at $3150, any uptrend was bound to be met with disbelief from scorn investors who have become accustomed to falling crypto prices. But a rally that took Bitcoin from $4,200 to over $8,000 in a little more than a month was unlike anyone ever expected.Related Reading | $10,000 Bitcoin Price Key Level To Trigger Widespread Public FOMO Bitcoin continues to take out each new resistance level and at its current rate, could test $10,000 in the coming days. The bullish momentum driven by increase institutional interest and sidelined money re-entering the market has sparked widespread FOMO across the market not seen since the 2017 crypto hype bubble. With such exuberance back in the crypto market, Bitcoin potentially reaching a new all-time high before the close of the year, is now a very real possibility that’s back on the table.Featured image from Shutterstock

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As bitcoin smashes past $8,000 retail interest begins surging, new momentum?

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As bitcoin initiated a powerful recovery to $8,000 over the weekend, the interest towards the dominant crypto asset on Google Trends spiked to April 2018 levels, demonstrating a noticeable increase in demand from retail or individual investors.

bitcoin popularity on google trends rising

Google Trends for the keyword “bitcoin” is spiking

Major markets in the likes of South Korea have also begun to show a clear rise in interest from individual investors.

Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

Related: Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

The rally of bitcoin and the rest of the crypto market in recent weeks has mainly been attributed to the increase in the inflow of capital from institutional investors as seen in the spike in the daily volumes of the CME bitcoin futures market and Grayscale’s Bitcoin Investment Trust (GBTC).

If retail interest in bitcoin rebounds in the weeks to come, it may establish the foundation for new momentum for the crypto market.

Will bitcoin rally lead to the recovery of alternative crypto assets?

Year-to-date, most major crypto assets such as litecoin, bitcoin cash, EOS, and BNB have recorded gains in the range of 140 percent to 400 percent against the U.S. dollar.

However, from their all-time highs, the majority of crypto assets have underperformed with many cryptocurrencies down by nearly 90 percent from 2017 highs. Against BTC, most crypto assets have also performed quite poorly in the past 16 months.

According to a cryptocurrency trader @SatoshiFlipper, with BTC recovering to $8,000 quickly after plunging to $6,400 on May 17, alternative crypto assets are likely to continue rising against the U.S. dollar in the near-term.

The trader said:

“The rest of this year will be characterized by rapid $BTC advances, healthy corrections and periods of sideways price action, when #altcoins will fly. Put that nonsense rhetoric about waiting for capitulation and still not making our bear market lows away. Wrong cycle. Full on degen alternative cryptocurrency season still on track for June. Next few weeks, as BTC finds a range, we’ll continue to see the popular altcoins bounce back 1st. In June, ALL altcoins across the board will bounce back hard. More disbelief on its way.”

Previous bull cycles of bitcoin have occurred around a year before its scheduled block reward halving. In May 2020, bitcoin is set to see its block reward halved, which would decrease the rate in which new BTC is produced.

As the scheduled block reward halving nears, based on fundamental factors, the momentum of BTC is likely to be sustained.

[embedded content]

One concern of investors is the rate in which bitcoin and the crypto market have been recovering and some have suggested that a gradual climb from the current point, having already recorded large gains, would be ideal.

David Tawil, the president of ProChain Capital, told Bloomberg in April:

“Certainly, an investor would much rather see a gradual rise with constant floors in terms of downside being established, as opposed to a very, very quick run-up. It could be easy come, easy go.”

Ethereum, XRP, and Others Up 8%+

On the day, Ethereum, XRP, and other major crypto assets have risen by at least eight percent against the U.S. dollar following bitcoin’s strong nine percent rally.

Bitcoin, currently ranked #1 by market cap, is up 9.33% over the past 24 hours. BTC has a market cap of $141.64B with a 24 hour volume of $23.24B.

Chart by CryptoCompare

Bitcoin is up 9.33% over the past 24 hours.

Filed Under: Bitcoin, Price Watch

Joseph Young

Joseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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As bitcoin smashes past $8,000 retail interest begins surging, new momentum?

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on

As bitcoin initiated a powerful recovery to $8,000 over the weekend, the interest towards the dominant crypto asset on Google Trends spiked to April 2018 levels, demonstrating a noticeable increase in demand from retail or individual investors.

bitcoin popularity on google trends rising

Google Trends for the keyword “bitcoin” is spiking

Major markets in the likes of South Korea have also begun to show a clear rise in interest from individual investors.

Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

Related: Circle CEO: institutional market arrived in bitcoin as CME clears $1 billion in 1 day

The rally of bitcoin and the rest of the crypto market in recent weeks has mainly been attributed to the increase in the inflow of capital from institutional investors as seen in the spike in the daily volumes of the CME bitcoin futures market and Grayscale’s Bitcoin Investment Trust (GBTC).

If retail interest in bitcoin rebounds in the weeks to come, it may establish the foundation for new momentum for the crypto market.

Will bitcoin rally lead to the recovery of alternative crypto assets?

Year-to-date, most major crypto assets such as litecoin, bitcoin cash, EOS, and BNB have recorded gains in the range of 140 percent to 400 percent against the U.S. dollar.

However, from their all-time highs, the majority of crypto assets have underperformed with many cryptocurrencies down by nearly 90 percent from 2017 highs. Against BTC, most crypto assets have also performed quite poorly in the past 16 months.

According to a cryptocurrency trader @SatoshiFlipper, with BTC recovering to $8,000 quickly after plunging to $6,400 on May 17, alternative crypto assets are likely to continue rising against the U.S. dollar in the near-term.

The trader said:

“The rest of this year will be characterized by rapid $BTC advances, healthy corrections and periods of sideways price action, when #altcoins will fly. Put that nonsense rhetoric about waiting for capitulation and still not making our bear market lows away. Wrong cycle. Full on degen alternative cryptocurrency season still on track for June. Next few weeks, as BTC finds a range, we’ll continue to see the popular altcoins bounce back 1st. In June, ALL altcoins across the board will bounce back hard. More disbelief on its way.”

Previous bull cycles of bitcoin have occurred around a year before its scheduled block reward halving. In May 2020, bitcoin is set to see its block reward halved, which would decrease the rate in which new BTC is produced.

As the scheduled block reward halving nears, based on fundamental factors, the momentum of BTC is likely to be sustained.

[embedded content]

One concern of investors is the rate in which bitcoin and the crypto market have been recovering and some have suggested that a gradual climb from the current point, having already recorded large gains, would be ideal.

David Tawil, the president of ProChain Capital, told Bloomberg in April:

“Certainly, an investor would much rather see a gradual rise with constant floors in terms of downside being established, as opposed to a very, very quick run-up. It could be easy come, easy go.”

Ethereum, XRP, and Others Up 8%+

On the day, Ethereum, XRP, and other major crypto assets have risen by at least eight percent against the U.S. dollar following bitcoin’s strong nine percent rally.

Bitcoin, currently ranked #1 by market cap, is up 9.33% over the past 24 hours. BTC has a market cap of $141.64B with a 24 hour volume of $23.24B.

Chart by CryptoCompare

Bitcoin is up 9.33% over the past 24 hours.

Filed Under: Bitcoin, Price Watch

Joseph Young

Joseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Top 5 Crypto Performers: XEM, XLM, XTZ, BNB, IOTA

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data provided by HitBTC exchange.

After the strong recovery of the past few weeks, this week saw some profit booking at the highs. However, unlike previous occasions, the dip has been shallow and some buying is visible close to support levels. This shows that the market sentiment is changing from sell on rallies to buy on dips. After the sharp move from the lows, a few weeks of consolidation is also possible.

In its report, the European Central Bank said that the impact of cryptocurrencies on the real economy is limited, as only a handful of merchants accept them due to their high volatility. However, they find some value in the stablecoins. We believe that the uses of cryptocurrencies have been increasing in the real world, and this is likely to penetrate further in the next few years. The launch of a cryptocurrency by Facebook will also speed up the adoption among the masses.

Though many people want to invest in cryptocurrencies, they are wary of the negative propaganda surrounding them. Some might even find the technology aspect of it a little difficult to understand in the beginning. To address this issue, Coinbase had started its Coinbase Earn program at the end of 2018, which was by invite only, but the exchange has now opened the program for the public.

XEM/USD

Nem (XEM) was the best performer among the major cryptocurrencies. Though it has given up some of its gains, it is still significantly higher for the week. While part of the gains would have come due to the positive sentiment across the asset class, the fundamental news also helped. The markets cheered the Catapult update, which will improve the overall NEM platform and make it more user-friendly and convenient to use. Another piece of positive news is that Zeux will add XEM on its digital payment wallet, after which its users can pay with the cryptocurrency at the merchants that accept Apple Pay and Samsung Pay. Can it continue its recovery?

XEM/USD

The XEM/USD pair is attempting to breakout of the overhead resistance of $0.085. If successful, it will complete an inverse head and shoulders pattern that has a target objective of $0.135946775. The digital currency has a horizontal resistance at $0.13125258. We expect a stiff resistance between these two levels.

A breakout of $0.14 is likely to start a new uptrend that can carry the digital currency to $0.45 with a minor resistance at $0.20. Our bullish view will be invalidated if the bears defend the overhead resistance. In such a case, a few more days of range bound action is likely. The bears will gain an upper hand on a breakdown of $0.045.

XLM/USD

On May 15, the Stellar (XLM) network briefly stopped: during the period of downtime, the network did not process any transaction. Though no one lost any money, it shows that the network needs some improvements. In separate news, the Stellar Development Foundation announced the release of a new ticker API that will provide the latest data about markets and assets on the network.

XLM/USD

The XLM/USD pair broke out of the long-term downtrend line this week, which is a bullish sign —iIt signals the end of the downtrend. The pair has also formed an inverse head and shoulders pattern, which will complete on a breakout and close above the overhead resistance of $0.14861760.

Though the bulls had scaled this level during the week, they could not sustain the breakout as sellers stepped in close to the 50-week SMA. The price has again retreated back below $0.14861760. If the bulls fail to ascend the overhead resistance, the pair might enter into a consolidation for a few weeks.

But if the price breaks out and closes (UTC time frame) above $0.14861760, it will complete the bullish reversal pattern that has a target objective of $0.22466773. Above this level, it can move to $0.2885. Our positive view will be invalidated if the digital currency plunges below the right shoulder.

XTZ/USDT

The Tezos (XTZ) community is currently voting to accept or reject the Athens A Upgrade. The voting process will close on May 29. If the upgrade is accepted, will the price move higher? Let’s see what charts project.

XTZ/USDT

The XTZ/USDT pair has broken out of the 50-week SMA, which is a positive sign. It is currently close to the overhead resistance at $1.85. A breakout and close (UTC time frame) above this level will complete a rounding bottom pattern that has a target objective of $3.37. Both the moving averages are close to completing a bullish crossover that will indicate the start of a new uptrend. The next level to watch on the upside is $4.2424.

On the other hand, if the bulls fail to ascend the resistance, the pair might consolidate between $1.85 and $1.295480 for a few weeks. A break below the moving averages will break the positive momentum that is building up.

BNB/USD

Withdrawals and deposits that had been temporarily suspended after this month’s hack of more than 7,000 BTC restarted this week. A major system upgrade was also completed during the week. Sports blockchain venture Chiliz has also announced a partnership with Binance Chain, and Binance Launchpad announced the sale of the harmony token via the lottery format on May 28. Can binance coin (BNB) extend its up move? Let’s find out.

BNB/USD

The BNB/USD pair continues to be in a strong uptrend. The 20-week EMA is sloping up and the RSI is in the overbought zone: this shows that the bulls have the upper hand. The buyers aggressively purchased the dip and propelled the price to new lifetime highs again this week, which shows that every dip is being bought.

The next level to watch on the upside is $33, which is close to the resistance line that has acted as a stiff resistance on previous occasions. If this level is also crossed, the rally can extend to $40.2919564. A drop below the recent low of $17.7997862 will turn the pair negative.

IOTA/USDT

Iota (IOTA) wants to make the ecosystem easy to use and safe for organizations, large token holders and liquidity providers. It is exploring various measures by which these players, who form an important part of the ecosystem, can be supported adequately. Iota will sponsor the first inaugural Texas Smart Cities Summit that aims to bring various visionaries to discuss the actions needed to accelerate smart city efforts across the state. Luxury fashion brand Alyx will also partner with IOTA to improve the transparency of its supply chain.

IOTA/USDT

The IOTA/USDT pair has been range bound between $0.244553 and $0.385033 for the past few weeks. The bulls had broken out of the range during the week, but failed to sustain the higher levels. If the price fails to close (UTC time frame) above the range, the consolidation will extend for a few more weeks.

On the other hand, if the price ascends the overhead resistance, it is likely to start a new uptrend that can carry the price to $0.50 and above it to $0.80. The pair will weaken if the bears sink the price below the support of the range.

Market data provided by HitBTC exchange. Charts for analysis provided by TradingView.

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My Bank Account Was Frozen for Bitcoin – And It Only Made Me Love Crypto More

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Mike the HODL Guy describes his first experience buying Bitcoin and the resulting freeze on his bank account.

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NEO Price Prediction: Long-term (NEO) Value Forecast – May 19

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  • NEO/USD still in a bullish trend outlook in spite of a notable line of declines in its market valuation.
  • The two SMAs have now formed together to define the NEO/USD trade’s movements to the north direction.

NEO/USD Long-term Trend – Bullish

  • Distribution territories: $16, $18, $20
  • Accumulation territories: $8, $6, $4

In spite of a notable decline that occurred between May 16 and 18 in the NEO/USD market valuation, the crypto-pair’s trend is yet in a bullish outlook. After a slight kind of erratic price movements in the crypto-trade on May 13, the market eventually got push to test a price value at $14 mark on May 16.

Shortly, the crypto-trade began to make a retracement move to touch the two SMAs at their touching point located a bit over $10 horizontal line. Presently, the crypto has been seemingly striving once again to regain its momentum around the touching location of the 14-day SMA and the 50-day SMA indicators. The Stochastic Oscillators are now attempting to close hairs at range 60.

Most of the trading indicators still point to the north to suggest that the bulls are in control of this crypto-market. The two trading SMAs have slightly joined together at a point a bit over $10 mark to seemingly end the correction from a high value at $14 mark. Therefore, the market is now expected to surge northwards further past its aforementioned high point.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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