Bitcoin “See-Sawing” Above $60,000, Are Bulls Losing Control?

Posted on May 15, 2024 by Dalmas Ngetich

The Bitcoin see-saw continued yesterday. After the encouraging uptick on Monday, buyers failed to follow through yesterday. Prices are now back to May 12 lows, and it looks like the dominant trend, at least in the short term, remains. Unless bulls are determined to push prices higher, above the current consolidation and $66,000, sellers will be in control.

Reflecting the state of affairs in the daily chart, trackers show that Bitcoin is back in red, losing roughly 1% in the last week. Prices are notably moving horizontally, and sellers are back in the picture, soaking up all the buying pressure. So far, participation in the past day is decent, at around $24 billion. Overall, as long as the consolidation remains, the average trading volume will remain suppressed, and sellers will be more emboldened.

The following Bitcoin news events might influence price action:

The State of Wisconsin reportedly bought $100 million of spot ETFs in a major endorsement of Bitcoin. According to records, the state now holds 94,562 shares of BlackRock’s IBIT. Their investment board also added another $64 million worth of GBTC.
As Bitcoin trends at around all-time highs, reports show that retail investors are sitting out of the rally. Institutions drive Bitcoin following the approval of spot ETFs in January. This state of affairs means that BTC is not FOMO-driven like in 2017 or 2021.

Bitcoin Price Analysis

[[BTC/USD]] is all over the place.

Looking at the formation in the daily chart, sellers remain in charge.

Prices are still in an extended consolidation, now exceeding over 70 days.

Without a decisive break above $66,000, sellers will be in control.

However, before traders double down on shorts, better entries will be available should Bitcoin drop below $56,500 and the May 2024 lows.

If the breakout is with rising volumes, the odds of BTC dropping to $50,000 will be high.

Forex Signals Brief May 14: Eyes on UK Earnings, US PPI Inflation

Posted on May 14, 2024May 13, 2024 by Skerdian Meta

Tuesday’s economic calendar may have been quiet, with only the New Zealand Inflation Expectations Quarter-on-Quarter which came at 2.33%, below the previous quarter of 2.50%. besides that, the New York FED offered insights into inflation expectations and central bank perspectives:

US PPI inflation expected to remain stable in April

Continue reading “Forex Signals Brief May 14: Eyes on UK Earnings, US PPI Inflation” →

XRP Down 30%: In A Bear Flag, Do Ripple Bulls Stand A Chance?

Posted on May 14, 2024 by Dalmas Ngetich

XRP is still at seventh with prices weaving at the $0.50 level. Despite the general confidence among traders, sellers might pull a massive surprise in the coming weeks. The coin has failed to reverse recent losses and is trading below $0.55. Ideally, there should be a solid close above this level and May 6 highs for bulls to stand a chance.

The consolidation of XRP prices is evident in the coin’s performance in the past trading day and week. XRP was flat in the previous 24 hours. Meanwhile, it is down roughly 6% in the last week. However, the average trading volume remains below $1 billion, signaling apprehensive traders and investors. Based on past events, this can only change once there is a spike in prices, especially above $0.55.

Possible triggers to support bulls can be from the following XRP and Ripple news:

Responding to rumors that the United States government is investigating USDT, Paulo Ardoino has shot back at Brad Garlinghouse–the CEO of Ripple, the source of the unconfirmed rumor, that Ripple’s plan of issuing a stablecoin is being investigated. Ardoino said Tether respects the OFAC / SDN lists.
Georgia Bank, a partner of Ripple, is now part of the Digital Euro Association. The association is a respected think tank specializing in stablecoins and central bank digital currencies.

XRP Price Analysis

[[XRP/USD]] is down 30% from March 2024 peaks.

At the current formation, XRP is within a bearish breakout formation, defined by losses in mid-April.

As it is, the coin is also inside a descending wedge, printing out a bear flag.

If prices fail to close above $0.55 and unwind losses from April 13, sellers are in control. Accordingly, every high might be an entry for traders to short, targeting April lows.

However, once prices drop below the bear flag and $0.46, there may be clearer opportunities. Risk-on traders could explore this formation by waiting for clear signals before aiming for $0.40.

Any surprise surge above $0.55, backed by swelling volumes, will cancel this outlook, building a case for the resumption of the Q1 2024 uptrend.

Ethereum Stalls Below $3,000: Will This Whale Sell ETH After A 270X Profit?

Posted on May 14, 2024 by Dalmas Ngetich

Ethereum is still in a narrow range below the $3,000 round number. As it is, sellers are dominant and in line with mid-April losses. The wide-ranging, high-volume bear bar of April 13 shapes the current formation. There was another concerning dip on April 30, which bulls have yet to reverse. Accordingly, unless there is a conclusive close above the current range at $3,300, bears remain in charge and risk pushing prices even lower.

The consolidation is evident in price action. So far, the coin is moving sideways. It remains in red over the previous week, losing 5%. Because of the general inactivity and depressed prices, the average trading volume is also below average, printing just $12 billion. From the Ethereum price action, the breakout direction, either above $3,300 or $2,800, will confirm whether the current sideways movement is a distribution or accumulation.

Traders keep track of trending Ethereum news. Among those dominating headlines are:

If Ethereum prices are to rally, there must be a big announcement as a trigger. Top of the list is whether the United States SEC will surprise the community by approving any of the submitted applications this month. Should that be the case, ETH will likely fly above $4,000. Before then, the discussion on the future of spot Ethereum ETFs dominates headlines.
Yesterday, an eight-year old ETH wallet approved the transfer of over $12 million worth of the coin to Coinbase—a leading crypto exchange. Earlier, the address bought 12,427 ETH from Poloniex for $11 each, realizing over 270X gain as a result.

Ethereum Price Analysis

[[ETH/USD]] is under immense selling pressure and struggling against a wave of liquidation.

Prices may spring higher, surpassing expectations.

Before then, sellers are in the driving seat if prices exceed $3,300.

Aggressive traders might look to double down on their shorts, aligning with the trend defined by April 13 and 30 candlesticks.

So far, Ethereum remains within a bearish formation. Losses below $2,800 will confirm a mid-April bear breakout and possibly even more losses to $2,600.

Bitcoin Rising From The Dead? Bulls Pick Up From A Key Fibonacci Retracement Level

Posted on May 14, 2024 by Dalmas Ngetich

Bitcoin prices rose yesterday, much to the relief of holders. Even though the coin is still confined within a clear support and resistance range, that price is green is a huge positive and sentiment boost. Ideally, confirmation of May 13 gains is crucial for uptrend continuation. In this case, how prices react at $66,000 in the near term will shape the price trajectory in the coming days and weeks.

So far, Bitcoin bulls are pressing on, with prices in green. Still, the coin remains in a bearish formation, stuck in a broader sideways movement. On the last day, BTC steadied but is still down 3% in the previous week. Most importantly, it appears that interest is building. The average trading volume shot to over $28 billion in the past trading day. If prices continue rising, the odds of more traders joining and driving engagement will likely further boost participation.

The following Bitcoin news events are worth watching:

Metaplanet, a firm whose shares trade on the Tokyo stock exchange, is adopting Bitcoin as a reserve asset. This development comes amid a mounting debt burden in Japan and the increasingly volatile yen. The decision could be to hedge themselves against uncertain times in one of the world’s leading economies.
Pro-Bitcoin venture capitalist recently led a $3.5 million funding for a lending protocol building on the world’s secure network. The platform, Zest Protocol, allow BTC holders to lend or borrow. It only has six employees.

Bitcoin Price Analysis

[[BTC/USD]] is printing encouraging higher highs.

Of note, Bitcoin found support at around the 50% and the 61.8% Fibonacci retracement zone. If prices extend today, it is vital for BTC to edge above $66,000 and May 6 highs. In that event, traders might search for entries, expecting even more gains toward $70,000 and all-time highs.

However, considering the overly depressed price action and waning momentum, the possibility of BTC dropping cannot be discounted.

As it is, support lies at around the $56,500 and May 2024 lows.

Forex Signals Brief May 13: Preparing for US Inflation CPI

Posted on May 13, 2024May 12, 2024 by Skerdian Meta

Last week there was some volatility in the forex market as most forex pairs bounced up and down, however, the trading range was small as traders await the US CPI inflation report to be released this week. The USD stopped retreating after the fall of the previous week, however, everything remained uncertain in forex.

Markets bracing for the US CPI due on Wednesday

Continue reading “Forex Signals Brief May 13: Preparing for US Inflation CPI” →

XRP Hang At $0.50: Can Bulls Make a Comeback or is it Game Over?

Posted on May 13, 2024 by Dalmas Ngetich

XRP bears were dominant last week, and the trend, per the candlestick formation in the daily chart, might continue this week. Even so, there is hope for now. Though prices might rally, the failure of bulls to close above immediate local resistance levels is a concern. Traders are closely monitoring events at $0.52 and $0.55 on the upper end. Losses below $0.46 might catalyze a sell-off, further dampening sentiment.

Still, there is confidence due to the ongoing United States SEC versus Ripple court case. Before key rulings are made, XRP is in the red zone, stable in the past 24 hours but falling 7% in the past seven days. At the same time, trading volumes have drastically shrunk, dropping to over $680 million.

The following XRP and Ripple news are worth watching:

Over the weekend, XRP prices, for the first time, fell below a multi-month support trend line. Technically, when this happens, it is important bulls flow back. If not, any confirmation means bulls will have difficulty reversing losses. Sellers might see this as a signal to double down, moving with the shift in trend.
SBI Holdings is one of the multiple XRP Ledger validators. As Ripple looks to expand in Southeast Asia, SBI plans to expand the team by hiring a business development manager in Japan.

XRP Price Analysis

The daily chart clearly shows that [[XRP/USD]] is bearish and moving inside a descending wedge.

The failure of prices to edge higher, breaking $0.55, further supports determined sellers.

With mid-April losses shaping the current formation, traders might look for entries to dump if prices are below the $0.55 to $0.60 zone.

Losses below $0.46 and the descending wedge might trigger losses, forcing the coin lower, ideally towards April lows of $0.40.

Price action will shift to favor bulls if there is a close above $0.55 and April 22 highs. In that case, XRP may float higher towards $0.60 and $0.74, continuing the February and early March trend.

Ethereum Gas Fees Plummet By 95% As ETH Struggles: Is FOMO Dead for Good?

Posted on May 13, 2024 by Dalmas Ngetich

Ethereum is sliding, looking at the formation in the daily chart. Even though price action over the weekend pointed to strength, the fact that it didn’t even rewind half of May 10 losses is a concern. As it is, the path of least resistance is southwards despite the solid fundamentals surrounding Ethereum. How prices react at the April 2024 lows and support, and the $3,300 immediate liquidation level will shape price action in the medium term.

Traders are closely monitoring Ethereum, considering the impact it might have on altcoins. So far, the coin is moving horizontally, firm on the last day but down 7% in the past week of trading. Even though the upside remains, from a top-down preview, sellers are pressing on, rejecting any higher attempt. With lower prices, engagement is also low, looking at the average trading volume in the past day at around $8.6 billion.

The following Ethereum news developments are worth watching:

Ethereum gas fees continue to fall, reflecting declining FOMO and possibly fear setting in. Although the impact of Dencun is being felt, the nearly 95% drop points to more underlying factors. It is overly positive, but should fees fall due to rising prices, on-chain activity on the mainnet and layer-2 could soar. In this case, gas will likely reset to average levels.
JP Morgan analysts are optimistic. In a recent notice, they said the United States SEC might, after all, approve a spot Ethereum ETF. They didn’t give any timeline. It is highly likely that the Commission won’t green-light this product this year.

Ethereum Price Analysis

[[ETH/USD]] prices have been moving horizontally in the past three days or so, per the candlestick arrangement in the daily chart.

The Friday sell-off confirms that the mid-April bear breakout formation is still valid and guiding in the short-term.

Unless there is a reversal above $3,100 in the days to come, sellers are firmly in control, and traders should align their trades with this outlook.

Only buyers might have reason to buy once there is a close above $3,300.

However, looking at the current setup, ETH bears could press on, forcing prices below April lows and $2,800, especially if today ends up bearish.

Bitcoin Discouragingly Flat, Why Is This Executive Expecting a 10X By 2030?

Posted on May 13, 2024 by Dalmas Ngetich

Bitcoin prices are flat over the past two days but down in the past week of trading. Though the coin came under immense liquidation pressure, that prices are trending above $60,000 is a net positive overall. Traders are bullish, but prices must edge higher for trend continuation, ideally closing above $66,000 in the coming days. If not, sustained losses might see BTC slip below the immediate support, which is of psychological importance, and drop to this month’s low.

As mentioned, Bitcoin prices have been moving horizontally in the past day and week. Even though prices are generally in a bullish formation, the price action of the past few weeks points to general weakness. Therefore, in the short to medium term, traders can closely monitor how prices react at $56,500 and $66,000. Currently, participation is decent but discouraging, hanging slightly above $17 billion in the past 24 hours.

The following Bitcoin news might influence price action:

The former Twitter CEO and founder, Jack Dorsey thinks Bitcoin will more than 10X from spot rates by 2030. In a recent statement, Dorsey said BTC prices stand breaking above $1 million in six years. If the coin ends up surging, the coin is then grossly undervalued at spot rates.
Meanwhile, some analysts think the current formation is similar to that of 2016. If that’s the case, there could be a “euphoria-like” involvement in the coming months that will push BTC to new levels, similar to events in 2017.

Bitcoin Price Analysis

[[BTC/USD]] is flat at spot rates, looking at events in the daily chart.

The coin is moving inside a narrow range, soaking in the liquidation pressure of May 10.

Since sellers have the upper hand, every high below the $63,000 to $66,000 zone could be an opportunity to liquidate with targets at May lows of $56,500.

The drop could be pick up momentum if there is a breach below $60,000.

However, if there is a welcomed upswing above $66,000, reversing the end of last week’s losses, the tide could change in favor of Bitcoin bulls aiming at $70,000 or better.

Ethereum faces a critical test amid SEC’s pending approval

Posted on May 13, 2024 by Olumide Adesina

Ethereum’s price fell below the $3K mark over the weekend as sentiments around the super altcoin became cloudier. Large buyers or sellers, however, are typically the center of attention because of their significant impact on price fluctuations. On May 10, Ark Invest and 21 Shares revised their proposal for an Ethereum ETF that included staking ambitions.

A provision stating that the sponsor, 21 Shares, planned to stake a portion of the fund’s assets through third-party providers was added to the businesses’ prior filing on February 7.

21 Shares intended to regard profits as income from the fund and anticipated receiving ETH as a staking payment. The document recognized the potential hazards associated with stakings, such as losses due to penalties being slashed and cash becoming inaccessible.

The relevant part is removed in the most recent file. It continues to make more general remarks about possible losses to other validators because of staking and how it affects the price of ETH.

Within the following two weeks, the SEC is anticipated to either approve or reject some spot Ethereum applications. The regulator will decide on VanEck’s spot Ethereum application on May 23 and then on May 24 on behalf of Ark and 21Shares. But the government is supposed to make decisions on all comparable, rival applications in the same periodicity.

However, statistics for Ethereum revealed a positive rating, indicating bullish confidence in the direction of the price trend. If this indicator stays in the same place over the next few days, ETH could rally towards the $3,200 mark.

If the current situation is not maintained or improved upon, the altcoin’s price may drop below $2,800. Investor perception of ETH has shifted because of the coin’s lackluster price performance.

Ethereum may aim to move up to $3,500. This time, we looked at the dormant circulation in addition to this statistic. As per Santiment’s on-chain data, the 90-day dormant circulation had decreased to 9246. Coins that have not moved in a long time will likely switch wallets if the metric rises. This occasionally indicates that veterans are selling.