- Bitcoin price prediction reveals that BTC hit the H&S low.
- BTC is now coming out of head and shoulder movement after hitting $13000 low.
- BTC price is now likely to move towards the $14000 mark.
The king of cryptocurrency has just completed a head and shoulder (H&S) formation on the charts. The H&S formation took the cryptocurrency price to the $1297 low at one point.
The H&S pattern started forming on the 26th of October and by day end on 27th the pattern had primed. As expected the cryptocurrency managed to stay afloat for a few hours before declining and currently stands at the $13100 mark.
Bitcoin price prediction: Where is BTC headed?
In the past 24-hours Bitcoin price has been hovering around the $13300 and $13000 marks. However, Bitcoin price prediction by cryptocurrency analyst Margin Buu explains that the king is now going to go through a retesting phase.
The analyst explains that the king is in a relatively weaker position than the previous week. The weak altcoin market demand is also affecting Bitcoin’s position in the market. The king was unable to hold the $13200 support and is now retesting the $12900 support levels to break through to the previous mark. If the king manages to hold above $13200 for 24-hours a bearish momentum is likely to build.
Trading view analyst Wyckoff mode explains in his 2-day Bitcoin price prediction that the king of cryptocurrency is treading on slippery slops. If the king manages to hold ground above $13000 it is likely to make it back into a bullish momentum.
Mode further that the price action to likely to remain the same until the Green Line falls in the 2-Day to make contact with the Red RSI. That may not occur until the NEXT 2-Day Candle. Then the next 2-Day candle after that (October 31, 2020) we could see a chance for a drop to the Yellow B-Band Basis in the 2-Day but at least to the White upper B-Band the 2-Day, towards a bullish momentum.
US elections affecting Bitcoin price?
Given the current situation in the United States, analyst Pixi believes that the king is likely to drop down to the $8000 mark, and if it loses support, further below to the $5000 range. However, the Bitcoin price predictions seems a little far fetched since none of the other analyst are reporting such a possibility.
Analyst Thisma explains that the king cryptocurrency is shaky at the moment and is likely to drop back towards the $12800 mark. But given that the Trading View technical indicators are pointing towards a buy signal, BTC is likely to hold ground.
The US election is due on the 3rd of November, and the market is expected to slow down in the coming week by a good margin. The good news is that the crypto fear and greed index is also presenting a good greed score of 67 and Bitcoin has enough margin to stabilize between now and election day. Cautious trading is advised as always.
Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Ethereum price prediction: price to retest $580 support level
TL;DR breakdown Ethereum price currently $587.97 with bearish movement in short-term charts Price heads towards support level at $580 Traders can expect price to rise above $600 if support level is maintained Ethereum price prediction: Today’s price overview Ethereum (ETH) price started the day at $616, with bears dominating the market throughout the day. The […]
- Ethereum price currently $587.97 with bearish movement in short-term charts
- Price heads towards support level at $580
- Traders can expect price to rise above $600 if support level is maintained
Ethereum price prediction: Today’s price overview
Ethereum (ETH) price started the day at $616, with bears dominating the market throughout the day. The price declined from a high of $620 to a low of $581, but the price has slightly recovered since then. Currently, the price is trading at $587.97, showing a 4.62 percent decline from the day’s opening price.
Ethereum price prediction: Where is ETH price heading
Since the start of December, Ethereum price has moved with significantly high volatility compared to November. The price started the month with slight bearish momentum that suddenly turned bullish before switching once again as the price climbed to $626 before crashing to below $560. The price action quickly recovered above the $575 level, and the level has supported the price action since then.
The price action remained indecisive as waves of bullish and bearish candles continued to mark the chart with a lack of strong movement in either direction. Since the rejection of December 1, the price action has continued to consolidate between $620 and $580.
The technical indicators flash ‘buy’ signals as the MACD shows signs of a bullish turnover. Meanwhile, the RSI remains neutral but hands low, suggesting sharp bearish movement will make Ethereum oversold.
If buyers continue to defend the current support level at $575, traders can expect Ethereum price to rise above $600, making another attempt at crossing the $620 resistance level. Conversely, downwards movement below the support level would send the price crashing below the $540 mark as the nearest strong support lies at $530.
ETH USD long-term trend analysis
Ethereum price started the year at $128.66 with a bullish reversal as the buyers successfully defended the support level at $120. Following the trend reversal, the price continued to ascend until mid-February, reaching a high of $288 but failed to defend the support at the level. Subsequently, as the bullish momentum exhausted, the bears took control of the price action, and the price declined significantly.
While the buyers attempted to defend the support level above $200, they failed due to the high selling pressure, and the price declined further. The price bottomed out below $100, which turned out the year’s low as the buyers managed to initiate a trend reversal. The support level enabled the price to recover to $200 by the start of May. The bulls appeared exhausted as the price action did not continue the rally but consolidated at around $200 for most of May.
Near the end of May, Ethereum price action climbed above $220 only to consolidate around the $230 level for the next two months. In late-July, the markets were fully controlled by the bulls as the price rose from $236 to $387 in just ten days. However, the sharp ascension meant that the price did not have a strong foothold at the level.
Subsequently, the price briefly crashed to $300 before bouncing back to the $400 resistance level. The price hovered at this level for quite a while, and the buyers managed to break above twice. However, the bulls failed to maintain support at the level, and the price declined below; the price bottomed at $310 in September.
Between October and mid-November, the price ascended steadily as the charts observed wave-like bullish activity, causing the price to rise above $475. The bullish momentum only grew stronger as the price crossed $600 on November 23. However, the bulls were exhausted, and the price action retraced below.
Since finding support below $500, the price action has recovered to the $600 level and continues to test the resistance level. Although the price has broken above the level several times, it failed to maintain support at the level and declined.
On the technical indicators, the MACD indicates a slight bullish momentum that is declining as the two EMAs converge. Meanwhile, the RSI has remained in the neutral territory since the recent price correction. While the RSI is relatively high, there is still room for upwards price movement.
Upcoming Cardano hard fork to introduce ‘token locking’ ahead of Goguen
IOHK, the development arm behind Cardano, recently announced a new hard fork of the protocol scheduled for mid-December.
Kevin Hammond, a software engineer at IOHK, revealed this week that Cardano will undergo a hard fork later this month as part of its transition to the Goguen development era. Although most observers associate hard forks with trauma, Hammond said that these events are handled much differently on Cardano:
“[…] Cardano handles hard forks automatically, without stopping block production. This gives a uniquely smooth upgrade process that allows new features to be introduced easily and evolve the platform’s capabilities.”
The hard fork is designed to introduce new efficiencies to the Cardano network and enable the “token locking” feature, which records how a token is being utilized on the ledger.
“Locking, in this case, means ‘reserving’ a certain number of tokens for a specified period of time so they cannot be disposed of to gain a benefit (such as voting, or running a smart contract).”
Hammond says Cardano will soon enable integration of other custom tokens into the blockchain that can be used alongside ADA, its native cryptocurrency.
Launched in 2017 by Charles Hoskinson, Cardano has been dubbed by proponents as the “Ethereum killer” for its scaling capacity and advanced smart contract features. The project is known for its time-consuming roadmap that has so far focused on blockchain foundations and decentralization. The Goguen era kicks off smart contract integration.
ADA is one of the top-performing large-cap cryptocurrencies of the past year, a sign that investors are rallying around Cardano’s development progress. The ADA token has returned more than 400% year-to-date, including a recent brush with multiyear highs.
Audio Streaming Mogul Spotify Considering Cryptocurrency Payments
Joining the tech and financial services bigwigs in the payments revolution, Spotify too is going the crypto way. The Swedish audio streaming and music services giant just put up a job offer for an Associate Director, Payments Strategy & Innovation. The desired candidate will play a key role in ‘navigating the company’s payments rudder’ through the cryptocurrency ecosystem.
Spotify Looking To Be A ‘Leading Player In The Cryptocurrency Space’
As per an official job opening that Spotify just posted, the company is looking for an Associate Director for their Payments Strategy & Innovation Team. The said individual would report to the Director of the same team. And will be instrumental in Spotify gaining a considerable foothold wrt integration of cryptocurrency payments. According to the description:
We are now looking for an outstanding Associate Director to join our Payments Strategy & Innovation team. This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.
The objective is to address the company’s plan of ‘enabling new monetization opportunities’ for music creators. Also, Spotify wants its platform to become accessible to a larger section of potential users.
Spotify intends to inculcate all the latest fintech trends in their payments strategy, including cryptocurrencies. So that users from all sections of the society can access the music streaming platform.
Crypto Agenda Involves Libra As Well
One of the designated roles of the incoming Associate Payments Strategy Director would be to lead ‘Spotify’s day-to-day engagement with the Libra Association.’ This is due to the ongoing alliance of the company with Facebook’s digital currency project.
Along with this, the company is looking to leverage all the blue-chip aspects of the blockchain and cryptocurrency space. This includes stablecoins and Central Bank Digital Currencies (CBDCs). It is to streamline its transition to the most advanced payment methods available in finance at the moment.
The Associate Payments Strategy Director would be required to fulfill the above roadmap by making use of
Spotify’s global footprint to seek out innovation in the payments domain globally as well as emerging regulatory & market trends that could influence Spotify’s approach to payments.
Through all the above, the company actually intends to elevate its ‘reputation as a market leader in payments’, the website said. And give giant payments players like PayPal a run for their money.
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