Crypto Shuttle News

Tag: Break

600-Day MA Starts To Break Down
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Charts show the Bitcoin price seems to be falling below the 600-day moving average, a sign that could be bearish for the crypto.

Bitcoin Begins To Lose 600-Day MA Support Line As Price Crashes Below $39k Again

As pointed out by an analyst in a CryptoQuant post, the price of the crypto is crossing below the 600-day MA curve now, a line that has served as support for BTC in the past.

A “moving average” (or MA in short) is an analytical tool that takes the average of any quantity over a particular time period. As the name already suggests, this average constantly updates itself as time passes and new values arrive.

What this tool does is that it removes any short-term fluctuations from the chart being studied (which is the Bitcoin price in this context), and smooths out the curve.

This makes moving averages quite useful for studying long-term trends, where local variations aren’t that important.

Related Reading | Is Bitcoin Gonna See Another Big Drop Soon? Historical Trend May Say Yes

MAs can be taken over any possible range, whether that be two days, two hundred days, or even only two minutes.

Now, here is a chart that shows the trend in the 600-day MA version of the Bitcoin price:
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Looks like the price curve is dipping below the 600-day MA line now | Source: CryptoQuant
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As you can see in the above graph, the Bitcoin 600-day MA curve has acted as support for the coin’s price many times in the year so far already.

However, the latest trend seems to suggest that this support line is now breaking down as the price line is crossing below the MA on the daily timeframe.

Related Reading | Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet

Though, the breakdown may not be yet fully confirmed. The quant in the post believes that if the breakdown fails here, Bitcoin may then use the level as a springboard to push higher.

In the case that the breakdown does stand, then a bearish outcome may perhaps be in store for the cryptocurrency.

BTC Price

At the time of writing, Bitcoin’s price floats around $38.8k, down 1% in the last seven days. Over the past month, the crypto has lost 12% in value.

The below chart shows the trend in the price of the coin over the last five days.
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Looks like the price of the coin has plunged down over the last few days | Source: BTCUSD on TradingView
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Bitcoin briefly seemed to have been on the path of recovery just a few days back as the coin broke above the $42k mark.

However, the cryptocurrency now seems to have plummeted down again as it once more revisits the sub-39k levels.
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Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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April 25, 2022
Bitcoin’s $6.1 billion options expiry was not enough to break the bearish sentiment

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Bitcoin’s (BTC) price has been ranging between $46,000 and $52,000 for 26 days. Despite the large nominal $6.1 billion year-end options expiry, the bullish and bearish instruments were evenly balanced between $44,000 and $49,000.

Therefore, it was no surprise that the $47,175 price at 8:00 am UTC on Dec. 31 brought little change to the price structure. Even the 3% rally to $48,500 following the event failed to sustain itself, signaling that bears are unwilling to cede their upper hand.

Bitcoin/USD price on Coinbase. Source: TradingView

Bulls might have interpreted the 9,925 BTC leaving Coinbase in 24 hours as a positive trigger, considering fewer coins are available on exchanges for newcomers. Besides, the first week of the year has been positive for the past four years, averaging 18.5% gains for Bitcoin holders.

To further support bulls’ thesis, the United States listed tech company MicroStrategy added another 1,914 BTC to their balance sheet on Dec. 30. On the negative side, regulation continues to pressure the markets as South Korean exchanges require users to verify their third-party wallet addresses to comply with the Financial Action Task Force (FATF) travel rule guidelines.

Bitcoin had a stellar 2021 anyway

Regardless of the short-term bearishness behind December’s 16% price drop, Bitcoin continues to vastly outperform both U.S. stocks and gold for the third year in a row. Yet, that performance was not enough to avoid every $48,000 and higher call (buy) option instrument becoming worthless as the Dec. 31 expiry price came in lower.

Bitcoin options aggregate open interest for Dec. 31. Source: Coinglass.com

At first sight, the $4.0 billion call (buy) options vastly outperformed the $2.1 billion put (sell) instruments, but the 1.9 call-to-put ratio is deceptive because the 16% price drop from Nov.’s $57,000 close wiped out most of the bullish bets. Therefore, there is no value in the right to buy Bitcoin (call option) at $50,000 if it is trading below that price.

Bulls and bears instruments were evenly marched for the Dec. 31 Bitcoin options expiry, which came in much smaller than expected at $660 million. Yet, bears were unable to take control as 85% of their bets have been placed at $47,000 or below. Such data partially explains why the Dec. 31 expiry was followed by an attempt from bulls to regain momentum.

Will the first week of 2022 finally be able to revert the slightly negative sentiment that has prevailed since the Dec. 3 crash? Unfortunately, according to Bitcoin options markets, there is no indication that the tide has changed.

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.

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January 1, 2022
Ethereum Price Could Go Up Over 860% To Break $10,000, Crypto Analyst
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Ethereum value has taken some hits in the past few months as the coin has since significant losses in the price after the digital asset had hit its all-time high back in May. The price of ethereum had gone as high a $4,300, but the price has since crashed over 50% since then and now sits at less than $2,000 at the time of this writing.

Notwithstanding, crypto analyst and trader Kaleo predicts that the price of ETH is set to grow immensely in the next 12 months. The crypto analyst looks through movements of ethereum from back in 2017 and predicts that based on this, the digital asset is poised to experience a parabolic rally in its price.

Related Reading | As Ethereum Price Suffers, Investors Wonder If ETH Can Become Deflationary

The long-term price prediction from Kaleo puts the digital asset price at over $10k, following a major altcoins season. The analyst’s prediction puts the price of ethereum at well over an 860% increase in the second half of the year 2021.

Ethereum And Bitcoin Price Predictions For 2021

Taking to his Twitter, which remains his primary method of communication, Kaleo gave a couple of predictions regarding the prices of the top two digital assets in the space.

According to the crypto trader, the price of bitcoin was going to see another run-up that would put the digital asset in a six-figure discovery range. Joining the ranks of crypto analysts who have put the price of the number 1 crypto coin at $100,000 before the year runs out.
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ETH price down over 50% since all-time high | Source: ETHUSD on TradingView.com
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In line with this, Kaleo put the price of ethereum at a whopping $10,000, not minding the current bearish sentiments that continue to rock the markets as digital assets have continuously lost value amid sell-offs from investors.

The tweet further went on to predict more adoption from institutions and governments. While simultaneously calling out that there will be continuous FUDs from institutions and governments surrounding cryptocurrencies.

My predictions for the second half of 2021:

– $BTC enters 6 figure price discovery
– $ETH breaks above $10K
– We see one more major alt season
– More institutional / government adoption
– More institutional / government FUD
– Cryptunez gets a girlfriend
– Bears remain bearish

— K A L E O (@CryptoKaleo) June 17, 2021

Long-Term Predictions For 2022 To 2023

Kaleo, who uses the handle @CryptoKaleo on Twitter, posted a follow-up tweet containing even more longer-term predictions for the top crypto coins. The tweet included price predictions for both bitcoin and ethereum, and predictions for major regulations to follow. But unlike the first predictions for the second half of 2021, these predictions were much more bearish, explaining that prices would crash in this time period.

Related Reading | Ethereum Whales Go On Buying Spree, Top 10 Addresses Now Own 20% Of All ETH

My predictions for 2022/2023:

– $BTC back down to ~$50K
– $ETH back down below $1K
– Alts die again
– Bears who were bearish the whole way up from here to the top call for infinite clout
– Major regulation comes against crypto. People call Bitcoin dead again (it isn’t)

— K A L E O (@CryptoKaleo) June 17, 2021

Kaleo sees the price of ethereum falling over 90% after it hits its predicted $10,000 in the second half of 2021. Calling the price crash to be under $1,000 when this happens. Altcoins were also predicted to crash at this point, putting the general market at this point in a bear stretch.
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Featured image from Forbes, chart from TradingView.com
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July 22, 2021