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Tag: Gearing

  • Indicators Show Bitcoin Might Be Gearing Up For One Last Push Up

    Indicators Show Bitcoin Might Be Gearing Up For One Last Push Up

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    Some Bitcoin indicators show similarities between the post-ATH price action and current trend, implying that there will be one last push up before a bigger drop.

    Indicators Might Show Today’s Price Action Is Similar To That After $64.5k ATH

    As explained by a CryptoQuant analyst, there seem to be many similarities between the Bitcoin indicators of the post all-time-high (ATH) period and that of present day.

    There are three main metrics of relevance here. The first is the exchange reserve, which shows the amount of BTC currently being held on centralized exchange wallets.

    Here is how this indicator’s value has changed during the past year:

    The BTC exchange reserve after the ATH vs today

    Looking at the above graph, there does seem to be a similarity between the two periods. Both had declining prices as well as declining exchange reserves.

    Next is the estimated leverage ratio, an indicator that shows how much leverage is used by traders on average. It’s calculated by taking the open interest divided by the exchange reserve.

    The leverage ratio seems to be plunging down

    Here too a similarity can be seen as the indicator seems to have sharply dropped down during both present day and the post-ATH period.

    Related Reading | Why This Investor Fled His Bitcoin Position, Should You Do The Same?

    Finally, there is the Spent Output Profit Ratio (SOPR), which is calculated by taking the ratio of realized value (in USD) to the value of creation of a spent output.

    In simpler terms, the indicator shows whether Bitcoin wallets are selling their coins at a profit or a loss. The below chart shows the trends for this metric.

    The BTC SOPR over the past six months

    Looks like the value of the SOPR dropped down below 1 during both these periods. Such a value indicates that investors have been selling BTC at a loss (while values above 1 would imply the opposite).

    Related Reading | Bitcoin Price “Pitchfork Channel” Could Pin-Point The Last Dip Ever

    If the current trend really is similar to the post-ATH one as these indicators would seem to imply, then it means BTC’s price might move up soon and make a local peak. And just like last time, a big drop could happen after that which takes the price to lower levels. So that this uptrend could turn out to be the last move up for a while.

    BTC Price

    At the time of writing, Bitcoin’s price floats around $45.7k, down 10% in the last 7 days. Over the past month, the cryptocurrency has dropped 1% in value.

    Here is a chart showing the trend in the price of the coin over the last three months:

    Bitcoin Price Chart

    Bitcoin's price moves sideways after a big plunge downwards | Source: BTCUSD on TradingView
    Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant

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  • TA: Ethereum Gearing For Another Lift-Off to $2.8K: Rally Isn’t Over Yet

    TA: Ethereum Gearing For Another Lift-Off to $2.8K: Rally Isn’t Over Yet

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    Ethereum is showing positive signs above $2,500 against the US Dollar. ETH price is likely to accelerate higher above $2,650 and it could revisit $2,800.

    • Ethereum started a steady increase above the $2,500 resistance and $2,550.
    • The price is now trading well above $2,500 and the 100 hourly simple moving average.
    • There was a break above a major bearish trend line with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair is likely to climb further higher above $2,650 and $2,700 in the near term.

    Ethereum Price Gains Bullish Momentum

    Ethereum formed a base above the $2,350 level and started a fresh increase. ETH broke the $2,450 resistance zone to move into a bullish zone.

    There was a break above a major bearish trend line with resistance near $2,480 on the hourly chart of ETH/USD. The pair even settled nicely above the $2,500 level and the 100 hourly simple moving average. The pair climbed above the $2,550 resistance level.

    Ether is now trading well above the 76.4% Fib retracement level of the of the key decline from the $2,626 high to $2,260 swing low. An immediate resistance is near the $2,626 high. A clear upside break above the $2,626 high could set the pace for a larger increase in the coming sessions.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    The next key resistance is near the $2,715 level. It is near the 1.226 Fib extension level the of the key decline from the $2,626 high to $2,260 swing low. Any more gains above $2,720 could open the doors for a larger increase. The next major barrier for the bulls is near the $2,800 level.

    Downsides Limited in ETH?

    If Ethereum fails to clear the $2,620 and $2,650 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,580 level.

    The first major support is near the $2,550 level. Any more losses could possibly call for a test of the $2,500 support and the 100 hourly SMA in the coming sessions. A downside break below the 100 hourly SMA could push ether price towards the $2,450 support zone.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is currently well above the 50 level.

    Major Support Level – $2,500

    Major Resistance Level – $2,650

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