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Tag: Indicators

Bitcoin Key Indicators Suggest Strengthening Case For Fresh Surge
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Bitcoin is slowly gaining pace above $46,500 against the US Dollar. BTC must clear $47,000 to move into a positive territory in the short term.
- Bitcoin is slowly moving higher above the $46,500 resistance zone.
- The price is trading above $46,200 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $46,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong increase if there is a clear move above the $47,000 resistance.
Bitcoin Price Eyes Upside Break

Bitcoin price extended decline and tested the $45,150 zone. BTC formed a base above $45,150 and started a fresh increase. There was a break above the $45,500 and $45,800 levels.

The price was able to climb above the 50% Fib retracement level of the recent decline from the $47,444 swing low to $45,153 low. It is now trading above $46,200 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $46,700 level.

Besides, there is a major bearish trend line forming with resistance near $46,700 on the hourly chart of the BTC/USD pair. The next resistance could be near $47,000 or the 76.4% Fib retracement level of the recent decline from the $47,444 swing low to $45,153 low.
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Source: BTCUSD on TradingView.com
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A clear move above the $47,000 resistance could start a major increase. In the stated case, the price may perhaps rise towards the $48,000 resistance. Any more gains might send the price towards the $50,000 barrier. An intermediate resistance may possibly be near the $49,250 level.

Upsides Capped in BTC?

If bitcoin fails to clear the $47,000 resistance zone, it could start another decline. An immediate support on the downside is near the $46,200 level and the 100 hourly simple moving average.

The next major support is seen near the $45,800 level. The main support now sits near the $45,150 level. A downside break below the $45,150 support zone could start a major decline. In the stated case, the price could even decline to $44,000 in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.

Major Support Levels – $46,200, followed by $45,150.

Major Resistance Levels – $47,000, $48,000 and $50,000.
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April 5, 2022
Bitcoin Resumes Decline, Indicators Suggest Limited Upside
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Bitcoin started a fresh decline below the $50,000 support against the US Dollar. BTC remains at a risk of a larger decline below $47,500 in the near term.
- Bitcoin started a fresh decline below the $50,000 and $49,500 support levels.
- The price is trading below $49,000 and the 100 hourly simple moving average.
- There was a break below a bearish continuation pattern with support near $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but upsides might be limited above $49,200 in the near term.
Bitcoin Price Gains Bearish Momentum

Bitcoin price failed to gain strength and started a fresh decline below the $50,000 support. BTC traded below the $49,200 and $49,000 levels to move into a bearish zone.

Besides, there was a break below a bearish continuation pattern with support near $49,200 on the hourly chart of the BTC/USD pair. The pair even traded below the $48,500 support zone and traded close to the $47,200 level.

A low is formed near $47,305 and the price is now consolidating. Bitcoin is trading below $49,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $48,200 level. The first major resistance is near the $48,500 level.

The 23.6% Fib retracement level of the recent decline from the $52,111 swing high to $47,305 low is also near $48,500. The next key resistance could be $49,800.
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Source: BTCUSD on TradingView.com
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Besides, the 50% Fib retracement level of the recent decline from the $52,111 swing high to $47,305 low is near the $49,700 zone to act as a resistance. A clear move above the $49,800 resistance zone could start a fresh increase. The next major stop for the bulls may possibly be near the $51,200 level.

More Losses In BTC?

If bitcoin fails to recover above $49,200, it could continue to move down. An immediate support is near the $47,500 zone. The first major support is near $47,200.

A downside break below the $47,200 level could push the price towards the $46,500 support. Any more losses may possibly lead the price towards the $45,500 support zone.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 40 level.

Major Support Levels – $47,200, followed by $46,500.

Major Resistance Levels – $48,200, $48,800 and $49,800.
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December 29, 2021
Ethereum Regains Strength, Indicators Suggest Fresh Run To $4,850
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Ethereum started a fresh increase from the $4,500 zone against the US Dollar. ETH could extend upsides towards $4,850 unless it fails to stay above the 100 hourly SMA.
- Ethereum started a fresh increase above the $4,600 and $4,700 levels.
- The price is now trading above $4,650 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $4,630 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend gains above the $4,800 resistance zone in the near term.
Ethereum Price Eyes More Upsides

Ethereum formed a decent support base above the $4,500 level. As a result, ETH price started a fresh increase above the $4,600 resistance zone and the 100 hourly simple moving average.

There was a break above a major bearish trend line with resistance near $4,630 on the hourly chart of ETH/USD. The pair climbed above the $4,700 level, but it is now facing resistance near the $4,725 level.

Ether is now consolidating gains and trading near $4,700. It is also well above the 23.6% Fib retracement level of the upward move from the $4,520 swing low to $4,725 high. An immediate resistance on the upside is near the $4,725 level.
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Source: ETHUSD on TradingView.com
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The next major resistance is near the $4,750 level. A break above the $4,750 level may possibly spark a fresh rally. The next key resistance is near the $4,850 level. Any more gains could lead the price towards the $5,000 level in the near term.

Dips Supported in ETH?

If ethereum fails to climb above the $4,725 and $4,750 resistance levels, it could extend its downside correction. An initial support on the downside is near the $4,675 level.

The first major support is near the $4,650 level and the 100 hourly SMA. The next major support is near the $4,620 level. It is near the 50% Fib retracement level of the upward move from the $4,520 swing low to $4,725 high. Any more downsides could lead the price towards the $4,550 support. The next major support for the bulls is near the $4,500 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

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

Major Support Level – $4,550

Major Resistance Level – $4,850
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November 15, 2021
These 3 indicators flashed bullish ahead of the recent Bitcoin price pump
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In stock markets and the crypto sector, traders are always looking for a definite reason to explain an asset’s price action, which means it’s important to stress that correlation doesn’t imply causation.

While it may be easy to connect a regulatory statement or pending legislation to the outcome of an asset’s price, there’s not always hard proof that these were the exact drivers. Some indicators described below may have happened due to pure luck, even if the coincidence continues throughout history.

For example, Bitcoin’s (BTC) pump to $48,200 on Oct. 1 could have been related to the Sept. 30 remarks by the U.S. Federal Reserve chairman Jerome Powell. When asked to clarify his comments on Central Bank Digital Currencies (CBDC), Powell affirmed that the FED has no intentions to ban cryptocurrencies.

Another plausible reason for the current rally is Bitcoin’s 7-day average hash rate jumping to 145 exahashes per second (EH/s), its highest level since the abrupt crash in early June when China’s mining crackdown intensified.

Finally, increasing expectations of a Bitcoin exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC) might have played an essential part in traders’ recent bullish bets.

What is clear is that multiple factors could have led last week’s pump to $49,000, and today bulls appear to be making an effort to recapture $50,000. So let’s take a look at 3 indicators that flashed a ‘buy’ signal ahead of the recent price move.

UNI caught a bid after traders turned their attention to DeFi

Uniswap (UNI, left) vs. Bitcoin (BTC, right). Source: TradingView

UNI, the decentralized exchange token for Uniswap, pumped a few hours ahead of the Oct. 1 market rally. The altcoin began its price increase right as the UTC monthly close happened, initially by 5% to $24.20 from $23. This move was followed by another 4% pump to $25.20 three hours ahead of Bitcoin’s breakout above $45,000.

Curiously, DEX volumes started to soar after China imposed additional restrictions on Bitcoin in the previous week. A reasonable explanation for the move could be investors beginning to understand that China’s action would not impact the trading volume. By migrating to DEX, the possibility for governments to control or limit cryptocurrency adoption goes down significantly.

Shorts on derivatives exchanges saw an uptick

Some exchanges provide useful information on clients’ net exposure by measuring their positions or consolidating data from spot and derivatives markets. For example, the OKEx Bitcoin traders’ long-to-short ratio dropped from 1.25 (favoring longs) to 0.72 (favoring shorts) by 28% in less than two days.

That might sound counterintuitive at first, showing whales increasing bearish bets, but when market expectations are broken, extreme price moves tend to happen. Had most traders expected a positive price swing, the result would likely have been priced in already.

OKEx Bitcoin derivatives long-to-short ratio. Source: OKEx

Binance futures open interest grew suddenly

Regardless of the underlying asset, a futures contract has longs (buyers) and shorts (sellers) matched at all times. This means there is no way to anticipate whether those investors are skewed to either side.

However, sudden increases in the open interest, which reflects the aggregate number of contracts still in play, reflects confidence. The higher the notional involved, the bigger the stakes.

Binance Bitcoin futures open interest. Source: Binance

Notice how, during the 4 hours ahead of the 6:00 am UTC bull run, the spike on both the USDT perpetual and the coin-based contract open interest. Interestingly, even with the $400 million additional bets, Bitcoin price was only noticeably impacted after the open interest peaked.

The truth is one might never uncover what exactly triggered the rally, but by monitoring similar patterns in the future, traders may be able to predict price pumps. Of course, there’s no guarantee that all three indicators will repeat themselves, but the cost of monitoring the data is minimal.

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.