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Bitcoin [BTC], XRP, Ethereum [ETH] begin volley of attacks against the bear: Castle of red crumbles

Anirudh VK

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Source: Unsplash

The cryptocurrency market has begun to beat back an attack against the bear yet again, as it is now recovering with single digit growth. The past week has been a tough one for top cryptocurrencies Bitcoin [BTC], XRP, and Ethereum [ETH], with the coins demonstrating loss percentages of 3.7%, 7.7% and 4.3% respectively.

The top cryptocurrency has recently broken out of the sideways movement that it has been undergoing since the past 2 days, with an upward tick towards the $4150 mark after trading around the $4000 level. This comes after a drop from the $4200 mark saw the coin slide to the low $4000s. The coin saw a high of $4410 this week on November 29th and a low of $3600 on November 25th.

XRP, the #2 cryptocurrency, was trading at around the $0.40 mark at the beginning of the week, before seeing a downslide to the $0.32 level. This was then followed by a hike to $0.40 again on November 29th, marking its high this week, before dropping to $0.35. This was then followed by sideways movement until the current time, where the coin is now contesting the $0.40 mark yet again.

Ethereum has had a rough week, trading in between $100 and $125 this week, with the lowest on November 25th. The coin found a bottom on its downslide over 24th and 25th at $100, its lowest price this year. The coin saw a high of $125 on November 29th, the momentum from which has seen it go back to below the $120 mark.



It seems to be trying to take back the $120 zone as seen by today’s hike, breaking out of the largely restrained movement over the week except for a drop to $100 on November 25th.

The bear seems to be moving away from the market, giving the bulls a chance to take back the momentum and give HODLers what they were waiting for.





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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