Earlier today, a majority of the coins dipped their toes in the bear’s pool, days after shifting to the bull’s side. Top coins such as Litecoin [LTC], Ethereum [ETH], Bitcoin Cash [BCH] and Tron [TRX] were the most affected, with some recording a loss of over 7% over the past 24 hours.
The one-day chart for the cryptocurrency demonstrated a downtrend from $247.76 to $180.74. The uptrends for the coin were recorded from $82.92 to $103.22, and further from $140.91 to $175.78.
The immediate resistance for the coin was set at $180.85 and strong resistance was at $218.76. While the coin’s immediate support was seen at $125.09, strong support was at $82.78.
Bollinger Bands indicated a highly volatile market for the cryptocurrency as the bands were diverging from each other.
MACD continued to show its support to the bull’s reign as the moving average placed itself over the signal line after a crossover.
Parabolic SAR was also on the same boat as the dotted markers had aligned below the candlesticks.
The downtrend for Tron in the one-day chart was outlined from $0.0390 to $0.0307. The uptrends for the coin were pictured from $0.0119 to $0.0129, and from $0.0129 to $0.0226.
The coin’s immediate resistance was placed at $0.0307 and the strong resistance was seen at $0.0391. The immediate support layer for the coin was pictured at $0.0214 and strong support was at $0.0118.
Chaikin Money Flow showed that the money was flowing into the market, indicating a bullish market. However, it was closing in on the zero mark, indicating the possibility of a trend reversal.
Klinger Oscillator showed the reading line over the signal line, a bullish sign. However, the lines were on the verge of a crossover, indicating a trend reversal.
Awesome Oscillator had already switched to the bear’s lane as the indicator pictured red bars instead of green.
On one hand, Ethereum showed that all the indicators were still in favor of the bull, despite today’s fall. On the other hand, Tron seemed to be in two minds as a majority of the indicators showed a bullish market, while also suggesting a possible bearish shift.
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Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
With a year left for the highly anticipated Bitcoin [BTC] halving, many expect the price of the top-cryptocurrency to surge prior to May 2020. Analysts have previously opined that three months to one year before the halving does the price of the cryptocurrency move up.
A new piece of research from the cryptocurrency analytics firm, CoinMetrics, suggested that in addition to the precursor pump, Bitcoin [BTC] will reach its “local peak” 18 months after the halving.
CoinMetrics charts the price of the top coin, divided based on the 2012 and 2016 halving, showing a noticeable trend. A little more than a year after the first halving when the 210,001 block was mined, the price of Bitcoin surged above $1,000 for the first time, in December 2013 to be precise.
Next, During the July 2016 halving, the coin was trading at just above $600 and within the suggested period of 18 months, the top virtual currency saw its second peak. On 17 December, the coin reached a never-before-seen high of over $19,700 as the Chicago Futures exchanges embraced the digital assets market.
With the price of Bitcoin over $5,000 for the first time in over four months, and the precursor halving bulls on the horizon, the price could surge. Furthermore, based on CoinMetrics’ inference, Bitcoin will see its third peak, higher than $20,000, by the close of 2021, eighteen months after the May 2020 halving.
The halving protocol was placed in the original whitepaper to thwart inflationary pressure that would arise with more blocks mined and more Bitcoins supplied. Historical charts prove that this objective has been adhered to, with a constant drop in the inflation rate with the two previous halvings.
In 2012, the inflation was over 25 percent and immediately after the miner reward reduction to 25 BTC per block, it dropped to under 15 percent. A bracket between 7 percent and just under 20 percent sustained until the second halving in July 2016.
The second halving saw a decline in inflation rate to under 5 percent for the first time in the coin’s history, which has been maintained till today. CoinMetrics pegs the inflation, at press time, to be 3.8 percent. Furthermore, if the historic trend continues, the inflation rate would drop by more than 50 percent to 1.8 percent in May 2020.
Based on the current market and using a historical outlook, analysts suggested that 2019 will be the year of building the industry while the price effect will manifest next year, with the halving being at the very core. Many believe that institutional interest on the rise and the growing crypto-adoption surge could result in a bullish 2020.
Charlie Lee, BTCC’s co-founder suggested in December 2018 that Bitcoin’s next rally will begin in “late 2020”, months after the halving and would peak in December 2021 at 333,000. However, the precursor to this rise would be a January 2019 bottom of $2,500 which did not materialize.
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