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Crypto Whales Spring Into Action Amid the Bearish Trend

Crypto price today

Crypto Assets Worth in Millions Moved As Coinpedia reported earlier that investors are trying hard to pump the crypto space. The world’s largest cryptocurrency Bitcoin had slipped from greater heights in very less time. It had almost touched the $12000 mark but unfortunately dipped below $10000 too. However, it did not maintain both positions for …

The post Crypto Whales Spring Into Action Amid the Bearish Trend appeared first on Cryptocurrency information | Cryptocurrency News | Bitcoin News and Crypto Guide.

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Crypto Assets Worth in Millions Moved

As Coinpedia reported earlier that investors are trying hard to pump the crypto space. The world’s largest cryptocurrency Bitcoin had slipped from greater heights in very less time. It had almost touched the $12000 mark but unfortunately dipped below $10000 too. However, it did not maintain both positions for a long time.

Ethereum too follows Bitcoin closely along with the price fluctuations. Therefore, a number of high-net-worth investors known as whales are moving millions of crypto assets with the market showing signs of weakness.

Nearly 10,000 BTC and 2500 ETH(still counting) has been moved according to the Whale Alert, a blockchain tracker that reports large and interesting transactions. As per the tracker, the transfers took place between unknown wallets and known exchanges.

Whale transactions do happen every now and then, but the impact of these transactions on the crypto market needs to be acknowledged.

Also Read: Ethereum Price Fighting Its Resistance Aiming to Rise Very Soon

Bitcoin Price Pumps Yet Again

The king of the cryptocurrency, Bitcoin which has always been in the spotlight in the crypto space, attracts huge attention due to the vast community outspread across the globe. Therefore, the Bitcoin Whales play a vital role to hold the digital asset above the benchmark. 

As mentioned earlier, hundreds of millions worth BTC and other cryptos were transferred with an attempt to pump the BTC price. As the price showed a downtrend, the whales initiated transfers which might have affected the price to pump again.

Collectively, by following such occurrences, one can have an idea of the possible trend of the digital asset. Many analysts predict a bull rally for the whole crypto space, especially for Bitcoin coming days.

What is your Bitcoin price prediction in the coming days? Tag us with your answer.

Also Read: Swerve, a Curve Finance Fork Surges Profusely With Huge APY

Summary

Crypto Whales Spring Into Action Amid the Bearish Trend

Article Name

Crypto Whales Spring Into Action Amid the Bearish Trend

Description

Amidst the bearish swing, the crypto whales in action repositioned huge amount to crypto-assets. Coinpedia.

Author

Sara

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Coinpedia

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Source: https://coinpedia.org/news/btc-and-eth-whales/

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Litecoin Price Analysis: 17 May

Republished by Plato

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The Bitcoin price faced strong volatility due to which the price has once again crumbled under $50k. This strong volatility has spread to the altcoin market and the digital silver, Litecoin [LTC], was among those alts affected. The Litecoin price slipped by 21% over the weekend and was trading at $286 with a market capitalization of $18.97 billion.

Litecoin four-hourly chart

Source: LTCUSD on TradingView

The above chart of LTC shows the strong upward march of the digital asset to $413.65 this month, after which began its descent. The coin has now slipped by almost 30% and was seeing a bearish pressure. This bearishness could result in its value stumbling further.

Reasoning

The market was open to more volatility and this was indicated by Bollinger Bands. The divergence of the bands was suggesting that the price has been moving more rapidly than before and may continue to do so. Meanwhile, the signal line was hovering above the candlesticks highlighting the downward trending price.

The rise in selling pressure has pushed the digital asset lower and as per the relative strength index, this selling pressure was rising. RSI value had briefly hit 30, which is the oversold zone. However, a recovery pushed the indicator’s value higher. Now that the selling pressure continued, RSI has been moving towards the oversold zone again.

The money which momentarily made its way into the market might seep out. Chaikin Money Flow suggested that new money was entering the market with the recent recovery.

Crucial levels 

Entry-level: $285.38
Take Profit: $273.89
Stop-level: $294.04
Risk to Reward: 1.33

Conclusion

The current Litecoin market was suggesting the rise of bearishness in the market. As LTC’s value moved close to $286, the selling pressure was visibly dominant and the traders might want to tread carefully.


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Source: https://ambcrypto.com/litecoin-price-analysis-17-may

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Bitcoin, Ethereum and alt markets: Here’s the silver lining traders need to know

Republished by Plato

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Panic settles fast in the cryptocurrency industry. The collective market declined by 4% over the past 24 hours but the actual correction has amounted to over 20% since May 20. While Bitcoin struggled to move above $50k recently, Ethereum’s dropped from its recent ATH of $4372. With speculations of a prolonged bearish period gathering pace, there are a couple of things to note before coming towards a definite conclusion.

Ethereum: A timely market re-set?

Ethereum

ETH/USD on Trading View

Since 18 April, Ethereum has rallied by 124.47% in the market. The asset has managed to breach past multiple key levels and the present corrections can be considered as an ideal re-set. The asset is already retracing from the 0.5 Fibonacci line, which is fundamentally bullish. Relative Strength Index or RSI is also reaching a neutral state, attained last during the start of April, before the rally.

Structurally, the correction isn’t outrightly bearish yet. The amount of Ethereum held on exchanges continues to remain low following the price drop, indicating little selling pressure.

Source: CryptoQuant

Traditional Market impacting Bitcoin again?

Previously, most corrections across the crypto industry would always be attributed to a decline in the traditional stock market. However, Bitcoin is primarily acting on its own for the time being.

Source: Trading View

The above comparison chart between Bitcoin vs SPX vs Dow Jones is descriptive in terms of correlation between DJI and SPX, and its collective uncorrelation with the largest crypto asset. In general, the traditional stock market has assisted the crypto market to recover in the past but its present uncorrelation means that the sell-off is organic and not triggered due to external factors.

Fundamentally, Bitcoin miners aren’t bearish either.

Source: CryptoQuant

According to data, Bitcoin Miner’s Position Index has been under the value of 1 since the beginning of March. An MPI index above 2 suggests that miners are aggressively selling in the market. Its continued position below 1 exhibits miner sentiment has altered in the short term and the market remains bullish overall.

One minor concern highlighted by Ki-Young Ju, CryptoQuant CEO was a possible whale dump over the last 24-hours. A whale dump is usually followed by a period of correction, as the market tends to shuffle out weak hands.

So, what stirred the pot?

The commotion was initiated on Twitter on May 16 after Elon Musk went on another rant. Musk’s earlier comments on BTC’s energy consumption were the topic of discussion, which led to Musk terming Bitcoin as ‘highly centralized’. While he cleared speculation that Tesla did not trigger any Bitcoin sales during this time period, Willy Woo suggested market repercussions were already unlocked.

Should Traders be worried?

At the moment, No. While a drop below $46,000 is not ideal, Bitcoin is maintaining its position above its long-term support at $42,000. At press time, the asset has been able to facilitate a recovery towards the $45k range but preferably, it should commence a position above $46.5k within the next 24-48 hours.

BTC/USDT on Trading View

The market is at the periphery of a drastic turnaround. Indicators suggest a higher possibility of a bullish rally so it isn’t time to press the panic button yet.


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Source: https://ambcrypto.com/bitcoin-ethereum-and-alt-markets-heres-the-silver-lining-traders-need-to-know

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Bitcoin Loses Crucial Support Never Broken During Last Bull Run

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With Bitcoin price falling to the low $40,000 range, debate has picked up on if the once trending cryptocurrency’s bull run is now over. There’s no truly telling for sure, however, this time is very different than the last bull market.

Why? Because Bitcoin price just lost a key level that never once saw a weekly close below during the last market cycle. Could this be it for the bullish impulse – long before predictions of $100,000 or more per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin are ever reached?

Crypto Cycle Could Conclude With Key Level Lost From Past Trends

Cryptocurrencies are a highly speculative asset class, regardless if adoption is picking up or not. Sure PayPal is now game, as is Visa and an assortment of others, but the volatile assets have a long road of price discovery ahead.

Although most recent crypto participants only have known “always up” as the direction of the trend, things have recently taken a turn downward.

bitcoin bollinger bands close

BTC has lost the middle Bollinger Band or 20-week SMA  | Source: BTCUSD on TradingView.com

But is this “the top?” It’s hard to say. One thing for certain, however, is that Bitcoin price has now lost the middle Bollinger Band – also the 20-week SMA.

Passing through the mid-BB in and of itself can be a powerful buy or sell signal.

Related Reading | Bitcoin Dominance Dives To Lowest In Years, Altcoin Season Is Finally Here

However, the fact that during the last bull run Bitcoin weekly never closed below it, it could be a sign that the structure of the bull market has been broken. bitcooin bollinger band zoomed bull

Never once was there a meaningful weekly close below the mid-BB  | Source: BTCUSD on TradingView.com

Will Bitcoin Price Snap Back Into A Bull Phase? What To Look For

The Bollinger Bands are a tool created by legendary trader John Bollinger. The tool has a variety of uses, namely measuring the volatility in the price action of assets like Bitcoin.

The technical analysis indicator consists of a 20-session SMA as mentioned, and two standard deviations of that moving average that widen and contract based on volatility.

When they tighten or “squeeze” it can be a sign a massive move is coming. These large moves can begin or continue a trend after a long pause.

bitcoin bollinger bandsThe recent peak has more similarities with 2018 and 2019 than 2017  | Source: BTCUSD on TradingView.com

Bitcoin weekly timeframes have tightened during the recent consolidation phase, and a breakout has started. However, the direction appears to be down according to the middle-Bollinger Band. Passing through the middle-band typically results in several touches of the bottom band to find support.

Like last major “tops” the bottom bands widened to extremes, but when they began to tighten back up, the trend was over. A rounding of the top bands also is a sign of the tools suggesting a break in the bull run.

Related Reading | All About The Bollinger Bands

As for when Bitcoin is ready to turn bullish again, it could be worth waiting for the cryptocurrency to reclaim the middle-BB, which outside of Black Thursday and now, have always been a sign of a bull rally in the making.

With Bitcoin now below the key level, the case for a » Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear phase, however, is now just as strong.

Featured image from iStockPhotos, Charts from TradingView.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/btc/bitcoin-loses-crucial-support-never-broken-during-last-bull-run/

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