Bitcoin is Flashing Signs of Weakness as It Trades Below Crucial Level

12m
bitcoinist

101Investing: New crypto broker tested

1h
cryptoticker

A Panel of Experts See Bitcoin Averaging $12,948 by Year End

2h
thebitcoinnews

Crypto Adoption: Newly Launched Binance Card To Serve 60 M Plus Merchants Across Europe

2h
coingape

Economic Expert: Libra, Interesting But Will Never Launch

2h
coininsider

Can Chainlink’s Market Cap Surpass That Of BCH and BSV Combined?...

2h
zycrypto

Investors Expect Chainlink To Reach $10 Before Bitcoin Recaptures $10,000

2h
zycrypto

Appeals Judge Allows NY Investigation Into Tether Stable Currency

2h
livebitcoinnews

Did this Texan falsely file for PPP loans only to buy crypto with the funds?

3h
zycrypto

Did‌ ‌this‌ ‌Texan‌ ‌falsely‌ ‌file‌ ‌for‌ ‌PPP‌ ‌loans‌ ‌only‌ ‌to‌ ‌buy‌ ‌crypto‌ ‌with‌ ‌the‌ ‌funds?

3h
zycrypto

Chainlink Sees “Off the Chart” Exchange Inflows as Whales Look for an Exit

3h
bitcoinist

Bitcoin Could Soon Enter a Bull Run, Indicator Shows

3h
cryptoglobe

Why Bitcoin.org’s secret owner wants Bitcoin price to stay in the...

3h
zycrypto

Binance Rolls Out Crypto Debit Card in Europe and UK

3h
zycrypto

From Politics to Crypto: The BTC Journey of Craig Bergman

4h
livebitcoinnews

Block Crunch - Why Avalanche is Not an Ethereum Killer - John Wu, Ava Labs

4h
letstalkbitcoin

Nearly 60% Of Bitcoin Investors Say They’ll HODL To The Grave If The Price Stays Below $10,000

4h
zycrypto

US Army Requests Information on Tools to Track Cryptocurrency Transactions

5h
thebitcoinnews

Bitcoin & Cryptocurrency FinTech Apps Outperform Non-Crypto Peers: Report

5h
coingape

Bitcoin Closing Beneath One Crucial Level Could Decimate Altcoins

5h
bitcoinist

TTS 266 Elections, Lockdowns, Protests, and Liberty: Live from PorcFest with Ernest Hancock

5h
letstalkbitcoin

Cryptocurrency News Roundup for July 14, 2020

5h
beincrypto

Strong fundamentals mean Cardano (ADA) could keep up with its July rally

6h
cryptoslate

Bitcoin's Price Stability Is a ‘Good Thing’, Bitcoin.org Co-Owner Argues

6h
cryptoglobe

The Hash Ribbon Is Back, Suggesting further BTC Gains

6h
livebitcoinnews


Ethereum (ETH) Likely To Enter A New Bear Trend Against Bitcoin (BTC)

cryptodaily

8mon ago

Ethereum (ETH) is ready to enter a new bear trend against Bitcoin (BTC). The daily chart for ETH/BTC shows that the pair has now run into a confluence of resistance levels that will be very hard to breach. There are two trend line and one horizontal resistance line that the pair has to break past if it is to begin a new uptrend. So far, it has become very clear that Ethereum (ETH) has run out of room to rally against Bitcoin (BTC). RSI on the daily chart for ETH/BTC has also run into a key resistance and is now eyeing further downside. The next downtrend in ETH/BTC is likely to be an aggressive one. In fact, it could be a lot more aggressive than what we have seen recently.

The next downtrend in ETH/BTC is likely to be more like the one we have seen between August and September. That would be painful not just for Ethereum (ETH) but the rest of the cryptocurrency market and it would coincide with an overall downtrend in the market. We have seen during periods of downtrend that Bitcoin (BTC) holds its ground better compared to other cryptocurrencies. The same is expected to happen this time which will be in tandem with what we expect to happen in ETH/BTC. It will also be in sync with a trend reversal in Bitcoin dominance (BTC.D) in the days and weeks ahead. All of these developments spell bad news for the cryptocurrency market in general and altcoins like Ethereum (ETH) in particular.

Ethereum (ETH) is also trading within a strong descending channel against the US Dollar (USD). This channel has yet to be broken to the upside or to the downside. However, the probability of this channel being broken to the downside is much higher at this point. Once ETH/USD declines below the 38.2% fib extension level, it would be hard to get back above it. We can see it find support on the 61.8% fib extension level next but the most probable scenario is that it will fall through it to decline much lower.

We know that BTC/USD is bracing up for its next downtrend, one that will be even more devastating for coins like Ethereum (ETH). We can expect a decline of more than 20% in Ethereum (ETH) from current levels in case of such a decline. It would not be surprising if the cryptocurrency ends up declining close to 40% from current levels. It may therefore be a good idea to wait if you intend to accumulate for long term. Ethereum (ETH) could decline much lower long term before it finds its true bottom. Considering that the stock market is on the verge of a long overdue correction, altcoins like Ethereum (ETH) remain a very risky investment at this point especially at current prices.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments