Bitcoin price has rebounded 9% from Tuesday’s low, but it’s barely moving up, which doesn’t inspire confidence. Meltdowns like we’ve seen this week often expand downward, forcing the price to oversold in the short term, causing a reversal. When the price starts to rise, buyers who fear missing the discount window chase the price higher. Additionally, those who exited at the lows are desperately rushing back in hopes of making up for some losses and benefiting from the uptrend. This strategy can sometimes lead to a second and more violent wave of liquidations.
As we’ve seen several times this year Bitcoin (BTC / USD) had an exaggerated move that was traced back before the move was extended. For example, BTC fell from a high of $ 64,900 to $ 51,3,000 in April before rebounding to $ 57,600. However, within a week, the price dropped to $ 47,000.
Additionally, Bitcoin price lost 20% between May 12th and 13th before rebounding by 15%. By May 19, BTC was 44% lower. This is likely due to the fact that crypto traders are conditioned to buy the dip. And that was a good strategy over a long enough period. However, for those who are late for the party, it’s a dangerous game.
BTC / USD price analysis
If Bitcoin price drops from here and crosses Tuesday’s low of $ 42,830, it guarantees that anyone who has bought that dip will be under water on their purchase. If so, a stop-loss sale could trigger a cascade that brings the price below the 200-day moving average of $ 41,346. And when that happens, Bitcoin will be in a bear market again.
However, the price is stuck at the moment. If BTC finishes the day above Tuesday’s closing price of $ 46,894, it can stretch up over the weekend. However, the bulls will not be able to claim victory until BTC has bounced back from $ 50,000. If so, Bitcoin price could continue its attack at $ 58,000 trend resistance.
Bitcoin Price Chart (Daily)
Price Action Bound By Tight Support/Resistance Marks
The Elrond price prediction shows that the price action must break the current restrictions on its price movement in order for a new trend to be established. The price is trading near its previous highs and could be boosted by recent events on the Elrond network.
Morningstar Ventures has announced that it will provide $ 15 million to invest in projects on the Elrond network. As an extension of this initiative, an Elrond incubator will be set up in Dubai. This incubator aims to capitalize on the opportunities that abound in the relatively undeveloped MENA region and the United Arab Emirates, even as blockchain technology is rapidly adopted in the Middle East.
Elrond is also generating interest on the market side. The ELGD / USDT pair is up 2.14% for the day.
Elrond price prediction
The intraday rebound on the ascending trendline must break the 254.75 resistance (September 24th and October 2nd highs) for price to target the current all-time high of 303.03. Above this level, new highs can be seen at the price levels 305.52 (141.4% Fibonacci expansion) and 330.53 (161.8% Fibonacci expansion level).
On the downside, a decline below the trendline opens the door for a target price of 219.87. If selling pressures builds, we could see another corrective decline in the ELGD / USDT pair, with 182.87 and 159.62 serving as additional targets in the south.
Elrond: Daily chart
Bitcoin Cash Price Looks Undervalued Using this Metric
Bitcoin Cash price has been left behind in this bitcoin bull market so far. But usually BCH eventually catches up with BTC. This morning, Bitcoin is up around 5% to $ 57,300 as it continues to make its way towards $ 60,000. However, Bitcoin Cash (BCH) has improved by less than 2% and is struggling to repeat the triumphs of its larger rival.
Although the main reason Bitcoin’s rally is growing confidence that US regulators will soon be signing a BTC-based ETF, it should serve BCH in some way. If we compare the development of the Bitcoin price versus the Bitcoin cash price over the past 18 months, a correlation is evident. In early 2020, BTC saw relative outperformance versus BCH. However, both assets suffered similarly large drops during the March 2020 crash. Since then, Bitcoin has outperformed itself, but to varying degrees. The graph below shows that Bitcoin set apart from Bitcoin Cash in the second half of 2020 through the first quarter of 2021. However, Bitcoin Cash outperformed in April and narrowed the gap significantly. As a result, at the height of the bull market in 2021, BCH rose 390% compared to BTC + 190% compared to BTC. Then came the crash.
May 2021 crypto crash
The May liquidation event ushered in the 2021 bear market. Bitcoin Cash price lost 75% of its value through July, while BTC fell 55% over the same period. Since then, Bitcoin has doubled from $ 28,800 to $ 57,600, with BCH improving 55% from $ 384 to $ 600.
Similar to the first four months of this year, the gap between Bitcoin and Bitcoin Cash looks big, which could point to an impending outperformance for BCH. However, the dollar-valued BCH is facing some headwinds that it must overcome first.
Bitcoin Cash (BCH) vs. Bitcoin (BTC)
Bitcoin Cash Price Prediction
The daily chart shows that despite a trend breakout, Bitcoin Cash price has found resistance at the critical moving averages. Currently, BCH at $ 594 is between the 100 DMA at $ 574.60 and the 500 DMA at $ 607.70. Additionally, the inability to overcome the 50 DMA has caused the Relative Strength Index to show signs of exhaustion, going from 57.0 to 52.3. If the rejection at 50 DMA causes BCH to abandon the 100 day mark, it could return below trend support at $ 545, signaling a failed breakout.
However, successful clearance of the 50 DMA brings the significant 200 DMA into focus. A significant move above the long-term indicator at $ 670 would be very constructive. In this case, the September high of $ 788 offers the first resistance level. Additionally, if BCH breaks the September high, it could reach the April high of $ 1,216.
In conclusion, a closing price above the 200-day moving average could signal that BCH will outperform BTC. However, this depends on Bitcoin to maintain its upward trend. In addition, if Bitcoin goes down and Bitcoin Cash drops below $ 545, BCH could outperform.
Bitcoin Cash Price Chart (Daily)
Fantom Price Prediction: Clearance of $1.36 is Key For The FTM Bulls
The Fantom price rally will encounter strong overhead resistance as it approaches $ 1.36 and failure to prevail could trigger a return to $ 0.86. However, above $ 1.36 and Fantom (FTM) will be targeting $ 2.00. After jumping 35% since Wednesday, it’s hardly surprising that FTM is facing resistance. The two-day rebound made up most of the losses of the past two days, gaining around $ 700 million in market cap. The rally raises Fantom’s value to around $ 3.1 billion, ranking it 46th in cryptocurrency, ahead of Neo (NEO). This is quite a feat considering its market cap was $ 400 million in July and just $ 43 million at the beginning of the year.
Fantom price rocketed from the July low of $ 0.15. On September 9th, the in-house FTM token was 1180% richer and changed hands at $ 1.93. However, the trend has been lower since then. As a result, Fantom had tracked 50% of the move by Tuesday before buyers showed up with a dip at $ 0.86, bringing the price up to $ 1.28. Even so, the downtrend remains dominant until Fantom climbs above $ 1.36.
FTM price analysis
The 4-hour chart shows a significant support band of $ 1.00 to $ 0.86, marked by Tuesday’s lows and several highs from the beginning of the month. The support is reinforced by the lower edge of a descending trend channel. Against the support stands the top of the trend channel at $ 1.30 and a descending trendline from the all-time high at $ 1.36.
As long as Fantom price stays below $ 1.36 it will remain in a downtrend. Hence, a logical conclusion is a return to the support band below the market. However, if the FTM rises above $ 1.36 then bullish momentum should target $ 150 and possibly extend towards the ATH.
fantom price chart (4 hours)
- Price Action Bound By Tight Support/Resistance Marks
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