Uptrend Confirmed For Bitcoin And Crypto Markets? BTC, ETH, BCH, LTC & Cryptocurrency News!



so the tether FUD that rocked the bit coin and crypto markets appears to have slightly calmed down the tether premium which seemingly caused the massive spike in Bitcoin prices on certain exchanges seems to have diminished to a certain degree although it's definitely still there but regardless of that tether induced price increase that we saw for Bitcoin it's still a price increase that takes us closer to breaking out of our nine-month long downtrend so in this video I want to examine the latest price action that we've had over the last 24 hours and also do a bit of technical analysis so welcome back to the channel everyone phil here from crypto authority be sure to hit that subscribe button for daily crypto videos and click that little bell right next to it so you never miss out on the latest crypto news and analysis so let's get right into it now as usual let me start with a quick look at coin market cap so Bitcoin is currently pretty much in the same exact spot it was 24 hours ago obviously prior to that we did see that massive spike up due to that tether flood which as I explained in yesterday's video led to some panic selling out of tether and into BTC which pumped Bitcoin prices and caused a bit of a short squeeze in addition to causing the tethered premium to increase as well which made the Bitcoin price on certain exchanges look a lot higher than it really was and currently is actually and it's why I'll be looking at coinbase charts today to do my technical analysis but moving back to the top 100 in front of us so Bitcoin is pretty much in the exact same spot the alts meanwhile are doing their usual thing and waiting for Bitcoin to make a move so you'll definitely see it's a mixed bag for the alts as we scroll down this list today so with that said let me jump over to the Bitcoin charts again I'll be using coinbase today instead of BitFenix because coinbase has a Bitcoin 2 USD pair instead of a Bitcoin 2 USD tether pair so I think coinbase reflects the actual price of Bitcoin in actual US dollars so the first thing I want to point out is that we're still inside of this meme triangle as of today now for those of you that don't know the meme triangle refers to this year-long descending triangle that you see on the screen here it's marked by this horizontal support line on the bottom and this descending resistance line on the top and you can ignore this little uptrend line in the middle here I'll just hide that for now so this pattern has been respected all year by coin you can clearly see the price has been bouncing around inside of this pattern up until all of that drama pretty much yesterday where we did see a breakout and then the price fell back within the range of the triangle but again my view is that we sort of cheated our way out of this thing thanks to the tether FUD pumping Bitcoin prices now even though coinbase was less affected by that foot it definitely still saw a price increase so let's just make a kind of big assumption here and that's the assumption that the tether flood is going to fizzle out and that things are going to return to relative normalcy in the near future no more random massive price movement thanks to people dumping tether into BTC so with that assumption in mind we do have some interesting observations to make here now number one we're only a hundred dollars or so away from breaking above and over this meme triangle again which is pretty much nothing for Bitcoin like we've seen prices move much more than that on just five minute candles before for Bitcoin plenty of times number two the 20-day exponential moving average which is this white line running across the candlesticks here is a technical indicator that can help give us a buy and sell signals now if you look back throughout the year you can see that this was quite a great indicator for determining when a new rally was beginning and when a new downtrend was beginning now recently it hasn't been quite as effective as you can see there were a lot of fake outs over the past one to two months but regardless I still think this is an indicator worth having in your arsenal tools especially if we see volatility pick back up in the future so pretty much when you see the price move above the 20-day exponential moving average that is a buy signal so we did see that bullish crossover happen on the charts here in the past couple days number three I want to point out the MACD on a couple of timeframes so the MACD is this indicator down here that can give us a buy and sell signals with the MACD you'll see two lines the orange signal line and the blue MACD line so when the MACD line crosses above and over that orange signal line it is considered a buy signal when the MACD falls underneath the signal line it is a sell signal so right now we're on what's known as a bullish crossover on the daily chart when looking at the MACD again usually that crossover is considered a buy signal so we see that we could see a bit of a rally start that pushes us above and over the meme triangle resistance line potentially now lastly on the weekly charts I want to point out that several weeks ago we did indeed have a bullish crossover here as well and since then we've been experiencing a series of green sticks on this histogram here and just for comparison here I do want to point out that this looks somewhat familiar to the beginning of the run-up to the bull run back in late 2016 and remember that was essentially when we started to see the end of the previous year's long bear market with a very kind of slow and steady accumulation period occurring where the price was slowly starting to rise back up so is that what we're starting to see today well I'd feel a lot more confident on that if we didn't validate this meme triangle by breaking above and over this resistance line in the near future but I think we're gonna have to be patient and wait a few more days to see what happens to see if we just bounce off that line again or to see if we finally do see a break above it for real this time instead of just having it pump over due to that tether flood so what do you all think are we still in danger from an imminent tether collapse or do you think things are calming down and we could see this triangle get invalidated soon let me know in the comments down below so that is it for this video guys if you enjoyed this one please consider subscribing I do crypto videos like this daily and your support really helps small channels like this one grow I also highly recommend joining our free Facebook group is for crypto enthusiasts just like yourself also if you want to learn the crypto strategy that passively turned 5,000 dollars into 83,000 dollars check out my passive crypto investing case study it's completely free you can find the links to both the free group and the free case study in the description down below lastly guys this goes without saying but I'm not a financial advisor this is not professional investment advice telling you to buy or sell anything this is just me covering some stuff in the crypto space that I find interesting always do your own research before spending or investing any of your own money if all that said thanks for watching and I'll see you next time

2 thoughts on “Uptrend Confirmed For Bitcoin And Crypto Markets? BTC, ETH, BCH, LTC & Cryptocurrency News!”

  1. Now that the dust has settled a bit, do you think we're going to see that slow and steady uptrend take us out of the meme triangle?

    Invest in the best cryptocurrencies on autopilot! https://cryptobooster.io/

Leave a Reply

Your email address will not be published. Required fields are marked *