A notable cryptocurrency analyst has projected double-growth for Ethereum in the second half of 2019.Jacob Canfield, the co-founder of SignalProfits.com, predicted Ether at circa $546 based on the asset’s historical price moves dating back to 2017. The analyst noted that the Ether price is trending inside a Rising Channel that looked strikingly similar to a channel that formed between June 2017 and early December 2017. The ETH/USD rate in 2017 posted 186.58 percent gains inside the Rising Channel. The pair later broke out and settled its all-time high of $1,419.48 on US-based exchange Coinbase, as shown in the chart below.Ethereum Price Mirroring an Old Bullish Move | Image Credits: Jacob CanfieldThe [Expected] ETH Price ActionCanfield speculated that the Ether price would repeat the scenario; it would trend inside the new Rising Channel until mid-June before attempting a breakout towards $308.39. The rate would then undergo a correction towards the apex of the Rising Channel, which would serve as a secure accumulation area for bulls. As a result, the Ether price would go through a sharp reversal to claim $545.87 as its 2019 high.“I [recommended] to load up at $160 with a target of $308 on 4/22/2019,” said Canfield. “Very similar pattern from back in 2017 that I remember trading into.”Very heavy in $ETH.I gave the recommendation to load up at $160 with a target of $308 on 4/22/2019.Very similar pattern from back in 2017 that I remember trading into. pic.twitter.com/5dJUwuKjYt— Jacob Canfield (@JacobCanfield) May 15, 2019There is, of course, the potential for Ether to reclaim its all-time high. Canfield’s analysis somewhat projected $545.87 as a prime target in a potentially significant upside wave. The last breakout above the old Rising Channel exhausted after surging 183.38 percent. The same logic explained that the ether price was due for a bull run towards $591.27 upon closing above the new Ascending Channel.FundamentalsNot only technical indicators, but strong fundamentals also served Canfield’s $545-target for Ethereum.The blockchain project has entered partnerships with the likes of Microsoft and JPMorgan to integrate its digital ledger solutions into their services. In the financial world, the US Commodity Futures Trading Commission is reportedly looking forward to launching Ethereum-backed derivatives, which would serve as a gateway to institutional investments.Mike Novogratz, the billionaire chief executive of US-based Galaxy Digital, favored Ethereum for its technical capabilities as a public blockchain network. He even held Ethereum higher than its peers, stating that it was “way ahead of bitcoin” while speaking at the recent 2019 Ethereal Summit. Excerpts:“There’s good news and bad news…the good news is that Ethereum is way ahead. Ethereum, by a long shot, has the most people in the room. Bitcoin is really establishing itself as a store of value. The debate is over. We won. I see the on-ramps for institutions who now believe its a store of value who are coming in Bitcoin is going to stay for a while because that’s where the institutions are going to start.”The combination of both technical and fundamental factors strengthened Ethereum’s bull case in the long run. The ETH/USD instrument was trading at $280 at the time of this writing.
A prominent analyst fears difficulty for bitcoin if its spot rate drops below $7,500.Nick Cote, the chief information officer at US-based Redacted Capital, said holding the $7,500-level is essential for bitcoin as it began correcting from a yearly high of $8,388 this Thursday. The analyst noted that bitcoin falling below $7,500 could switch the interim market bias in favors of bears, as shown in the chart below.Bitcoin Price Breaks Below Interim Ascending Trend Line | Image Credits: Nick CoteCote showed bitcoin breaking below a crucial ascending trendline and forming lower lows towards $7,836.23. The price action flipped the then-current range support – defined by $8,210-8,246 – to resistance and brought new support targets in sight. One of these supports is at $7,500, a level which served as strong resistance to bitcoin’s multiple upside attempts during May 12-13 session. The same level turned support after the bitcoin price closed above it on May 13 between 1500-1600 UTC.Six hours after Cote predicted a “deeper dip towards $7,500,” the bitcoin price formed a fresh lower low towards $7,748.72.“So far so good,” said Cote. “Bounced into the throwback, bearish price action confirmed. Now let’s see if we can get the lower level tag. Holding at 7,500 would indicate more life, but below, yikes.”So far so good. Bounced into the throwback, bearish price action confirmed. Now let’s see if we can get the lower level tag.
Holding at 7,500 would indicate more life, but below, yikes. pic.twitter.com/sR2PTHSeZX— Nick Cote (@mBTCPizpie) May 16, 2019What’s Below $7,500Cote expected the bitcoin price to continue its drop towards $6,700 if it drops below $7,500. The analyst did not explain why he chose $6,700 as his downside target. However, a more in-depth look at his chart spilled the secret out.NewsBTC found that Cote was taking his cues from the bitcoin price action from May 13. The trading session on the day tested $7,500ish range on four consecutive occasions. The resistance area rejected those upside attempts and eventually woke the bears. The result was the formation of nine red candles posting more than 10-percent in losses ahead of the session close, as shown in the recreated chart below.Bitcoin Testing $6,700 as Bear Target | Image Credits: TradingView.comThe only thing standing between $7,500 and $6,700 now was a red curve which was not there during the May 13 trading session. This 200-hourly moving average could offer generous support to a possible, extended bitcoin downside action, much like how the 50-hourly moving average (the blue curve) capped the bitcoin’s May uptrend. Breaking below the 200H MA was also a signal of intense selling action which, as Cote predicted, could quickly test the $6,700-target – or beyond.Bulls’ Take, MeanwhileThe bitcoin price at press time is testing $7,752 as range support, another support level with a decent history. At the same time, the cryptocurrency’s hourly Relative Strength Index (RSI) is oversold, waiting for an upside correction.A combination of these technical factors could influence bitcoin to surge higher on an hourly basis. Meanwhile, a falling trendline in violet above would serve as a barrier to claim a stronger bullish bias. So, if bitcoin stays below it, Cote’s prediction would remain relevant. If not, the cryptocurrency would likely attempt to close above its 2019 high to continue its ongoing bull run.
Two leading bitcoin wallets were trending higher on a popular app marketplace on Tuesday.Twitterati CryptoRae shared a screenshot of the most-searched apps on the Apple Store. It showed Coinbase, a cryptocurrency wallet app managed by a San Francisco-based exchange of the same name, and Blockchain, a similar wallet service provider, listed on the Apple Store’s curated spots. While Coinbase was the sixth-most searched apps at that moment, Blockchain was two steps below at eighth.Trending now: “Coinbase” and “Blockchain”. Not sure I’m ready for this. pic.twitter.com/mRGgcr8RWO— rae (@cryptorae) May 14, 2019Trend Coinciding with Bitcoin RiseThe apps’ trend on the Apple Store closely followed bitcoin’s meteoric rise. The cryptocurrency clocked its fresh yearly high at $8,350 on Tuesday after rising more than $2,500 in just two weeks. Before that, bitcoin was already pursuing an intense upside action as it went on closing April at a 38.27 percent higher rate than it did in March.The successive bullish moves prompted analysts to speculate that institutional investors were behind them.Meanwhile, a few skeptics called the bitcoin price jump artificial, for it was taking place amidst scandals involving two of the largest cryptocurrency exchanges. Malta-based Binance lost close to $40 million worth of bitcoins in a security breach on May 8. And just two weeks before the hack, Hong Kong-based BitFinex and it’s stablecoin partner, Tether, attracted a lawsuit from the New York State Attorney General for allegedly mishandling over $700 million worth of customers’ funds.Everyone seems to forget that when Bitfinex received CFTC subpoenas the price went up 40% in two days, ultimately the price of Bitcoin doubled before crashing.It wasn’t good news.— Bitfinex’ed (@Bitfinexed) May 10, 2019Retail Investors’ FOMORetail investors had reportedly left the cryptocurrency market following the 2018’s price crash. More likely, they had planned to either exit the cryptocurrency market or return to the market once a bullish signal for a bottom emerged.Data provided by the Apple Store indicated that small investors are finally looking to give the ongoing bitcoin price boom a chance, now that the cryptocurrency market, on the whole, had corrected upwards by more than $100 billion since December 15, 2018.Cryptocurrency Market Recovered More than $143 Billion Since December | Image Credits: CMCThomas Kriebernegg, the chief executive of App Radar, an app marketing agency, discussed the factors that push apps into the Apple Store’s trending list. He wrote:“Trending search refers to the topmost apps that appear for a particular category or keyword. A lot of factors contribute to trending search, including the number of downloads, ratings, keyword optimization and most number of searches for a particular term.”The high searches for the keyword ‘Coinbase’ and ‘Blockchain,’ therefore, reflected an average user’s interest in what those apps offer: a service that enables the buying, selling, and storing of cryptocurrencies like bitcoin.Those statistics proved that more retailers were looking to download cryptocurrency wallets for, perhaps, making their first purchases. They also validated ordinary investors’ need to hedge into decentralized assets, especially when a global market meltdown was looming overhead.The BTC/USD rate, at press time, is trading at $8,006.
It is difficult to accurately predict the price trend of highly volatile assets like cryptocurrencies. One could attempt at least to predict a near-possible scenario based on the cryptocurrency’s valuation based on available financial strategies. It is – though – not clear which theory Joseph Lubin, a prominent blockchain pioneer, applied to the bitcoin market. But what’s evident is that his prediction about the cryptocurrency’s low came to be right.Lubin, who founded blockchain software firm ConsenSys, on December 21, 2018, called a bottom in bitcoin and the rest of the cryptocurrency market. The prediction-cum-declaration came a week after the bitcoin price had settled 2018’s low at $3,128.89 on San Francisco-based exchange, Coinbase. It also appeared on the date when the cryptocurrency had corrected upwards by 33.40 percent, signaling a strong rebound.“I am calling the crypto-bottom of 2018,” Lubin had said. “This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.”I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.— Joseph Lubin (@ethereumJoseph) December 21, 2018The well-noted sarcasm in Lubin’s statement towards the “4th and crypto-5th estates” targeted cryptocurrency startups, founded during the 2017’s infamous ICO boom. Analysts believe that it was the failed ICOs that drove bitcoin’s drive to its 2018 low. Lubin, on the contrary, indicated that the time of ICOs was over, which would bring buyers back to the bitcoin and other similar, genuine markets.The Bitcoin RecoveryLubin’s statement is now set to go in history as one of the most accurate crypto predictions ever made, especially at a time when bears were predicting that bitcoin will crash to $1,500-and-beyond in 2019. Nevertheless, the reverse happened. Bitcoin surged throughout 2019 to maximize its rebound by as much as 167.52 percent by the time of this writing. In the second quarter alone, the cryptocurrency had jumped more than 102 percent against the dollar owing to improving market fundamentals.Bitcoin Price Net Rebound Maximized Up to 167.52 Percent | Image Credits: TradingView.comAltcoins FollowedBitcoin’s dominance in the crypto market warranted growth trajectory for other similar assets, which – over the years – were tailing its trend. Many of those assets managed to post higher rebounds than that by bitcoin, just what Lubin predicted. While Litecoin recovered by as much as 347.20 percent, Ethereum followed suit with a 186.40 percent surge. But it was Bitcoin Cash that reserved the most significant slice for itself, jumping 442.64 percent from its cycle low.On the whole, the entire crypto market witnessed its valuation jumping to 244.98 billion, up 141.28 percent from its cycle low established on December 15 last year.“Best of the season to all of our supporters and detractors out there. Good time to acknowledge that ultimately we are all in this together,” Lubin had said. “Wishing you all a great 2019.”2019 turned out to be great, indeed.
The bitcoin price on Tuesday clocked a new 2019 high of $8,350 on Coinbase, its highest since July 2018.The surge came as a part of an extended bullish action that picked momentum particularly after April 2, 2019. The BTC/USD instrument, on the day, rose up to 23 percent, which started a series of similar buying actions throughout April and first half of May. The strengthening bullish bias assisted bitcoin in breaking above crucial resistance areas, such as the ones lurking near $6,000, $6,400, and $7,500. As a result, the world’s leading cryptocurrency had brought its net bottom-to-up recovery to 162 percent by the time of this publication.Bitcoin Price Rose 101 Percent Since April 2 | Image Credits: TradingView.comArtificial Pump?The speed with which bitcoin rose prompted many to call the move “manipulated”. Crypto skeptic David Gerard wrote in his blog on Monday called the bitcoin price a “proxy for margin trading,” adding that one can make more money by manipulating the cryptocurrency’s “thin and ill-regulated market to burn the margin traders.”Preston Byrne, partners at New York-based Byrne & Storm, built up to the scenario laid by Gerard, questioning why every bitcoin price boom coincided with a significant exchange(s) having “banking, withdrawal, and possibly solvency problems.” To him, the ongoing BitFinex was in a spot of trouble owing to its management of $850 million of customers’ funds. An event of such scale could have driven the bitcoin market down. But instead, the reverse happened due to potential price manipulation.“This was the case with, e.g., Mt. Gox in 2013, and some have argued was also the case with long-suffering crypto exchange Bitfinex in 2017 […] If you’re a trader or investor, tread carefully. It is possible that the current price of a Bitcoin bears some relation to, and is uniquely vulnerable to, regulatory developments,” said Byrne.Everyone seems to forget that when Bitfinex received CFTC subpoenas the price went up 40% in two days, ultimately the price of Bitcoin doubled before crashing.It wasn’t good news.— Bitfinex’ed (@Bitfinexed) May 10, 2019Gerard iterated that he didn’t believe institutional investors were behind the bitcoin price explosion. Instead, it was the Bitfinex’s additional 800 million USDT supply – each acting as a US dollar – that was piling into the bitcoin market. Excerpts from Gerard’s article:“Tethers are dollar-substitute tokens — each a $1 liability on the books of Tether, Inc., hypothetically redeemable on demand for an actual dollar. The idea is that these are pretty-much-dollars — compare Eurodollars in the real financial markets — but move at the speed of crypto. Tether is owned and run by the same people as crypto exchange Bitfinex.“There is the minor detail that nobody has ever verifiably confirmed being able to redeem a Tether for a dollar.”
The bitcoin price surged 10 percent in the 24 hours and the sentiments are switching back to the buying side as tensions in the global markets escalate.The Chinese Finance Ministry announced Monday that it plans to raise tariffs on $60 billion worth of US imports. Beijing said they would increase duty tax on U.S. goods from 10 percent to 25 percent as it battled a similar action from Washington in the ongoing US-China trade war.I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!— Donald J. Trump (@realDonaldTrump) May 13, 2019The move increased global investors’ risk exposure in the market, with almost all the significant futures’ indexes posting losses. The S&P 500 Futures, for instance, was down 1.98 percent to 2,829 points as of 1325 UTC. At the same time, Dow Futures dropped to 25,428.5 points after falling 2.06 percent, while Nasdaq futures plunged 2.45 percent towards 7,431 points.Global Markets Fall as US-China Trade War Escalates | Image Credits: Holger ZschaepitzHolger Zschaepitz, the financial editor at Germany-based Welt news service, believed the growing positive correlation between the trade war and the global stock market would benefit safe haven assets like gold and bitcoin. He stated ahead of China’s tariff increase:“Global markets start in Risk-Off mode to the week. Stocks fell along with Yuan & Treasury yields amid US-China trade war escalation. Investors awaited details on possible China counter-measures. US 10 year yields drop to 2.44%, Yen and Bitcoin strengthen on haven bids.”Bitcoin Surge ContinuesThe bitcoin price today appreciated up to 10 percent against the US dollar since the market open. The cryptocurrency settled a lower high towards $8,000, suggesting that it may still be inside a bearish correction phase from its 2019 peak. However, Alex Krüger, a prominent cryptocurrency analyst, said the bitcoin price is looking to extend its gains in the long run.“Sanity reigned in over BTC overnight, correcting 11% lower,” he stated. “Yesterday’s move above $7000 had started making many, including me, doubt that a strong correction would ensue anytime soon.”Krüger added that there were no hints of bitcoin buying at the retail level, arguing that the size of the asset’s appreciation was too big to back by small investors. Nevertheless, the analyst credited positive market fundamentals surrounding Fidelity Investments, TL Ameritrade, and E*Trade Financial. The US companies either announced or hinted that they would launch bitcoin trading services.What drove $BTC up this week?A handful of large players, that started buying in waves. Systematic buying.Clues to reach that conclusion can be found in volume, price action, funding, and futures basis and term structure. May expand on this later.Not retail driven.— Alex Krüger (@krugermacro) May 12, 2019Gold, Yen Up TooThe bitcoin price recovery Monday mirrored market biases in the haven assets, Gold and the Japanese Yen. The XAU/USD spot rate today rose up to 1.08 percent to 1299.738, while the JPY/USD surged as high as 0.64 percent to settle an intraday high towards 0.009171.“The overall reaction by currencies has been limited, however, as there are also factors that support hopes for an eventual settlement, such as the possibility of the US and China presidents meeting at the G20,” said Masafumi Yamamoto, chief forex strategist at Tokyo-based Mizuho Securities.
It was institutional buyers that pumped the bitcoin price by 23 percent last week, according to a prominent cryptocurrency analyst.Alex Krüger said the latest bitcoin price action hinted systematic buying, an act of people pooling their strategy to purchase a financial asset in large volumes. Retail investors lacked the capital that could pump the bitcoin market capitalization by approx $32 billion in a week. So, it was very likely that a “handful of large players” initiated a coordinated pump, and bitcoin’s valuation rose wildly.“Clues to reach that conclusion can be found in the volume, price action, funding, and futures basis and term structure,” explained Krüger. “[It was] not retail driven.”What drove $BTC up this week?A handful of large players, that started buying in waves. Systematic buying.Clues to reach that conclusion can be found in volume, price action, funding, and futures basis and term structure. May expand on this later.Not retail driven.— Alex Krüger (@krugermacro) May 12, 2019Why So Bullish?Krüger highlighted a handful of positive developments in the bitcoin market that may have influenced big investors. The late-April session, in particular, saw some announcements made by prominent financial firms. Fidelity Investments, for instance, decided to offer bitcoin trading services to its Wall Street clients. E*Trade Financial, according to a Bloomberg report, took a similar initiative. The Nasdaq-listed US brokerage firm allegedly finalized its plans to add bitcoin and ether trading to its platform.BREAKING: BTC is now being traded on the Nasdaq! I bought one BTC through my TDAmeritrade account! According to the chart it started trading April 10, 2019!! Other digital assets are soon to follow!! 🚀🚀🚀 pic.twitter.com/1VgE1Whoa4— Cryptopolis (@cryptopolis_x) April 22, 2019Another Nasdaq company, TD Ameritrade hinted that it was testing bitcoin and litecoin spot trading solutions on its brokerage platform.The sum of all strong fundamentals provided a favorable environment for bitcoin buyers, believed Krüger. The analyst further noted that bitcoin liquidity had gone thin following its close above the $6,400-level (perhaps due to Binance exchange, which halted its operations following the $40 million bitcoin hack).Meanwhile, Digital Currency Group Founder and CEO Barry Silbert said Saturday that the trading volume on Greyscale Bitcoin Trust (GBTC) had exceeded $50 million on OTCMarkets, one of the top three over-the-counter stock trading marketplaces.Most Active #OTCQX Stocks ($Vol M) | $GBTC $58.4 | $RHHBY $20.4 | $IMBBY $20.4 | $RDSMY $15.6 | $CWBHF $13 | https://t.co/FCKso4EAFp— OTC Markets Group (@OTCMarkets) May 10, 2019Bitcoin Holders or Dumpers?The large scale buying of bitcoin did not necessarily specify whether the buyers would hold the cryptocurrency. Krüger envisioned a pump-and-dump scenario where a group of coordinated buyers, as mentioned above, would want to exit their bitcoin positions at a higher rate. With no uncertainty, the analyst added that those buyers could also be “strong hands,” those who would hold their bitcoins for a tremendous timeframe.“It is valuable to attempt to ascertain if these new buyers represent long term positions or hot/fast money (which goes in and out, or rawly speaking, will dump on newcomers),” said Krüger.The bitcoin price underwent a natural downside correction this Sunday, dropping more than 10 percent from its session high towards $7,581. Nevertheless, the market did not notice any further corrective action, evident with it closing – again – above $7,000, a crucial level, during today’s trading session.Bitcoin Retesting $7,000 as Support | Image Credits: Alex Krüger“I would usually be looking to short this pullback [bearish correction] higher,” said Krüger. “However, to me, this is a *longs only* situation. If the price gets there, the 6400 area is, in my opinion, ideal for longs.”
The bitcoin price has jumped above $7,500 to discover its fresh yearly high.The world’s largest cryptocurrency established $7,568.32 as its new session peak, bringing its year-to-date net rebound up to 140 percent on San Francisco-based Coinbase exchange. The broader cryptocurrency market tailed bitcoin’s uptrend, with a majority of top assets posting double-digit gains, including Bitcoin Cash, Litecoin, EOS, and Ethereum. Even Bitcoin SV, which lately faced trading ban at several cryptocurrency exchanges, saw a 10 percent appreciation in the last 24 hours.What’s Driving Bitcoin BullsBitcoin Establishes New 2019 Highs above $7,500 | Image Credits: TradingView.comBitcoin’s continuous climb to $7,500 came in the wake of improving buying sentiment and technical forecasts. Fidelity Investments, a Boston-based asset management firm with a vast Wall Street clientele, announced last week that it would add bitcoin trading to its list of institutional investment services. At the same time, online investment service TD Ameritrade started offering stimulated bitcoin trading through Nasdaq, raising hopes that a full-fledged bitcoin adoption was underway.Meanwhile, technical data continued to identify the end of bitcoin’s most prolonged bearish phases after the asset formed a low in $3,100-3,200 range on December 15, 2018. Momentum indicator Stochastic RSI, for instance, rebounded from its oversold territory for the first time since February 2018 on monthly charts. The move identified a trend shift, meaning that the market was eyeing an extended bitcoin price recovery in the future.$BTC Stoch RSI currently at 2015 pre bull run level (33) and should enter
“overbought” territory in about 1 or 2 months.Last time it lasted 2 years from $300 to $19K. #bitcoin pic.twitter.com/mhezb6YL85— Galaxy (@galaxyBTC) May 10, 2019At the same time, bullish analysts continued to strengthen their long-term upside targets following the Golden Cross formation. The technical chart pattern held a historical significance in the bitcoin market for shooting the price from $300 to $20,000 in 14 months. The latest Golden Cross formation too prompted a bitcoin uptrend which, as bulls believed, would lead the price beyond $20,000 by the end of this year.A significant investment firm was also studying bitcoin’s old price behavior to understand its next move. Vancouver-based Canaccord Genuity found that bitcoin could continue its bull trend over the next 24 months. The firm expected the cryptocurrency to retest $20,000 due to next year’s Halving event, which would reduce the current bitcoin supply by half.“Now four months into 2019, we note for the third time the striking similarity in bitcoin’s price action between 2011-2015 and 2015-2019,” Canaccord said in a note. “While this simple pattern recognition has a little fundamental basis, we note that bitcoin does operate on a four-year cycle of sorts, as the halving of bitcoin’s mining reward occurs approximately every four years.”Near Term TargetsThe bitcoin price was now eyeing the $7,785-8,602 range as its next potential bull target. The said area had adequate reversal sentiment, given its ability to cap small uptrends between April and July 2018. A pullback at any given level could push the bitcoin price violently towards interim supports, the nearest one being at $7,000.
The bitcoin price could discover new highs above $300,000 by 2021, according to a popular technical indicator.Dubbed as the Stochastic RSI, the indicator helps investors identify oversold and overbought conditions inside the market. It indicates a probable change in the direction of a price trend. GalaxyBTC, a pseudonymous cryptocurrency analyst, applied Stochastic RSI on the monthly bitcoin chart and compared the indicator’s past performance with the cryptocurrency’s price behavior.The analyst found that Stochastic RSI was recovering from its oversold conditions for the first time since October 2015. The last recovery had influenced bitcoin to pursue a parabolic upside trend, which got exhausted upon establishing approx $20,000 as bitcoin’s historic high. In the meantime, the cryptocurrency’s monthly Stochastic RSI had ventured into the overbought territory, where it stayed for approx two years.The 2018’s infamous crypto crash brought both the bitcoin price and its Stochastic RSI down. Both the metrics started recovering from bitcoin’s bottom-formation nine-months later on December 15, 2018. By January 1, the cryptocurrency’s monthly Stochastic RSI had reversed its trend, as shown in the chart below.Bitcoin’s Monthly Stochastic RSI Comparison | Source: GalaxyBTCGalaxyBTC noted Stochastic RSI was repeating the behavior it posted between October 1, 2015, and December 1, 2017. As of today, the indicator was rebounding from its oversold conditions. It’s actual value, represented by the blue line (%K), was approximately 33. Meanwhile, the red line, which represented the Stochastic RSI’s 3-month moving average, was trending below %K following an intersection lately. That was the sign of a bullish reversal.The Timeline FactorGalaxyBTC assumed that the current Stochastic RSI would mirror its previous trend reversal move not only in terms of action but also period. The last market action led the RSI indicator into the overbought zone for 792 days. Meanwhile, the bitcoin price rose from $300 to circa $19,000.$BTC Stoch RSI currently at 2015 pre bull run level (33) and should enter
“overbought” territory in about 1 or 2 months.Last time it lasted 2 years from $300 to $19K. #bitcoin pic.twitter.com/mhezb6YL85— Galaxy (@galaxyBTC) May 10, 2019The same logic predicted that the current Stochastic RSI would take a month or two to enter its overbought territory. Then, it will stay there for at least 792 days. In the meantime, the apparent buying momentum will increase the bitcoin price by a minimum of 6233.33 percent – approx $374,000 – by 2021.Opinion: Potential Flaws in Stochastic RSIGalaxyBTC’s theory projects a technical indicator as a flagbearer of bitcoin’s next bull run. While the Stochastic RSI has a massive relevance in both the traditional and bitcoin market, it also has a history of producing false signals. In a volatile market, for instance, a Stochastic RSI indicator has more probability of predicting reversals that do not mature eventually.It is wise to mix Stochastic with other indicators to understand the real element of a bitcoin chart. The Heikin-Ashi chart, for instance, can be coupled with other signs to spot bitcoin trends and changes quickly.And above all, it is essential to factor in Bitcoin market’s fundamentals, such as its network growth, on-chain transactions, as well as its development as a payment protocol.Bitcoin above $300,000 is possible, but there are several factors at play not just Stochastic RSI.
Over a million internet users are visiting Binance every day as the cryptocurrency exchange manages a $40 million hack scandal amidst a bitcoin price boom.Toronto-based Kevin Rooke, known for his insightful crypto-related social media analysis, revealed that Binance’s daily average traffic had gone up by 13 percent in April. At 1,183,000 visits, the Malta-based exchange was hosting its best website statistics since October 2018. The analysis appeared as soft evidence of people’s growing interest in cryptocurrencies, particularly bitcoin whose value surged by 29.33 percent during the April session.Meanwhile, other cryptocurrency exchanges witnessed lesser website traffic compared to Binance. They were not even getting more than 400,000 hits a day, barring Coinbase, a US-based crypto exchange, which recorded an average of 930,000 visits every 24 hours. Coinbase offered services across 53 countries and worked under tight regional regulations. At the same time, Binance trading platform was available worldwide but catered fiat withdrawals only via Binance Jersey, a service it launched on February 18, 2019.Binance and Coinbase Posted Best Incoming Traffic | Image Credits: Kevin RookeBitcoin Boom Behind Traffic?The Binance and Coinbase’s latest traffic reports followed bitcoin’s co-called April Fools’ rally. On April 2, the cryptocurrency’s rate dramatically jumped by up to 24 percent. It posted similar bullish moves through the rest of the month.The bitcoin buying sentiment rippled further into the early-May trading session. On the 9th, its price broke above $6,000, a historically significant support level during the asset’s downward action in 2018. The BTC/USD instrument today formed its yearly high towards $6,989.89 on Coinbase.The bitcoin price booms typically coincided with an increase in the number of bitcoin-related keyword searches on Google – and even on China’s Baidu. Keyword ‘Bitcoin Price,’ for instance, continued to remain the most searched crypto-related query on Google. And interestingly, the search engine responded with a Coinbase URL on the top, alongside some of NewsBTC’s bitcoin price articles (big heart to our readers).Coinbase Topped Bitcoin’s Most Searched Keyword | Image Credits: GoogleThe high Google ranked at least one of the cryptocurrency exchanges at the top, which increased its visibility before the internet users. It is difficult to predict whether or not any of the new users converted into sales. No official data was available that could verify the number of account holders either on Coinbase or Binance as of now. At the same time, a report published in December 2018 stated that Coinbase had 422,000 daily active users, while Binance had 313,000.Coinbase Beat Binance in December 2018 Based on Daily Active Users | Image Credits: Blockchain Transparency InstituteSumupIt was likely for internet users to take an interest in a bullish decentralized asset, which explained how people could have landed on Coinbase or Binance either via referrals or directly. That doesn’t take away the fact that bitcoin’s on-chain activity surged alongside its price since December 15’s bottom formation.At the time of this writing, the BTC/USD instrument’s year-to-date gains were 81-percent.