With massive bearish engulfing candles in the 4-hour chart, the BTC price is now trading at $99,773. BTC has registered a 24-hour low at $97,750, signaling an intense correction rally. The current downfall started near the $105,000 mark and has now recorded a drop of nearly 7%. Furthermore, the massive downfall has broken under the 200-EMA line and is putting the $98,000 support level at risk.
Amid the massive pullback, the 4-hour RSI line has dropped to a 25.93% value, reflecting the surge in selling pressure. Furthermore, the 20-EMA is about to cross under the 50-EMA line to give a sell signal. In the 4-hour chart, the ongoing pullback has dropped under the 50-EMA line at $99,432. In case of an extended correction under the 67.80% level at $97,396, the pullback could break the $95,000 mark. This will likely test the 78.60% level at $94,474. On the flip side, bullish sustenance above the 67.80% level will likely retest the 100-EMA line near the 38.20% Fibonacci level at $101,477.
#MarketPullback A market pullback in cryptocurrency refers to a short-term decline in the value of crypto assets after a period of growth. This can be driven by various factors, including regulatory news, investor sentiment shifts, or broader financial market trends. During a pullback, investors may panic-sell, leading to further price drops. However, pullbacks are often seen as a natural part of market cycles, offering potential buying opportunities for long-term investors. The crypto market is particularly volatile, and pullbacks can sometimes precede a period of consolidation or recovery, depending on broader market conditions.
Will an inverse head-and-shoulders pattern send EThereum to $5,000?
With most of the market moving on from Etherās lackluster performance over the past month, multiple traders were eyeing the current market setup as a potential bullish opportunity.
Jelle, a long-term crypto investor,Ā identifiedĀ the formation of an inverse head-and-shoulders pattern within another bullish setup of ascending triangles on the weekly chart.
The probability of a bullish breakout improves significantly with the price converging within a couple of bullish confluences, as the analyst hinted at the possibility of price discovery for the altcoin. In fact, Alec, a derivative trader,Ā saidĀ Ether was developing a tightening on both the 30-minute low time frame (LTF) and 1-day high time frame (HTF).
With liquidity present on both sides of the spectrum, the trader said:āA larger move is on the horizon for ETH. Take the liquidity and run the opposite way? But which way??"
Lastly, Cold Blooded Shiller, a markets analyst, opined on the dismissive nature of the industry on Ethereum right now and said:ā$5k ETH by March, and this will be the saltiest space on Earth.ā
While $5,000 is an attainable target for Ether, its immediate hurdle remains at the $4,100 level. Since 2024, Ethereum has managed to break above a descending trendline on two separate occasions, but the overhead resistance at $4,100 has not been breached.
Thus, for Ethereum to target $5,000, the immediate condition is to flip $4,100 into support on the daily and weekly chart. Once the price action has been accepted above the aforementioned level, Ether could rally to $5,000, but until then, the altcoin still needs to rally against bearish odds.
Crypto gains on Trumpās first full day back in the White House, bitcoin rises above $106,000
Cryptocurrencies climbed on Tuesday as bullish investor sentiment returned on President Donald Trumpās first full day back in office. The price of bitcoin was last higher by more than 2% at $106,403.65, according to Coin Metrics. The broader crypto market, as measured by the CoinDesk 20 index, rose nearly 3%. Meanwhile, āOfficial Trump,ā a token launched last week that represents the new U.S. leader, cut its loss over the past 24 hours to less than 3%, after tumbling more than 20% earlier, according to CoinGecko. The Securities and Exchange Commission on Tuesday afternoon announced that acting Chair Mark Uyeda has launched a ācrypto taskā force focused on ādeveloping a comprehensive and clear regulatory framework for crypto assets.ā Crypto investors have hailed Trumpās arrival to the White House as a positive moment for the industry. The president has promised to introduce policies supportive of cryptocurrencies, including an accommodating regulatory framework and a federal bitcoin hoard.
Trumpās inauguration Monday lacked any concrete policy announcements regarding the sector. Initially, that appeared to take the wind out of the crypto marketās sails. Kenneth Lamont, a principal at Morningstar, warned investors not to jump into crypto trading without being properly informed about the risks involved. āIf Donald Trump delivers on his election promises, we could see cryptocurrency markets continue to surge. However, investors would do well to resist the siren call of fear of missing out, and sit on their hands,ā Lamont said in emailed comments Tuesday.
Cryptocurrencies are known to be volatile. Bitcoin, the worldās largest digital coin, has previously risen or fallen by thousands of dollars in asingle day. Alternative coins, or āaltcoins,ā like ether and XRP, have proven even more more prone to fluctuations. #TrumpMarketInsights
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$BTC still bearish eventhought it's showing a slight stability but it's not enough to make it break through 61k, looks like the recent geopolitical events especially in the middle east have their say in this situation.
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$XRP rises 12% thanks to triangle pattern, rising futures bets favor bullish prices. XRP surged 12% to extend its weekly gains to over 40%, beating other major tokens. A bullish triangle pattern on the long-term price charts of XRP and a substantial increase in open interest suggest further upside potential in the coming weeks. XRP jumped 12% in the last 24 hours to lead gains among crypto majors, beating bitcoin (BTC) and the broader coinDesk 20 Index (CD20). The token has added 5% since the start of Asian trading hours. On Wednesday, it will extend seven-day gains to nearly 40%, making it the best-performing major despite favorable regulatory developments for ether (ETH) and demand for meme coins. āXRP has been underperforming the market for a long time, but the reversal in sentiment toward the crypto has sparked a steroid rally in the once-largest altcoin. In the latest bounce, the price climbed to 60 cents, its highest since April "This is an attempt to get back into the uptrend of the last two years," said Alex Kuptsikevich, senior market analyst at FxPro. However, it may well be that XRP needs to rest after the ascent. And this peak is appropriate, because we saw prolonged consolidations here in November-December and March, Kuptsikevich added. The token's gains began last week while traditional futures powerhouses CME and CF Benchmarks announced the launch of indices and benchmark rates for XRP. And such moves have formed a triangle pattern on long-term price charts, which some popular traders believe could favor bullish action in the coming weeks.
$XRP Surges 12% on the Back of Triangle Pattern, Rising Futures Bets Favor Bullish Price Moves Ahead
XRP surged 12% to extend weekly gains to over 40%, beating other major tokens.
A bullish triangle pattern on XRP's long-term price charts and a substantial increase in open interest suggest more upside in the coming weeks.
XRP surged 12% in the past 24 hours to lead gains among crypto majors, beating bitcoin (BTC) and the broader coinDesk 20 (CD20) index.
The token added 5% since the start of Asian trading hours on Wednesday to extend seven-day gains to nearly 40%, making it the best-performing major despite favorable regulatory developments for ether (ETH) and demand for meme coins.
"XRP has been performing worse than the market for a long time, but the reversal of sentiment in crypto has sparked a rise on steroids in the once-largest altcoin. On the latest bounce, the price rose to 60 cents, its highest since April. This is an attempt to jump back into the uptrend of the past two years, " Alex Kuptsikevich, FxPro senior market analyst said.
However, it may well turn out that XRP needs to rest after the climb. And this high is appropriate, as we saw prolonged consolidations here in November-December and March, Kuptsikevich added.
Gains in the token started last week as traditional futures powerhouses CME and CF Benchmarks announced the debut of indices and reference rates for XRP. And such moves have formed a triangle pattern on long-term price charts, which some popular traders say could favor bullish action in the coming weeks.