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Bearish Divergence Haunts Bitcoin! Will BTC Price Touch $17K?

With the Bitcoin (BTC ) price heading strongly towards its ATH, the analysts predict attaining $17K should be imminent….

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Bears may Hinder the Bitcoin bull run

Bitcoin recorded new highs by smashing above $16,000 levels in a very short period of time. With the BTC price heading strongly towards its ATH, the analysts predict attaining $17K should be imminent. 

One of the technical analyst and BTC crypto specialist Parabolic Thies has predicted two possibilities. Either the bears get ‘REKT’ and ATH will be attained before dumping back to $14K levels or Bitcoin stops here, consolidates before reaching ATH and never look back.

With #bitcoin price at $16.2k at the moment, I see 2 options for entries/consolidation

# 1. Bears get REKT and we touch ATH before dumping to mid $14k level for support test.

OR

#2) #bitcoin stops here and consolidates at same levels, before smashing ATH, never coming back. pic.twitter.com/I3qeeNoYMH

— Parabolic Thies ♔ (@KingThies) November 13, 2020

Also Read: Bitcoin gets rejected four times at $16,000, What it Signifies?

Will Bitcoin (BTC) Price Touch $17K?

Bitcoin has successfully maintained above $15,000 for more than 3-4 days and recently crossed $16,000. With the current bull run, some analyst predicts a short term rally which would end up with a pullback

However, another analyst Coingilla has discovered an S-curve pattern and also a bearish divergence in the RSI which is in between 50-55. 

S-curve pattern on #Bitcoin comes to the end at $16600 level, there is also a bearish divergence on RSI. Miners have already capitulated some time ago. Chart is just below the oldest resistance line ever on BLX (Hell Line). TA points down imho. pic.twitter.com/YWzZpU230H

— Coingilla (@coingilla) November 13, 2020

In the previous bull rally of 2017 and in 2019, the RSI indicators had almost hit 100 which suggested a very ‘overbought’ condition. But currently, the RSI just hit close to 80 and dipped below 55 levels. At present, the Bitcoin price stands at $16,120 with a surge of 1.77 percent in the last 24-hours.

Collectively, the Bitcoin bears should not outperform the bull to continue rallying. But the selling pressure that accumulates at every stage causes some trouble for the bitcoin bull rally. Therefore the Bitcoin movement to its ATH would be very interesting to witness.

Also Read: Bitcoin Price Reclaimed 60% Losses While Gold Price Trends Below $1900

Source: https://coinpedia.org/news/bearish-divergence-haunts-bitcoin-price/

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Coinpedia

Polygon (MATIC) Price Retraces Well, Is It A Dead Cat Bounce Or A Recovery?

The Polygon price struggling to sustain the uptrend, the possibility of a fake breakout haunts the Matic Price Rally

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Matic Netwrok gained immense popularity and recognition with the rebranding to Polygon, earlier this year. Additionally, the Matic price rally also gained mainstream attention and adoption of-let. However, surrounding the immense market uncertainty, Polygon price slumps to its lowest levels.

The price has tanked more than a couple of time in a months time. Therefore healing is much delayed than expected. No doubt the price initiated with recovery within a short time frame, yet the multiple plunges have impacted the momentum of the uptrend. And hence, the probability of forming higher highs has fallen down to lower highs.

matic deadcat

As mentioned in the chart, the MATIC price experiences an extreme squeeze as the resistance levels are lower after each slump. The recovery rate has also gone down which clearly indicates the loss of bullish momentum. With the price attempting to uplift again, it would be mandatory to raise a huge leg up. Else, if the price follows the previous pattern, the dead cat bounce may lead the price to revisit the levels below $1.

AlsoRead: MATIC Price Targets $2.40 Level! Polygon Flashes Buying Signals!

Is It Safe To Enter The Matic Price Trade?

The short-term price analysis for the Polygon price, however, does not give a fully green signal to enter the trade. As the instability prevailing the crypto space does point out to observe the price movements closely and enter at the right time.

However, the recent dip may have opened the doors to initiate a ‘buy’ trade. As the price is expected to jump high soon. As per the analyst, Altcoin Sherpa, there was a nice dip towards the demand zone. Moreover, the analyst believes the price may reach the weakly highs around $1.7.

$MATIC: Nice dip to the demand zone again w. a good reaction. Would like to see it flip this current level before buying. Decent buy volume from yesterday; we’ll see if this can test higher. #MATIC pic.twitter.com/LDCPEowSh8

— Altcoin Sherpa (@AltcoinSherpa) June 23, 2021

Interestingly, the analyst also predicts a dip after the price attains the upper resistance levels. And hence, the $2 target still remains still misty. As the bulls remain still calm and maybe waiting for the right time to uplift the Matic price.

The short-term price analysis for the Polygon price, however, does not give a fully green signal to enter the trade. As the instability prevailing the crypto space does point out to observe the price movements closely and enter at the right time.

Source: https://coinpedia.org/price-analysis/polygon-matic-price-recovers-well/

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Will Bitcoin Death Cross Pave Way for a Golden Cross

The token’s price pattern on the charts has recently formed a death cross pattern. i.e, the crossing of BTC’s 50-day moving…

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Bitcoin plunged to a two-week low on Monday, falling as much as 11.4% to $31,735. The flagship crypto has been highly volatile, as it has dropped more than 20% in the last six days and is almost half the price of its April high of nearly $65,000.

The token’s price pattern on the charts has recently formed a death cross pattern. i.e, the crossing of BTC’s 50-day moving average below the 200-day moving average.

This infamous pattern has triggered a conversation amongst traders and analysts. While some consider it as a bearish indicator, some believe the prices will recover and surge higher than ever before.

Historically, Bitcoin’s formation of a death cross in March 2020 proved no hindrance to profits, as it rose two months later and formed a golden cross. However, a death cross in November 2019 resulted in the coin’s price falling a month later.

Popular analyst and trader Benjamin Cowen has weighed in on the death cross pattern. He believes that moving averages are lagging indicators that often tell us what we already know.

Cowen says Bitcoin will have lengthy bull cycles, and it is in for a long period of consolidation and range. The expert claims that he believes BTC Price will reach $100,000, but that it will take longer than most people think.

The analyst believes that now that the death cross is nearly complete, Bitcoin bulls can look forward to a probable “golden cross”.

“One nice thing about a death cross is that the next thing you can maybe look forward to is a future golden cross. Now, I don’t know how long it’ll take… We know that historically speaking, at least in recent years, it could take six months before we get above the 20-week [moving average] and then hold it as support.”

Not just Cowen, Popular analyst Plan B has also weighed in, He took to Twitter and pointed at the timelines of previous death crosses in Q4 2019 and Q1 2020 and what followed further.

Historically, Bitcoin’s formation of a death cross in March 2020 proved no hindrance to profits, as it rose two months later and formed a golden cross. However, a death cross in November 2019 resulted in the coin’s price falling a month later.

Source: https://coinpedia.org/bitcoin/bitcoin-death-cross-pave-way-for-a-golden-cross/

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A Major Breakout Awaits Cardano Price, Is $2 Achievable Now?

Cardano(ADA) price is showcasing a possibility of a major breakout that might result in a reattempt to propel towards $2

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cardano surge

The crypto space is currently uncertain as the price of most of the coins does not point out either bullish or bearish. While speculations and anticipations fail for most of the coins, Cardano price stands away from the crowd. As the ADA price currently is not too bullish nor it does show signs of a plunge to lower lows.

Despite a major drop during mid-may, the price remained above $1 whereas the other assets within a similar range plunge down to $0.7 to $0.8 levels. Considering the present scenario, ADA price is trending within a narrow range. And hence showcasing a possibility of a breakout as it failed to break down the strong support levels.

Also Read: Is Cardano Price Poised For 500% Rally? ADA Price to Hit $10 By 2021 End

adapricetrianlge

As mentioned in the chart, the price after bouncing above the support levels did not dip below these levels in the past month. However, the fresh dip enforced the price to trade within the lower limits of the channel. On the other hand, a triangle pattern has also formed and the price already rebounded from the lower levels. And hence after a consolidation for another day or two, a breakout appears imminent.

Cardano price bull run seems to approaching very fast as it has followed the uptrend line without any flaws. And the price could reach $1.84 or equal to 0.0000519 BTC by the end of July as predicted by a popular analyst, mantorras.

The crypto space is highly anticipated to gain enough momentum and bounce back. Many analysts believe the upcoming Q3 and Q4 of 2021 will be very fruitful than the initial one’s. And hence, Cardano price may also regain the lost positions above $2 with an aim to never revisit lower levels. In such a case, the bulls need to uplift the ADA price well before the time.

Photo of Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Source: https://coinpedia.org/price-analysis/major-breakout-awaits-cardano-ada-price/

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