Skip to main content

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin points


  • With the same progression as in previous halving events, one can expect an improvement of more than 1689% in Bitcoin price.
  • The dispute for market share control continues and limits the upward potential on the ETH price side.
 The event of the year in the crypto universe, the Bitcoin mining reward halving, is less than a week away.

The direct consequence of this event will be that Bitcoin mining revenue reduced by half.

The Bitcoin Network rewards miners with a fixed amount of Bitcoins every 10 minutes. Until now, and after the July 9, 2016 halving, the network created 12.5 Bitcoins per period, and after the imminent halving, it will create 6.25.


The reduction in Bitcoins production means a lower flow of sales in the market, and the market expects the price to adjust upwards in the face of greater scarcity.

After the 2016 halving, the price of Bitcoin went from $650 to just under $20000, a 3025% growth in a few months. After the first halving, back in 2012, the price of Bitcoin went from $12 to $650, a 5416% growth. 

The declining rate of post-halving growth would project an increase of 1689 %, which at today's price means a theoretical target of $152400 per Bitcoin before the next halving in 2024.

 

No one knows if this scenario will crystallize or not, but the market is based on expectations, and this particular one is on the table.

 The Bitcoin dominance chart shows us why the resistance to the advance that Bitcoin is experiencing just above $9000. The reasons for this are the 200-day simple moving average at the 67.16% dominance level, and especially the price congestion resistance at the 67% dominance level. 

On the opposite side, the Ethereum dominance chart shows the reason for the Ether's weakness in the last few days. After losing the fragile support of the bearish trend line (A), the first support level is at 9.25% dominance, then the second at 9% and the third one at 8.69.

ETH/USD Daily Chart

The ETH/BTC pair is the most direct expression of the struggle to dominate the crypto market between its two top representatives.

The ETH/BTC is currently trading at the price level of 0.0231 and confirms the drilling of the 50-day exponential moving average and the 100-day simple average.

The first resistance level is at 0.0235, then the second at 0.0245 and the third one at 0.0258.

The first support level is at 0.0228, then the second at 0.022 and the third one at 0.0215.


 

Up provide support and help contain the downward movement.

The DMI on the daily chart shows bears losing strength once they break down the ADX line. The bulls are holding on to high levels of trending force, although they are not showing much interest in competing for the lead. 


 

BTC/USD Daily Chart

The BTC/USD pair is currently trading at the price level of $9026 and seems to have difficulties in breaking up the price congestion resistance at $9150 again. 

Above the current price, the first resistance level is at $9150, then the second at $9650 and the third one at $10400.

Below the current price, the first support level is at $8800, then the second at $8400 and the third one at $8200.


 

The MACD on the daily chart shows an outstanding bullish profile. The line spacing and the upward slope indicate a potential for further price increases in the coming days.

The DMI on the daily chart shows bulls trying to bounce up from the ADX line. If the buy-side fails to hold above this trend line indicator, an end of trend pattern will be triggered.

With the same progression as in previous halving events, one can expect an improvement of more than 1689% in Bitcoin price.

ETH/BTC Daily Chart

The ETH/BTC pair is the most direct expression of the struggle to dominate the crypto market between its two top representatives.

The ETH/BTC is currently trading at the price level of 0.0231 and confirms the drilling of the 50-day exponential moving average and the 100-day simple average.

The first resistance level is at 0.0235, then the second at 0.0245 and the third one at 0.0258.

The first support level is at 0.0228, then the second at 0.022 and the third one at 0.0215.

The MACD on the daily chart is already moving very close to the neutral level of the indicator, which could provide support and help contain the downward movement.

The DMI on the daily chart shows bears losing strength once they break down the ADX line. The bulls are holding on to high levels of trending force, although they are not showing much interest in competing for the lead.

Labels:

Comments

Post a Comment

Popular posts from this blog

4 Big Mistakes Traders Make When Setting Stops Let’s talk about the four biggest mistakes traders make when using stop losses. We always stress using proper risk management but when used incorrectly, it could lead to more losses than wins. And you don’t want that, do ya? 1. Placing stops too dang tight.  The first common mistake is placing stops tighter than those leather pants that Big Pippin used to wear back in the retro days. They’re so tight that there ain’t no room to breathe! In placing ultra-tight stops on trades, there won’t be enough “breathing room” for the price to fluctuate before ultimately heading your way. Always remember to account for the pair’s volatility and the fact that it could dilly-dally around your entry point for a bit before continuing in a particular direction. For example, let’s say you went long GBP/JPY at 145.00 with a stop at 144.90. Even if you are right in predicting that the price would bounce from that area, it’s a possibilit...
Post a Comment
Read more

Key Notes You should remember before trading forex in 2021

Forex exchanging gives you admittance to one of the biggest monetary business sectors on the planet. Be that as it may, to prevail in this endeavor, you need to get familiar with a couple of things about the market prior to making your first exchange. Here are five exercises you'll have to learn on the off chance that you need to be a productive merchant. 1.   Studying  is a Necessity, Not an Option  In case you're hoping to make forex exchanging a vocation, you should be OK with the way that you will contemplate and rehearsing constantly. Fortune favors the striking, however you increment your prosperity rate on the off chance that you settle on educated and smart choices dependent on realities and information.  You can surely "make things up along the way" in forex: exchanging the manner in which you feel that day or choosing dependent on what your gut or instinct advises you. In any case, that may turn out just for a period, and it might even lead you to shocking ...
Post a Comment
Read more
DAY TRADER’S TRICKS TO CONTROL YOUR EMOTIONS In this article, we will explore which different emotions Forex Traders feel and the things we can do to effectively manage these feelings and take control of our trading destiny. We will also take a look at what common mistakes traders make due to not thinking clearly and how you can learn to identify these pitfalls and how to avoid them in the future.    Humans are Emotional Out of all living beings, humans are to be considered the most susceptible to letting emotions get the better of us and cloud our judgment.   Throughout history, we have seen situations where world leaders of countries have ‘reacted’ to situations rather than respond - resulting in war. Or situations where soccer stars have reacted emotionally in cup finals, getting a red card because of a knee jerk reaction where their emotions have gotten the better of them. We can think of Zinadine Zidane's infamous reaction in the 2006 ...
Post a Comment
Read more