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

How to become a profitable Forex trader

1) Manage Your Expectations As a trader it can be easy to become obsessed with chasing profits and this  will almost definitely lead to problems. The anxiety which surrounds chasing profits can cloud your judgement and lead to mistakes which will cause losses. Therefore, my first bit of advice in your journey to becoming a master Forex trader, is to dispense with any unrealistic objectives. The prospect of becoming rich in just a few sessions of trading Forex is extremely unlikely and, believing any differently, may cause you to operate with greater risk, jeopardizing your capital. 2) Define Your Trading Risk Profile Before making any substantial commitments, get a good understanding of the fundamental aspects of the market. Assess your capital at hand, read trader testimonials so you have realistic expectations of returns and research the markets and currency pairs you are interested in. If you don't feel comfortable, don't invest your money in Forex, even if it might be profi...
Post a Comment
Read more
How to Know if Trading is Right for You Key points covered in this article • Should you trade? • Ability • Running the numbers • Active or passive mindset Should you trade? Should you trade? It is a simple question, but not easy to answer. There are many factors to consider but the most fundamental factors center around your ability and willingness to trade. If you answered ‘yes’ to the first 2 questions you can start to consider how much capital you are prepared to risk and whether you prefer an active or passive approach in your journey of wealth accumulation. Ability Ability - The first question you should ask yourself is whether you have the ability to trade. In other words, do you have the asset base? Senior analyst, Tyler Yell compares this to a runner’s aerobic base in preparation for a marathon. A stronger aerobic base, means you can run more miles without body breakdown which leads to a more successful race despite the inevitable developments on race...
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