Bitcoin and Ethereum Rise 6% as Market Rebounds During Dark Skies

[rockybar]

Over the past 12 hours, Bitcoin and Ethereum have risen by more than 6 percent in value, but some analysts are still not convinced about the short-term trend of the crypto market.

Generally Positive Sentiment
The quick recovery of Bitcoin and Ether, the native cryptocurrency of the Ethereum network, has led the general sentiment of the market to become more positive.

Ether, which plunged by nearly 20 percent on August 14, showed strong movements today, increasing from $250 to $280.

Ethereum Classic, Litecoin, Ripple, NEO, and other major cryptocurrencies also surged in value and volume on August 15, recording 5 to 10 percent gains in a relative short period.

However, the corrective rally recorded today was not as strong as investors expected it to be. In consideration of the steep drop in value the crypto market recorded over the past 72 hours, investors predicted a more strong bounce from previous levels. But, Bitcoin, Ether, and Bitcoin Cash, which recorded solid gains in the last 12 hours, have started to demonstrate a downward trend once again.

Willy Woo, a well respected cryptocurrency investor and analyst who predicted the price of Bitcoin to drop below the $6,000 mark since May of this year, recently said that the market will likely experience another drop before its next mid-term rally.

Woo specifically said that Bitcoin will likely test the $6,000 support level once again in the near future, even if Bitcoin recovers beyond the $7,000 mark and the market sees a convincing rebound.

“Leveraged short positions now near all time high. Anyone got a spare $35m in their trade account? Should be enough to trigger all those stops for a payday,” Woo said, referencing his previous statement made on August 13:

“The 3rd dead kitten. Fractally speaking, I’m framing this last down leg as an oscillation around the main move. The green line is just magic crayons for short range TAs to determine, the retest target and rate of decline are the things I’m watching. NVT only mildly supports this.”

Where Does the Market go Next?
Based on the analysis of Woo, a likely scenario for Bitcoin and the rest of the crypto market is to record another major drop in the near future, bottoming out at a lower range of prices, and demonstrating stability before initiating a proper mid-term rally.

The lack of momentum, volume, and stability in the market has decreased the probability of a mid-term rally in the near future, and as BitMEX CEO Arthur Hayes stated before, the market will not be able to support a huge spike in price with its current price trend.

More to that, the increasing dominance index of Bitcoin, the most dominant cryptocurrency in the market, shows the lack of confidence of investors in high-risk high-return investments, which generally means the market is unstable and hugely volatile.

It is possible that Bitcoin continues its corrective rally towards the $7,000 mark and records a strong bounce before the next fall, but it is also possible, if BTC fails to secure momentum in mid-$6,000, that it falls below $6,000 once again.


source: https://www.ccn.com/bitcoin-and-ethereum-rise-6-as-market-rebounds-during-dark-skies/

[bct9t]

Now, Its just frustrating for all the investor of crypto currency. Yes, We all know the market is very much volatile but it's been a long time since we all are facing this. The rises make us feel at ease for a certain period of time only. Hope the positive changes happen only.

[zxrcoin]

Though Alt market seems to be recovering fast but Bitcoin has been lurking around 6,200$- 6,500$ level for quite some time now. In my opinion, that is mostly because of the community backing it up and keeping their trust on it. Meanwhile, a lot of the investors are trying to get to the Alt market to get a minimum profit out of there which might have helped it to stop bleeding for now.

[qazgroup]

I think no movement can be taken seriously unless btc breaks the resistance situated at 10k, 12k and 16k mark, when btc will break these resistances then we can easily say that reversal has occured and bulls are dominating and btc is moving towards new all time high levels.

[Yaddady]

Though Alt market seems to be recovering fast but Bitcoin has been lurking around 6,200$- 6,500$ level for quite some time now. In my opinion, that is mostly because of the community backing it up and keeping their trust on it. Meanwhile, a lot of the investors are trying to get to the Alt market to get a minimum profit out of there which might have helped it to stop bleeding for now.

I think the market is playing exactly as it is written in this piece..

"itcoin is currently priced at $6460, with 24 hour volume leveling around 3.5 billion USD. The ranging at current levels has continued as market sentiment remains indecisive. The lack of clear direction could be attributed to the looming deadlines for SEC approval of ETF’s proposed by ProShares. 💆‍♂

ProShares hosts one of the largest assortments of ETF’s in the entire marketplace. They will be considered as a strong candidate in the eyes of the SEC and public alike to host the first Bitcoin ETF. 💪

That being said, many speculators believe these ETF’s may be denied 😫. This is due to the consensus opinion that VanEck money management firm will receive the first nod of approval from the SEC to host a Bitcoin ETF. VanEck, along with crypto startup SolidX, would offer their ETF product with physically backed Bitcoin which differentiates their offering form anyone else currently in the application process. A decision for the VanEck ETF has a deadline of September 30th set in place by the SEC.📅

From pure speculation and analysis of strategic placements of these ETF’s and the companies proposing them, we have come to form the opinion that both Proshares ETFs will be denied this week as the SEC will most likely give the nod to VanEck by the end of September.🎉

We expect major volatility around the announcement on the deadline of the 23rd. With the current ranging of $BTC, we are approaching trading this chop cautiously. In our opinion, ranging will continue until the decision of the ProShares ETF’s are made public.

At that time we will address all of you with our thoughts on the SEC’s decision and what the resulting price action will indicate."

Source: unknown

[herodrx]

According to Elliott Wave's theory, we were in the 4th wave of a market which was the correction and a bearish trend which is highly synthetic. Once the 4th wave is gone it starts the next wave which indicates to a reduced volume in market and the bullish trend to start. If everything goes according to the theory then we are likely to see the bullish trend very soon.

[CoinOnTheBeach321]

So this is the way I must say. You know it is a constant thing that the market will surely change every time. I hope this time the rise stays longer time.

[saganpav]

It's just a simple fluctuation of prices that always exists, but all cryptocurrency is in a very bad position now. This is a bad stability and a serious rise in price is still very far, I believe.

[BTCLovingDude]

and Ethereum started its downfall again.

after the huge dump that we saw recently ETH had a small recovery which brought its price back up to $300 but because of lack of interest and because of a huge amount of Ether being dumped every day the price could not last up there for long and it once again started going down entering the $200 range again.

[CryptoBry714]

That’s a very good news. I have been tired of listening the various issues of crypto market and price dropping of coin. I wish this rise continues and we will have a stable market

[masterrex]

Over the past 12 hours, Bitcoin and Ethereum have risen by more than 6 percent in value, but some analysts are still not convinced about the short-term trend of the crypto market.

Generally Positive Sentiment
The quick recovery of Bitcoin and Ether, the native cryptocurrency of the Ethereum network, has led the general sentiment of the market to become more positive.

Ether, which plunged by nearly 20 percent on August 14, showed strong movements today, increasing from $250 to $280.

Ethereum Classic, Litecoin, Ripple, NEO, and other major cryptocurrencies also surged in value and volume on August 15, recording 5 to 10 percent gains in a relative short period.

However, the corrective rally recorded today was not as strong as investors expected it to be. In consideration of the steep drop in value the crypto market recorded over the past 72 hours, investors predicted a more strong bounce from previous levels. But, Bitcoin, Ether, and Bitcoin Cash, which recorded solid gains in the last 12 hours, have started to demonstrate a downward trend once again.

Willy Woo, a well respected cryptocurrency investor and analyst who predicted the price of Bitcoin to drop below the $6,000 mark since May of this year, recently said that the market will likely experience another drop before its next mid-term rally.

Woo specifically said that Bitcoin will likely test the $6,000 support level once again in the near future, even if Bitcoin recovers beyond the $7,000 mark and the market sees a convincing rebound.

“Leveraged short positions now near all time high. Anyone got a spare $35m in their trade account? Should be enough to trigger all those stops for a payday,” Woo said, referencing his previous statement made on August 13:

“The 3rd dead kitten. Fractally speaking, I’m framing this last down leg as an oscillation around the main move. The green line is just magic crayons for short range TAs to determine, the retest target and rate of decline are the things I’m watching. NVT only mildly supports this.”

Where Does the Market go Next?
Based on the analysis of Woo, a likely scenario for Bitcoin and the rest of the crypto market is to record another major drop in the near future, bottoming out at a lower range of prices, and demonstrating stability before initiating a proper mid-term rally.

The lack of momentum, volume, and stability in the market has decreased the probability of a mid-term rally in the near future, and as BitMEX CEO Arthur Hayes stated before, the market will not be able to support a huge spike in price with its current price trend.

More to that, the increasing dominance index of Bitcoin, the most dominant cryptocurrency in the market, shows the lack of confidence of investors in high-risk high-return investments, which generally means the market is unstable and hugely volatile.

It is possible that Bitcoin continues its corrective rally towards the $7,000 mark and records a strong bounce before the next fall, but it is also possible, if BTC fails to secure momentum in mid-$6,000, that it falls below $6,000 once again.


source: https://www.ccn.com/bitcoin-and-ethereum-rise-6-as-market-rebounds-during-dark-skies/

That's highly possible but I think we are approaching in 4th quarter of 2018 when usually the "BULLRUN" was happen i hope it would not affect the current situation since the time is unfavorable to us But i'm not losing my instinct the Market is on the road to recovery. 

[Alexmasterbtc]

In the outgoing week, bitcoin was again in dangerous proximity to the minimum of 2018, but its weighted average rate stopped at $ 6221.Following the bitcoin of the month experienced and other cryptocurrencies, which led to a record this year to reduce the total capitalization to $189,6 billion the last time such figures were recorded in November of last year.This year the bullish trend will not show itself.

[AllStrong002]

This is really good news for market based on this if the price of coin little increase people will be motivated and may helpful for investors.

[jasonkirbi]

Yes, It's positive changes made us hopeful for the future but the predictions are too much frustrating for us to handle. At the very first of this year, the news was so much positive about the market now it's all getting negative. Hopefully, this year bring some good rises in the price.

[harrybell]

We all might know the fact of the changing situation of crypto currency. This will happen continuously, what we need to do is to have some patience for the market to grow itself up. Yes, As per the prediction suggest it could also happen but I am really very hopeful to stay calm right now and for future too.

[cryptolovers990]

bitcoin and ethureum this two are very popular coins of the market but the problem is it prices growth rate is bit down these days and some of the experts are claiming it as a bad sign so I would request the investors to not get influence by the ill news spreaders market will be on it's track very soon

[BlackAngel999]

you are right but bitcoin will turn around immediately. because it is more potential and secure. if analysis last year price list you can easily understand this. its price will upward more than $8000 and make more profit.

[bitcoindiary]

bitcoin are more potential i think its price should be upward. it's made by advanced blockchain technology thats it is more reliable and people are more interest to invest here. it will increase price more than $8000.

[larkscrypto]

you are right but bitcoin will do something good in future because it is more popular and reliable. it is committed to better perform and last year price list just says that it will be increase their price more than $8000.

[donhill]

Many people was shocked watching the fall of two giants like bitcoin and ethereum. But still we keep hope on them as they are most promising coins of the industry. I hope the losses will be recovered soon.