RIPPLE XRP IS DOGSH*T SAYS BITMEX CEO | Bitcoin (BTC) is Brewing the Perfect Storm Parabolic Rally

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#Bitcoin was in for a surprise plunge this Monday as investors assessed the situation in a worrisome oil market.

The #BTC price fell by 4.30 percent to circa $6,748 per token shortly after the US oil futures price slipped into negative territory for the first time.

The two assets remain non-correlated, but Bitcoin’s growing correspondence to the stock market amid the fast-spreading coronavirus pandemic might have led to the Bitcoin price decline.

The Dow Jones Industrial Average slipped 2.4 percent to 23650.44 on Monday, taking cues from the oil market.

The S&P 500 and Nasdaq Composite, too, plunged by 1.8 percent and 1 percent, respectively, showing that investors continued to seek safety away from risk-on assets.

TECHNICAL ADVANTAGE FOR BITCOIN BULLS

Bitcoin’s intraday fall did not stop its prices from holding its prevailing uptrend.

The cryptocurrency plunged right into what appears like its interim support before attempting a minor pullback heading into the Asian session Tuesday.

As shown in the Coinbase 1D chart above, bitcoin tested the upward sloping support trendline of the saffroned Ascending Channel.

The cryptocurrency bounced back weakly by 1.01 percent to hit an intraday high near $6,925, expressing its likelihood to consolidate further in the current resistance range defined by $6,800-lows and $7,500-highs.

Meanwhile, the price located converging support in the blue 50-daily moving average wave.

Bulls attempted to maintain bitcoin’s interim upside bias near these support levels, confirming that they still have a technical advantage against a dwindling macroeconomic outlook.

“People say bitcoin is wild,” commented Frank Chapporra, a former Nasdaq reporter. “Throughout this [coronavirus] crisis, we’ve seen spine-tingling equity volatility, Treasury yields hit record lows, oil prices fall below zero, unprecedented Fed printing and bond purchasing. Right now, bitcoin might be more stable than anything else.”

In other trending #BitcoinNews today:

Low Adoption Puts Bitcoin Price ‘Expectations’ at Risk – Peter Brandt

As prices stick around $7,000, Brandt appeared to get cold feet over the still marginal role that Bitcoin has in the corporate realm.

Bitcoin (BTC) may not be “living up to expectations,” one of its best-known supporters from the finance world has warned as prices stagnate.

In a Twitter discussion on April 20, Peter Brandt pointed to low corporate interaction as an indicator that Bitcoin was not having the revolutionary impact its supporters hoped for.

“I understand the bullish narrative for $BTC relative to the: Fables of the Feds and their Frivolous Fiats: The argument for the moon makes sense. My only question is whether Bitcoin is actually living up to its high expectations. This question does NOT make me a hater”

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

I understand the bullish narrative for $BTC relative to the: Fables of the Feds and their Frivolous FiatsThe argument for the moon makes sense

My only question is whether Bitcoin is actually living up to its high expectations. This question does NOT make me a hater

— Peter Brandt (@PeterLBrandt) April 20, 2020

https://cointelegraph.com/news/low-adoption-puts-bitcoin-price-expectations-at-risk-peter-brandt

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In other Cryptocurrency news today:

The Bitcoin price returns to $8,700 as resistance becomes new bull support.

In a Twitter update on Monday, the popular account known as Crypto Bull highlighted the fact that a dip to current levels represented previous resistance now acting as support.

“Just testing that support again,” he told followers, referencing Bitcoin’s dramatic run-up from $7,400 to over $10,500 from Oct. 26th.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://cointelegraph.com/news/hcm-capital-expects-chinas-digital-currency-to-launch-in-2-3-months

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Bitcoin Price to Target $11,500 in the Short Term Because Of These Simple Factors

TradingShot – a well-respected technical analyst on TradingView – explained in a recent post that he is closely watching a recently formed inverse head and shoulders pattern for insight into where the BTC price will go next.

Based on this pattern, which he outlines, he believes that Bitcoin (BTC) will retrace towards $7,300 before rallying up to $11,500.

“I expect Bitcoin to retrace now back to roughly 7300 and price the top (inversed) of the Right Shoulder. Assuming the pattern is to a good degree symmetrical, I then expect a peak (before the May Halving) within $11000 – 11500,” he noted.

Analyst: Post-Halving Momentum Likely to Lead BTC to $20,000 TradingShot doesn’t believe that $11,500 is where Bitcoin’s 2020 rally will end, however, as he further goes on to note that post-halving momentum could lead the crypto to its previously established all-time highs around $20,000.

“The Halving will then take effect and after an initial consolidation I expect the 20k ATH to be tested before the end of the year,” he bullishly explained.

In addition to leaning on the inverse head and shoulders pattern and the upcoming mining rewards halving as bullish catalysts, he also references BTC’s position within another macro parabolic channel as a reason to be bullish.

The culmination of all these factors does seem to suggest that the crypto will soon see a significant extension of the uptrend it has been caught within over the past several weeks.

In other Crypto news today, 3 top Cryptocurrency analysts, Peter Brandt, Tom Lee and Mati Greenspan all remain Bullish on Bitcoin right now.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

Charts are constantly morphing. The idea of drawing a chart boundary definition to be fixed forever was discounted by serious traders 80 years ago. Often, the exact configuration is clear only after the fact. #FACT

— Peter Brandt (@PeterLBrandt) January 24, 2020

Wouldn’t trust trendlines… As everyone is drawing them as per their own bias. It can be drawn multiple ways on many Tfs. Market structure is bearish on weekly… unless proven otherwise. Wouldn’t look at daily for a trend change. The bread n butter is weekly for btc.

— Sanchit (@SanchitLuthra87) January 24, 2020

Peter Brandt Remains Bullish on Bitcoin

$20,000: This Pattern Suggests Bitcoin Could Rally 135% in Coming Months

https://www.tradingview.com/chart/BTCUSD/WibvuiXX-BITCOIN-The-hidden-Channel-the-I-Head-and-Shoulders-to-11000/