Bitcoin, Ethereum, And Ripple Update

Bitcoin invalidated the short-term pattern posted last month as it pulled both sides’ triggers and then returned to the current equilibrium. The other large-scale pattern is good to go.

Bitcoin, Ethereum, And Ripple Update - Bitcoin Daily Chart

I assumed that the right shoulder has been in progress with a possible spike to the upside. The price accurately followed that forecast as the price even surpassed the previous top to mirror the extreme in the left shoulder. Both shoulders peaked almost in the same area as the entire pattern aligns horizontally. Continue reading "Bitcoin, Ethereum, And Ripple Update"

Silver Favor Bulls; Bitcoin To Zero?

Let us start with the positive news; I spotted a hopeful sign in the silver chart. In my earlier update last month, I anticipated a correction to come in the dollar, gold, and silver charts.

Daily Silver Chart

The cleanest retracement among the assets mentioned above appeared in the silver chart as it met minimum requirements. Silver’s price broke below gray support, and the correction almost hit the 38.2% Fibonacci retracement level. It consists of two distinct legs down marked with red numbers. Continue reading "Silver Favor Bulls; Bitcoin To Zero?"

Bitcoin, Ethereum, And Ripple

The bullish setup for Bitcoin that I discussed last week was not triggered, as the price did not break above the bullish confirmation level. The price went the opposite direction, falling beneath the invalidation trigger instead.

The key factors for the sell-off were the U.S. probe into the Binance crypto-exchange, and Tesla is reversing its stance on accepting Bitcoin. The green economy does not support Bitcoin due to its vast electricity consumption, which is generated primarily from fossil fuels.

Bitcoin Daily Chart

The combination of peaks in one area with the highest one in between has built the famous Head & Shoulders reversal pattern (orange). The main focus now is on the orange dotted Neckline as the price hovers around that support. A clear breakdown of it is needed for the pattern to play out. Continue reading "Bitcoin, Ethereum, And Ripple"

Ethereum ETFs Go Live In Canada

While US regulators still have not yet approved a single Bitcoin (the largest and most popular cryptocurrency) Exchange Traded Fund, the Canadian regulators have now begun to move past Bitcoin and are approving ETFs that focus on other cryptocurrencies such as Ethereum.

On April 20th, not one but three new cryptocurrencies’ ETFs began trading in Canada. The CI Galaxy Ethereum ETF (ETHX.U), the Purpose Ether ETF (ETHH.U), and the Ether ETF (ETHR.U) are all now available for purchase by anyone in Canada and any investor who has access to international investments.

Canada already has three Bitcoin ETFs, the CI Galaxy Bitcoin ETF (BTCX.U), the Purpose Bitcoin ETF (BTCC.U), and Evolve’s Bitcoin ETF (EBIT.U). When those ETFs were approved in Canada, it was big news, the same as now with the Ethereum ETFs trading hands.

Bitcoin is and was the first cryptocurrency that got this whole new world of money and technology started. So, it makes sense when it was the first crypto ETF. However, many industry experts believe Ethereum actually has more real-world applications and will improve people's lives to a great extent than Bitcoin will ever be able to achieve. The reason being is because Bitcoin was created to be a form of money using blockchain technology. However, Ethereum was created to help people decentralize certain tasks and allow users to perform tasks on a decentralized platform with more speed, accuracy, and less oversight but more security. Continue reading "Ethereum ETFs Go Live In Canada"

Bitcoin: Make It Or Break It

One of our readers requested the update on cryptos, including Ethereum, this week. Here we go.

The leading coin has taught us excellent lessons recently. I shared with you a bullish setup for Bitcoin a month ago. In the following update, I recommended to move the stop loss higher from $50k to $55k area to cut the risk after the breakout and increase the risk/reward ratio to sound 2.7.

The price indeed broke above the confirmation level of $61782 and quickly reached the new all-time high in the $65k area, but then it failed to advance.

Bitcoin

We have the first lesson here from the RSI. As we can see on the sub-chart, the indicator did not confirm the new all-time high as it established a lower peak instead. This built the Bearish Divergence then, and the outcome you already know, the price collapsed dramatically. Continue reading "Bitcoin: Make It Or Break It"