Bitcoin Long-term Price Analysis

  • Neither the bears nor the bulls have been able to significantly overwhelm each other this week.
  • The price action may be driven slightly southward so that the bulls can be allowed to eventually gain the market advantage over the bears’ driving forces

BTCUSD Long-term Trend – Bearish

Distribution territories: $9,000.00, $10,000.00, $11,000.00.

Accumulation territories: $6,000.00, $5,000.00, $4,000.00.

Since the beginning of this week, on June 3, the BTCUSD pair has been in a somewhat ranging movement. The last time the pair declined and breached the accumulation territory of $8,000.00 was on May 22. On May 29, its price strived to reverse northward but still fell below the market’s vertical line value of $8000.00. Neither the bears nor the bulls have been able to significantly overwhelm each other this week.Bitcoin, BTCUSD, Cryptocompare chart

The 50-day SMA is above the 13-day SMA. Bitcoin has been trading more northward than southward, along the 13-day SMA. The Stochastic Oscillators have moved past range 20 and are now trying to determine the next direction the market will go.

 The current presumed ranging movement in the market value of BTCUSD presumably won’t stay long. The price action may be driven slightly southward so that the bulls can be allowed to eventually gain the market advantage over the bears’ driving forces. Traders are expected to stay watchful until an opportunity comes up or join the trend should a sudden upward breakout occur.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Crypto Market Update for 24 February 2020: BTC, ETH, ADA, and TRX

Siamak Masnavi

This article provides an overview of how Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and TRON (TRX) have been doing over the past 24-hour period, and covers recent news that might have affected their prices (or might do so in the future).

To give you a rough idea of how well the crypto markets are doing today, 18 out of the top 20 cryptoassets (by market cap) are currently in the red (against the dollar).

All market data used in this article was taken around 10:00 UTC on 24 February 2020 from CryptoCompare, which also provided the price charts shown in this article.

Bitcoin

BTC-USD 24 Hour Chart on 24 Feb 2020.png

BTC-USD is trading at $9,715. This means that the Bitcoin price has been under the $10K level since February 20. Still, Bitcoin has still managed to gain +37.60% against USD in the year-to-date (YTD) period.

As for why Bitcoin is having trouble breaking through the $10K level, one theory is that Bitcoin is currently being seen more as a "risk-on" rather a "risk-off" asset; another is that Bitcoin whales are manipulating the market.

Here is prominent crypto analyst/trader Josh Rager with some technical analysis of Bitcoin's latest price action:

Ethereum

ETH-USD 24 Hour Chart on 24 Feb 2020.png

ETH-USD is trading at $265.99. Although ETH-USD has dropped 0.92% in the past seven-day period, for the YTD period, it is up +103.37%.

Cardano

ADA-USD 24 Hour Chart on 24 Feb 2020.png

ADA-USD set a six-month high on February 14 when it hit $0.07083. Since then, it's been going downhill.

Although the 7-day and 10-day pictures look bad, Cardano's return-on-investment (ROI) figures (against USD) for the 30-day, YTD, and 90-day periods look quite decent, being +36.99%, +76.77%, and +60.44% respectively.

On February 21, IOHK tweeted that the Cardano network had successfully carried out a scheduled network upgrade (a hard fork) to bring in Ouroboros BFT (a new consensus mechanism):

 TRON

TRX-USD 24 Hour Chart on 24 Feb 2020.png

TRX-USD is trading at $0.0204, which means that TRON is currently the 16-th most valuable cryptoasset by reported market cap.

TRX-USD has dropped -6.35% in the past 7-day period, but so far in 2020, it is up +54.45%.

Earlier today, in an article for Coindesk, Alexander S. Blum, the Chief Operating Officer of crypto finance firm Two Prime, wrote:

"Viewed through the lens of traditional finance, TRON is acting pretty predictably. It is acquiring more market share through the acquisition of weakened competitors, like BitTorrent, and their networks while promoting their retail financial product. They’re performing a balancing act between being a financial product and a technical one...

"Justin is leading TRON as a for-profit business pretty well. Why does that irk many hardcore developers? For those in the Western world sticking up their noses at TRON, it’s worth reflecting on how deeply elitist it is to judge from a position of pure technical idealism...

"The emergence of TRON in highly competitive Asian markets is commendable. They are pioneering a new business model and creating wealth ex nihilo – out of thin air – because they focus on what works today. Their users share the company’s pragmatism. TRON, EOS and Ripple are pioneering community-centric financial products that offer exciting new models for wealth creation."

Featured Image by "AhmadArdity" via Pixabay.com