Yesterday’s Bitcoin Surge Given Back to the Market on Bart Down — Price Analysis

There is some aggressive chop in the Bitcoin (BTC) market, as the classic “bart head” trading formation erases most of yesterday’s gains. At the time of writing, the erratic chop is fighting to stay above what I call the “October line,” which forms the bottom limit of the October market structure taken out at the end of November. This seems to have become a critical area of much contention, and yesterday’s surge + fakeout + dump directly over this line does not seem to bode well for the bullish narrative.

We start on the hourly chart to understand what has happened. A sharp 10% gain yesterday was almost as sharply sold back off within just a matter of hours, forming the “bart head” formational familiar to Bitcoin watchers.

Bart strikesBTC chart by TradingView

A subsequent counter-surge has already come after the dump, but volume is falling across the board suggesting that yesterday’s surge is already getting digested by the market.

On the 4-hour chart, we see that the erratic histogram emblematic of November’s price action has returned, with rapid reversals causing a sawtooth pattern on the indicator. What looked yesterday like the possible beginning of a short term uptrend, and with it a higher lower on the daily chart (see below), now looks less likely – but still not impossible.

Very choppy medium term chart - trade with cautionBTC chart by TradingView

But looking on the daily chart, we must again remember that the trend remains down. Price was rejected squarely yesterday near the 21 EMA, and the RSI isn’t putting in any clear signs of strength.

Bearish overall until something changesBTC chart by TradingView

The histogram on this chart is again displaying and refracting the sort of erratic behavior we have seen on the Bitcoin chart since September, with smooth arches colliding with invisible walls of buying or selling. It is difficult to call any change in momentum direction in this environment.

The trend remains down on higher timeframes, though, and nothing has yet changed that. This is the one piece of information we should probably keep in mind above all.

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

Featured Image Credit: Photo via Pixabay.com

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