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Bitcoin halving is set for this week. Bitcoin Halving Event The cryptocurrency was hit hard over the weekend after Iran carried out a series of strikes against Israeli territory. The attack, in response to Israel’s attack on Iran’s consulate in Syria at the start of the month, saw in excess of 350 drones and missiles launched by Iran. According to the Israel Defence Force (IDF), ‘99%’ of these ‘threats’ were successfully intercepted. With the cryptocurrency sector being the only market open over the weekend, traders used the sector’s liquidity to hedge risk. Bitcoin hit a low of $60.6k as news of the impending strike filtered through, while Ethereum hit a multi-week low of $2,845. In the altcoin space, losses of 25% or more were seen, sparking multiple liquidation stories. Prices across the board are pushing higher today, but the weekend’s losses will take some time to fully recover. The weekend sell-off saw Bitcoin fall below both the 20- and 50-day simple moving averages for the first time since late January. Both of these will need to be recovered convincingly, along with a prior resistance-turned-support level at $69k, before Bitcoin can make a fresh attempt at the mid-March $73.78k all-time high. BITCOIN DAILY PRICE CHART – APRIL 15TH, 2024 Ethereum is over 3% higher today after making a multi-month low of $2,845 on Saturday. Ethereum must reclaim both the 20- and 50-day moving averages before $ 3,582 comes back into play. Above here, the April 8th/9th double high at $3,728 comes into focus. ETHEREUM DAILY PRICE CHART – APRIL 15TH, 2024 All charts via TradingView What is your view on Bitcoin and Ethereum – bullish or bearish? Apr 15, 2024 1:30 PM +02:00 Nick Cawley, Senior Strategist DailyFX -
By CryptoSaint · Posted
Ethereum (ETH) Price Update: Despite a 3.76% dip in the last 24 hours, Ethereum remains a dominant force in the crypto space at $3,026.41. Its robust infrastructure and role in DeFi continue to solidify its position Dogecoin (DOGE) Price Update: With a 3.11% loss in the last 24 hours, Dogecoin sits at $0.1531. Despite market downturns, DOGE's strong community and meme-driven virality keep it relevant in the crypto landscape. Litecoin (LTC) Price Update: Litecoin saw a 2.73% dip, now priced at $76.38. Known as the "silver to Bitcoin's gold," LTC's reputation for fast transactions continues to bolster its standing in the market. Ripple (XRP) Price Update: Despite a 3.24% loss, Ripple stands at $0.4826. Despite regulatory challenges, Ripple remains focused on revolutionizing cross-border payments with blockchain technology. Solana (SOL) Price Update: Solana experienced a notable 10.63% dip, now priced at $132.79. Despite this setback, Solana's high throughput and innovative approach to dApps position it as a promising contender for future growth. -
By tradinglounge · Posted
Silver Elliott Wave Analysis Function -Trend Mode - Trend Structure - Impulse for (A) Position - Wave 3 of (A) Direction - Wave 4 of (A) Details - Currently in wave 4 dip before further rallies for wave 5 of (A) higher. We should see one more leg lower for wave 4. The current bullish resurgence on Silver started in January 2024 after a sideways move in over a year prior. By projection, it doesn’t look like this bullish run is ending soon. Buyers will continue to wait for dips to buy. With Elliott wave theory, we can identify the identity of the dips and when a bigger pullback is on the way. The current dip that started on 12 April 2024 is expected to take a leg lower before the bullish trend resumes. In today’s commodity blog post, we will look at the position of the current price in the larger framework and what target traders should expect for the current bullish trend. On the daily time frame, we could identify that the current rally is part of a bigger bullish correction that started on March 20, 2022 at 11.645. Since then, a double zigzag pattern has been emerging upwards, labelled waves (w)-(x)-(y) of the supercycle degree. Wave (w) ended at 30.08 on 3rd February 2021 and wave (x) concluded at 17.56 on 31 August 2022. By projection, wave (y) could reach 44.995 if we get a 100% relationship between (w) and (y) which often happens with zigzag structured. From the 2022 low of 17.56, wave (y) is emerging and itself now sub-divides into blue waves ‘W’-’X’-’Y’ - a double zigzag pattern. Blue wave ‘W’ ended on 3rd February 2023 at 24.65 before price entered in to a triangle sideways structure for blue wave ‘X’ that lasted for over a year. Currently, we are in wave (y) of the supercycle degree that can sub-divide into at least three waves. Current rally is the first leg or first leg of the first sub-wave of (x). If we go with the latter, then we are in wave (A) of w of (x) but if we go with the former, we are in wave a of (w). All these may sound confusing to a beginner in the subject of Elliott wave theory. We can just focus on wave (A) ahich is expected to be an impulse from 21.929. The H4 time frame shows its sub-waves more clearly. On the H4 time frame, we are currently in wave 4 pullback of wave (A). 1st and 2nd legs of wave 4 seem to have completed. We will expect another leg lower into the 26.86-26.07 Fibonacci extension zone where wave 4 might find a support for further rallies in wave 5 of (A). Therefore, we can conclude that current dip has not violated the bullish development in anyway. It’s just an opportunity for new and existing buyers to get in long positions from the dip. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!
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