ReportWire

Tag: bitcoin dominance

  • Chainlink Bears Show Strength, But $16 Support Could Flip The Downtrend

    [ad_1]

    In his latest Chainlink daily technical outlook, CryptoWzrd noted that the token closed bearish, retesting the $16.00 daily support level. He mentioned plans to monitor its intraday chart closely for potential quick scalp opportunities, particularly if LINK holds above $16.80, which he views as a positive zone.

    A Possible Shift In Chainlink’s Current Bearish Action

    Moving on, CryptoWzrd pointed out that both Chainlink and LINKBTC closed the day with bearish candles, signaling short-term weakness. The downside move came after a period of consolidation, suggesting that traders may be taking profits following recent gains. Despite the pullback, the analyst emphasized that the overall market context still holds potential for recovery.

    He further explained that LINKBTC could experience an upward push if Bitcoin dominance shows positive sentiment tomorrow. A recovery in Bitcoin’s strength often translates to renewed confidence in the broader altcoin market, and LINK could benefit from this correlation. 

    According to CryptoWzrd, LINK’s retest of the $16 daily support level played out exactly as anticipated. This zone now represents a crucial decision point, holding above it could trigger a rebound toward the next major resistance of $20 and beyond if market conditions remain stable.

    However, he cautioned that with the weekend approaching, volatility may rise and market volume could thin out. As a result, CryptoWzrd maintained a balanced stance, noting that it is essential to keep expectations rational and remain alert for any signs of renewed bearish pressure.

    Bullish Breakout Could Ignite A Rally Toward $19.30

    Concluding his analysis, CryptoWzrd noted that Chainlink’s intraday chart displayed notable volatility throughout the day, with rapid price swings keeping traders on edge. Despite the choppy movements, the price is now teasing the $16.80 intraday resistance, a level that could play a pivotal role in determining the next short-term direction.

    He explained that a bullish breakout above $16.80 would likely trigger a wave of renewed buying pressure. Such a move could pave the way for a rally toward the $19.30 target, an area where previous price action has shown a strong reaction and potential for profit-taking. 

    On the other hand, CryptoWzrd cautioned that a rejection from $16.80 or prolonged trading below this resistance could lead to more sideways movement over the weekend. With lower trading volumes expected, this range-bound behavior may continue until a clear catalyst emerges to drive momentum in either direction. 

    He concluded by emphasizing the importance of patience and clarity in the current setup. The market is at a decision point, and waiting for a stronger trade formation could offer a safer entry opportunity.

    Chainlink

    [ad_2]

    Godspower Owie

    Source link

  • Chainlink Targets $22 As LINKBTC Shows Signs Of Reversal – Is The Next Rally Close?

    [ad_1]

    CryptoWzrd noted in a fresh update that Chainlink ended the day on a bullish note, with signs pointing to more upside ahead. The strength in LINKBTC is adding momentum, suggesting further pressure from the bulls. On the intraday chart, the $22 level is emerging as the next key bullish zone, while lower time frames remain the focus for spotting the next scalp opportunity.

    LINKBTC To Trigger A Reversal For Chainlink

    In an elaborate analysis, CryptoWzrd confirmed a strong bullish close for both the price of Chainlink and the LINK/BTC pairing. Notably, the LINK/BTC pair printed a powerful bullish daily candle, an event that coincided with a decrease in Bitcoin’s dominance. This simultaneous action suggests that capital is rotating out of Bitcoin and into altcoins like LINK, providing significant underlying strength.

    The analyst believes that a key confirmation of a major reversal is near. Achieving just one more bullish daily close from the LINK/BTC pair would offer further bullish momentum, which would solidify the reversal. Such a development would significantly aid LINK in becoming more bullish from its present price location.

    Looking at the price structure, the analysis identifies $20 as the primary daily support level for Chainlink. The current setup, driven by the strength in the LINK/BTC pair, suggests that if a second consecutive bullish daily close occurs, it could spur a rapid V-shape recovery. This implies that the recent dip would be quickly and aggressively retraced. Should this V-shape recovery materialize, the immediate outlook points to a rally toward key resistance targets such as $25, followed by the more ambitious target of $30. 

    Holding Key Resistance Zone Could Unlock Fresh Long Opportunities

    CryptoWzrd highlighted that both volatility and a strong underlying bullish bias characterized the intraday chart. A key takeaway is that a move above the $22 resistance level is an indicator of strength. Based on this impending move, the analyst stated his intention to look for a long position.

    The analyst also outlined an alternate entry scenario that could present itself sooner. He suggested that if a bearish pullback were to occur from the current price location, followed immediately by a decisive bullish reversal, this reversal pattern could trigger an early long opportunity. Meanwhile, an immediate downside support level to watch is identified at $19.80. 

    For the time being, the analyst is in a waiting period, as the current environment is ambiguous in terms of immediate entry. CryptoWzrd concluded that the next course of action is to wait for the market to further develop and produce chart formation that confirms the direction.

    Chainlink

    [ad_2]

    Godspower Owie

    Source link

  • Ethereum Daily Chart Turns Green As ETHBTC Prepares For Lift-Off

    [ad_1]

    In a recent post on X, crypto analyst CRYPTOWZRD shared a bullish daily technical outlook for Ethereum (ETH), highlighting a strong close that suggests further upward movement is likely. The analyst’s primary expectation is for more gains to follow as the ETH/BTC pair begins to surge. This key relationship is a central focus for the analyst, as a strong performance from Ethereum against BTC often signals a broader bullish period for ETH itself.

    ETH And ETHBTC Daily Candles Flash Strong Bullish Close

    Giving a detailed market update, CRYPTOWZRD highlighted that both Ethereum’s daily candle and the ETHBTC pair closed strongly bullish. ETHBTC’s surge occurred as Bitcoin’s dominance weakened, providing altcoins with room to build momentum. This shift marked a significant move for Ethereum, reflecting renewed strength in the broader market structure.

    According to his analysis, ETHBTC successfully broke out of its daily falling wedge pattern, a move that often signals the start of a bullish reversal. Ethereum mirrored this strength, pushing higher alongside the breakout, which further reinforced optimism among traders who have been watching closely for signs of sustained upside momentum.

    Examining key levels, CRYPTOWZRD highlighted that $5,000 remains the primary daily resistance for Ethereum. A decisive break above this threshold could ignite an impulsive rally, potentially driving ETH toward the $5,780 resistance zone or even higher. On the downside, $4,000 is seen as the critical daily support, providing a safety net for bulls should price action cool off in the short term.

    Despite the strong outlook, he noted that his primary focus will stay on the lower time frame chart formations for tomorrow, as these provide opportunities for quick scalps and short-term trades. However, with the weekend approaching, CRYPTOWZRD is maintaining a rational stance.

    Volatility Offers Both Risk And Opportunity In The Current Setup

    Crypto analyst CRYPTOWZRD has stated that the intraday chart for Ethereum is showing significant volatility, with more expected in the near term. This high level of fluctuation is something he is prepared for and is a normal part of the market as it searches for a new direction.

    In the meantime, CRYPTOWZRD has outlined two potential scenarios. If BTC’s price pulls back toward the $4,500 level, it will then show a clear bullish reversal. Another scenario would be if Ethereum holds strong and breaks above the $4,765 resistance, it would signal a new upward leg.

    Ultimately, the analyst advises exercising patience and waiting for the market to present a clear, healthy trade setup. This cautious approach acknowledges the current volatility, and the market’s next move will dictate the next best opportunity.

    Ethereum

    [ad_2]

    Godspower Owie

    Source link

  • Bitcoin Daily Close Spurs Caution – $110,500 Breakdown Could Shift Momentum

    [ad_1]

    Cryptowzrd, in a fresh update on Bitcoin’s daily technical outlook, noted that the market closed bearish, leaving room for further downside. A decisive close below the $110,500 support could mark a key shift, making lower levels worth watching. 

    Daily Candle Signals Bearish Pressure For Bitcoin

    Cryptowzrd expanded on his outlook by pointing out that Bitcoin’s daily candle closed bearish, with price now trading beneath the $110,500 support zone. This breakdown is significant and could invite further selling pressure in the sessions ahead if buyers fail to reclaim the level.

    He emphasized that holding below this support opens the door for a potential move toward the $100,000 mark. However, a strong bullish candle and a swift recovery could invalidate the bearish setup, restoring confidence for buyers.

    In the analysis, he also highlighted the performance of Bitcoin Dominance (BTC.D), which closed indecisively while displaying weakness. This weakness in dominance is often viewed as a positive signal for altcoins, as it suggests capital is flowing away from Bitcoin and into alternative assets.

    Such a shift in market dominance reflects growing market confidence in altcoins. When Bitcoin dominance stalls or declines, it tends to fuel altcoin rallies, allowing traders to diversify into promising setups across the market.

    Finally, he noted that markets are heading into the monthly transition period, a time often associated with increased volatility and mixed sentiment. Going into the weekend, he emphasized the importance of staying rational and avoiding overextending in either direction, maintaining measured strategies while waiting for clearer confirmation signals.

    BTC Volatility Dominates Intraday Trading

    Cryptowzrd highlighted that today’s intraday chart displayed sharp volatility with a clear bearish tone, as Bitcoin slipped and is currently holding below the $110,400 intraday support. This level has now become critical, as losing it signals weakening buyer strength and raises the risk of further downside pressure. 

    He explained that if Bitcoin retests $110,400 and fails to reclaim it, the level could flip into resistance. Such a scenario would likely trigger a short setup, with price action targeting the $105,500 support area or even extending lower if bearish momentum accelerates. This makes the $110,400 region a decisive battleground for traders closely watching intraday setups.

    On the other hand, Cryptowzrd pointed out that a strong reclaim and hold above $110,400 could shift momentum back in favor of the bulls, opening the door for further upside pressure. However, the crypto analyst emphasized that the market currently lacks clarity, and traders should exercise caution before rushing in.

    Bitcoin

    [ad_2]

    Godspower Owie

    Source link

  • Could Bitcoin Dominance Rejection Induce an Altcoin Rally? 

    Could Bitcoin Dominance Rejection Induce an Altcoin Rally? 

    [ad_1]

    In addition to its price hitting a 19-month high, Bitcoin dominance also hit local highs, topping 54%. However, a minor retreat in the metric and a potential BTC correction could be good news for altcoins.

    On Dec. 4, crypto trader Jacob Canfield commented on the dominance decline and potential for altcoin moves. 

    “I’m liking this Bitcoin dominance 4-hour rejection at prior resistance. This could mean a nice couple days of big altcoin moves.” 

    BTC prices have surged almost 14% over the past week, but altcoins have not really followed. 

    Still Early For Altcoins 

    Another chart that many analysts are sharing is the total market capitalization minus BTC. This shows all other crypto assets, including stablecoins, and it remains in the accumulation zone. 

    Trader and investor “EliZ” shared this chart, noting that it was approaching resistance and on the verge of a breakout. 

    On Dec. 4, analyst “Income Sharks” commented on the same chart: 

    “Missing out on a 9% move on Bitcoin won’t sting as much when some ALTS and Microcaps make a 900% move.”

    Moreover, many of the high-cap altcoins are still way down from their peaks. Ripple, Cardano, Dogecoin, Avalanche, and Polkadot are all more than 80% down from their all-time highs. Solana, Chainlink, and Polygon are still more than 70% down despite recent gains. 

    Bitcoiner Jimmy Song compared altcoin prices to the last time BTC was above $40,000, which was in May 2022.

    Most of them were much higher than today’s levels, but the bear market was intensifying at the time, and it was just before the Terra/Luna collapse, so it was not the best of comparisons. 

    Crypto Market Outlook 

    Crypto markets have remained flat on the day, with total capitalization pausing at $1.61 trillion. Bitcoin has reached resistance and was trading at $41,709 at the time of writing. 

    However, nearly all of the leading altcoins were in the red again, with 2-4% declines. There were larger losses for Solana, Chainlink, Polygon, and THORChain. 

    Bitcoin smart contract protocol Stacks (STX) were bucking the trend, surging 33% on the day. 

    SPECIAL OFFER (Sponsored)

    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    [ad_2]

    Martin Young

    Source link

  • Ethereum Set To Outperform: Crypto Analyst Predicts 18% Rise To $1,900

    Ethereum Set To Outperform: Crypto Analyst Predicts 18% Rise To $1,900

    [ad_1]

    Ethereum (ETH) has so far relatively underperformed in comparison to the flagship cryptocurrency Bitcoin. However, that could change soon enough as a crypto analyst has predicted the second-largest crypto token by market to gain some momentum soon enough. 

    Ethereum To Hit $1900

    In a post shared on his X (formerly Twitter) platform, prominent crypto analyst Ali Martinez mentioned that Ethereum could rise to as high as $1,900. His prediction was based on data that he had pulled up from the chart which he shared in his post. 

    The chart (a 3-day timeframe) featured an ascending triangle pattern, which usually represents a bullish formation. According to Ali, Ethereum is “poised” to rebound off the hypotenuse of the ascending triangle. Most importantly, for Ethereum to go as high as $1,900, the analyst noted that It has to experience a “firm close” above the 18-day SMA (Simple Moving Average).

    ETH getting ready to breakout | Source: X

    If that happens, Ethereum could hit $1,800 and further rise to $1,900 based on Ali’s predictions. It is worth mentioning that the last time Ethereum hit $1,900 was back in July 2023. A rise to that price again will represent about an %18 increase from its current price of $1,600. 

    Ali also had something to say about the flagship cryptocurrency, Bitcoin. In a subsequent post, he noted that the crypto token could see a correction to $28,800; a prediction he made based on the TD Sequential from a 4-hour chart. 

    Bitcoin rose to as high as $30,000 on October 20, with many speculating that a Spot Bitcoin ETF approval could be on the way, something that represents a bullish momentum for Bitcoin and the crypto market in general. 

    Ethereum price chart from Tradingview.com (crypto analyst $1,900)

    ETH price holding $1,600 | Source: ETHUSD on Tradingview.com

    Bitcoin’s Dominance Is On The Rise

    Data from TradingView shows that Bitcoin’s dominance has been on the rise this year, with the token currently boasting over 52% coin dominance in the crypto market. Interestingly, it has steadily risen since the Ethereum Merge occurred. 

    This is significant considering that many speculated that ‘the Flippening’ could happen after the Merge, where Ethereum overtakes Bitcoin to become the most dominant crypto token. However, that hasn’t happened so far, with Ethereum’s move from proof-of-work to proof-of-work being seen as ‘disastrous’ for the crypto token. 

    Bitcoin and Ethereum, however, share the podium when it comes to the best-performing assets of the year. Both crypto tokens are said to have outperformed the NASDAQ, S&P500, and Gold. Bitcoin has seen an %80 increase year-to-date (YTD), while Ethereum has seen a %35 increase YTD.

    Featured image from Analytics Insight, chart from Tradingview.com

    [ad_2]

    Best Owie

    Source link