With over 70% of SmartCoin holdings exposed to Ethereum, SmartCoin has outperformed Bitcoin year to date. This clearly demonstrates the importance of buying at the right time and at the right price. Our average price is $125 per Ether and at the time of writing is trading at $282.04 per Ether, this growth has been achieved in less than 2 months. At the same time, Bitcoin has risen from $6700 to $10,127.
cryptocurrency remains in a bullish trend market in its medium-term
outlook. Bulls push the price up to $268.29 in the resistance area as
the high and $243.01 as low during yesterday’s session.
A bullish candle at $268.20 above the resistance line opens today’s
daily session as the bulls remain dominant in the market. ETHUSD
increased further to $271.67 in the resistance area.
Price is above the two EMAs in the upper resistance area, implies the
momentum in price of the coin is in control of the bulls and in an
The signal of stochastic oscillator pointing down at around level 80%
in the overbought region, suggests the price of the coin may encounter a
change in trend in the days ahead in the medium-term perspective.
ETH/USD Short-term Trend: Bullish
coin is in an upward movement in its short-term outlook. The 4-hourly
candle opens today with a bullish spin top hammer at $268.20 in the
upper resistance area within the range.
Ethereum rises further to $271.23 in the resistance area as it journeys up north.
Price is above the two EMAs in the upper resistance area and the
stochastic oscillator signal is pointing up at level 80%, an indication
of buyer’s full control of the market and an upward trend in the
Bitcoin can rally very strongly from here – Fundstrat Global Advisor founder Tom Lee
However, the Dow Jones Industrial Average would be the first one to break the 30,000
Bitcoin is back at $9,780 this week after breaching the $10,000 level
over the weekend. However, as we reported the market is still looking
at an “aggressively bullish trajectory.”
This was further reinforced by Fundstrat Global Advisor founder Tom Lee who sees Bitcoin shooting up to $27,000 this year.
While talking about the digital asset’s nearly 40% gains in 2020 so
far, bitcoin bull explained that a lot of good things have happened with
Bitcoin this year.
Bitcoin can rally very strongly from here
Last year, Lee says Washington killed the bitcoin rally but with the 2020 elections it’s sort of in the purview Washington and “bitcoin can rally very strongly from here,” he said.
He further talked about the deadly coronavirus risk and geopolitical tensions that would work as tailwinds for Bitcoin’s push to a new peak.
Not to forget that we are about three months away from the historically bullish event, bitcoin reward halving would result in the production of 900 BTC daily instead of the current 1,800 bitcoins. Cutting down the reward from 12.5 to 6.25 coins, this event would result in the digital asset inflation rate from 3.27% to 1.80%.
The digital asset would break into a new ATH this year
Additionally, just two weeks ago, we broke above the 200-day moving
average, which means we are back in a bull market. Historically, on
average, this breakout has resulted in six months gains of about 190%.
According to this, we would break into a new all-time high sometime this year that could be around $27,000-$30,000.
CT however, was quick to point out Lee’s prediction from early 2018 when he forecasted bitcoin price to jump to $91,000 by March 2020.
However, this time Lee believes the Dow Jones Industrial Average
would be the first one to break the 30,000, though Bitcoin would be the
one to hit $40,000, he said.
The stock market continues to hit new highs while gold’s calm
S&P 500 and Nasdaq already closed to new closing highs on Monday. This had S&P500’s year-to-date gains at 3.7% while Nasdaq’s 7.3%.
These gains on Monday were brought by a jump in Amazon shares, and
big gains experienced by Microsoft and Boeing, helping investors shrug
off concerns over coronavirus.
Bitcoin begins its ascent in to the new 2020 decade soaring over
$10,000 BTC/USD exchange rate value for the first time since September
22, 2019. The past 160 days saw bitcoin’s price drop to as low as $6,500
on December 17th, the 4,000th day the bitcoin blockchain has been
activated and running. It did flirt with 10K range back in October 25-27
but did not hold support but is now up nearly 50% in 2020 so far.
Bitcoin started the 2020 calendar year just over $7,000 and is now
already increased to over $10,000 just 38 days into the 20’s decade. As
the best performing asset of the 2010 decade, many are becoming bullish
in sentiment towards the crypto market’s potential to run before the
third bitcoin halving event takes place in the middle of May 2020.
The $10,000 BTC price point is considered a psychological turning
point as the leading asset in the crypto market industry. It has been
801 days since Bitcoin first crossed $10,000 barrier for the first time
ever when it did back on November 29, 2017 – of course going to $19,983
on December 17th 2017 before falling to $3,323 level by December 19,
2018 as the low point of the crypto bear market.
A fresh reminder from a vocal Crypto Twitter contributor:
The halving is just over 90 days out as the May 12, 2020 prediction
date looms to take its blockchain mining rewards system output from 12.5
BTC to 6.75 BTC per every new block created on the BTC blockchain every
ten minute cycle. The digital scarcity aspect will heighten as nearly
87% of all bitcoin’s satoshis will have been mined in totality and the
global demand for a peer to peer alternative will keep seeing more
adoption in areas that need its crypto distributed ledger technology the
While the bitcoin price predictions may range all over the place for
2020, many are watching for $12,500 range as the next level of interest
if bitcoin can get its wings back.
In a week that saw the Federal Reserve studying central bank digital
currencies, over $1 billion in value locked away in decentralized
finance, a new safe harbor notion, Gemini integrating TradingView, the
lightning network payment railway getting $10 million in Series A
funding – and of course, Bitcoin not failing as it has been successfully
operating for 4,048 days since Satoshi activated the network’s
Bitcoin price declined and corrected sharply from the $10,199
swing high. BTC to USD is now consolidating losses above the $9,780 and
$9,800 support levels.
Key Takeaways: BTC/USD
Bitcoin price is down around 4% from the $10,199 swing high against the US Dollar.
BTC/USD is holding the $9,780 support level and a connecting bullish trend line on the 2-hours chart (data feed from Bitstamp).
Ethereum is also correcting lower and trading near the $220.00 support area.
Bitcoin Price Analysis
After a successful close above the $10,000 level, bitcoin price
spiked above the $10,150 resistance level. However, BTC to USD failed to
continue above the $10,200 resistance area.
Looking at the 2-hours chart, bitcoin topped near the $10,199 level and recently started a downside correction. There was a break below the $10,040 and $10,000 support levels.
Besides, the bears were able to push the price below the $9,900 level
and the 50 simple moving average (2-hours, purple). The decline was
such that the price spiked below the $9,780 support and traded as low as
It is currently consolidating above the $9,800 level. An initial
resistance is near the $9,845 level and the 50 simple moving average
(2-hours, purple). The 23.6% Fib retracement level of the recent decline
from $10,199 to $9,740 is also near the $9,848 level.
On the upside, there is a strong resistance forming near the $9,970
and $10,040 levels. The 50% Fib retracement level of the recent decline
from $10,199 to $9,740 is also near the $9,970 level.
Therefore, a successful break above the $9,970 and $10,040 levels is
needed for more gains in the coming sessions. The next major resistance
is near $10,200, above which the price is likely to surge towards the
On the downside, the $9,800 area is a strong support. Besides,
bitcoin price is holding the $9,780 support level and a connecting
bullish trend line on the 2-hours chart.
If there is a downside break below the trend line and the $9,780
support area, there is a risk of a larger downside correction. The next
major support is near $9,525.