As XRP Rallies, Here’s the Level Top Traders Plan on “Shorting With Fury”

The aggregated cryptocurrency market is beginning to flash some signs of strength after an extended period of sideways trading
Altcoins have been leading the market higher, as Bitcoin has remained stagnant within its long-held trading range
This upwards momentum has even allowed XRP to rally, with this marking the first notable surge it has seen since April
Analysts are noting that it could continue climbing higher in the near-term before hitting a crucial resistance level
One respected trader notes that he plans to short this level “with fury” once it is reached

XRP has seen a notable price surge today, which comes as altcoins begin showing some immense signs of strength.
It appears that the market leaders, which currently include Cardano, Chainlink, and Dogecoin, have created a tailwind for altcoins that is leading them higher.
XRP is now approaching some horizontal resistance around $0.20, but its uptrend seems strong enough to shatter this level.
There is one technical level that is fast approaching that analysts are closely watching.
The crypto’s 200-day EMA currently sits around $0.21 while looking at its daily chart.
One trader is planning to short this level “with absolute fury” if it is reached, as it has historically catalyzed major rejections for the crypto.
XRP Rallies 8% as Analysts Eye Key Resistance
At the time of writing, XRP is trading up nearly 8% at its current price of $0.1998.
The cryptocurrency is struggling to break through the selling pressure that sits around $0.20.
This level has proven to be an important level in the past, and whether or not it can surmount it in the coming hours should offer insights into its strength.
It is important to note that this recent breakout has allowed XRP to post its first 50-day moving average break while looking towards its BTC trading pair that it has seen since April.
This is significant and could suggest further upside is imminent for the crypto – especially against Bitcoin.
One respected trader spoke about this in a recent tweet, saying:
“XRP BTC pair first MA 50 break since April.”

Image Courtesy of Big Cheds. Chart via TradingView.
Here’s the Level Traders Plan to “Short With Fury”
Despite the overt strength XRP is currently expressing, its uptrend may prove to be short-lived.
The same trader who pointed to the 50-day MA break is also saying that he is planning on shorting the token if it reaches its 200-day MA on its USD trading pair.
This level sits around $0.21 currently.
“XRP (USDT) Ripple Daily – If this thing gets near that MA 200 I plan on shorting it with absolute fury,” he stated.

Image Courtesy of Big Cheds. Chart via TradingView.
Where XRP trends once it hits this level will likely depend on the strength of the aggregated cryptocurrency market.
Featured image from Shutterstock.
Charts from TradingView.

Source: Bitcoininst

Top Macro Investor Claims the Time for a Bitcoin Rally is Almost Here


Bitcoin is currently attempting to break above the resistance that has been formed at $9,300
This comes on the heels of a nearly week-long consolidation phase between $9,000 and $9,300
Where it trends next will likely depend on its reaction to this level, and some analysts are expecting the next movement to favor bulls heavily
One top macro investor is explaining that BTC is on the cusp of breaking above a crucial descending trendline
He believes this will act as a catalyst for further upside that allows Bitcoin to post significant gains in the days and weeks ahead

Bitcoin and the cryptocurrency market are starting to show some signs of life after a long-held consolidation phase seen since May.
While BTC remains caught within its macro range between $9,000 and $10,000, many altcoins are beginning to show significant signs of strength as they post notable rallies.
Dogecoin – one popular altcoin – was even able to surge 100% at one point yesterday, while others have seen similar, albeit smaller, movements.
One top macro investor is now noting that this does mark the start of the next intense bull market. He believes that Bitcoin is about to post a notable breakout that will help guide the entire market higher.
Bitcoin is Close to Shattering a Crucial Descending Trendline  
At the time of writing, Bitcoin is trading up just under 1% at its current price of $9,300.
This happens to be the resistance level it has been respecting throughout the past week, and buyers finally appear to be breaking through the selling pressure that exists here.
It is important to note that this resistance coincides closely with the upper boundary of a small wedge formation it has also been caught within in recent times.
Raoul Pal – a top macro investor – recently explained that the “time for a crypto rally” is coming, noting that Bitcoin is about to break out of a small wedge pattern.
He adds that the upper boundary of this small wedge happens to be the upper boundary of a much larger one as well.
“The time for the crypto rally seems fast approaching… Bitcoin is getting ready hopefully to break the small wedge… Which is also the break of the larger wedge…”

Image Courtesy of Raoul Pal.
Could Ethereum Lead the Next BTC Rally? 
Pal also claims that it is a possibility that Ethereum will lead the next Bitcoin rally.
He notes that ETH is about to make a massive breakout, which could create a tailwind that lifts BTC higher as well.
“But this time it might be [led] by Ethereum which is also about to break out,” he explained.

Image Courtesy of Raoul Pal.
The coming couple of days should elucidate whether or not the market is gearing up for a big push higher, or if these tempered signs of strength will be fleeting.
Featured image from Shutterstock.

Source: Bitcoininst

Dirty Money: What’s Living on Cash That Can’t on Bitcoin?

bitcoin cocaine

The recent pandemic put a spotlight on contactless payment alternatives to paper cash like Bitcoin, Venmo, Apple Pay, and more. The World Health Organization urged consumers to rely on these payment methods.
Digital payments soared globally as a result. But beyond the possibility of viral transmission, what else is living on dirty money that isn’t also living on Bitcoin?
Contactless Payments Shine In New Post-Pandemic World
Bitcoin is a financial asset unlike anything before it – both in terms of its futuristic functionality and its unrivaled return on investment.
Those who learned early of the digital-only store of value and peer-to-peer electronic cash system saw over 100,000,000% ROI.
The asset exists only in the ether, with its transactions transmitted across the internet. Due to this, there is zero risk of the asset acting as a carrier of a disease, or worse.
Although it can be “held,” it cannot be physically touched. This attribute gives Bitcoin many of benefits over gold, and over cash as well.
Gold bars are stored in bank vaults, taking up plenty of space, and requiring care and security. Cash is passed from person to person, without any sanitation ever taking place along the way.
Paper bills can be circulated hundreds of thousands of times per bill, depending on its journey.
What’s Living on Cash That Can’t Live on Bitcoin?
Along the way, as paper cash is circulated from person to person, it picks up whatever it comes into contact with. And there’s no telling who or what that bill came in contact with before touching it yourself.
It’s exactly why the WHO warned about the use of cash in the post-pandemic age and urged the use of contactless payments. Bitcoin is one of those contactless payments that is benefiting from cash falling out of favor.
Unlike cash, Bitcoin can’t pick up germs, and other microscopic particles the eye cannot see. As for what cash can pick up, it may be something better left unknown.

80% of US dollar bills have traces of cocaine on them.
And people still complain that Bitcoin is used for illicit activities?
— Dan Held (@danheld) July 6, 2020

Data shows that as much as 80% of all bills have traces of the drug cocaine on them.
Food particles have also been found on money and ATM keypads. Not only is this uncleanly, but there’s a risk of transmission of salmonella, E. coli, and other harmful bacteria.
Traces of the saliva of various domestic animals have also been found, ranging from cats to dogs to horses.
Worst of all, fecal matter – human and animal – is commonly found on bills of all denominations. A disgusting 94% of all bills were found to have traces of staphylococcus – a bacteria spread through not washing hands properly after using the restroom.
So while there’s already plenty of reasons for why Bitcoin is better than cash, the lack of a physical form provides it many more benefits not readily visible.
Featured image from Shutterstock.

Source: Bitcoininst

One of Bitcoin’s Crucial Macro Indicators Just Formed a Bullish Breakout


From the lows seen on Sunday, Bitcoin has sustained a healthy bounce. As of the time of this article’s writing, the leading cryptocurrency trades for $9,250. At the local peak on Monday, it traded as high as $9,400 on major exchanges.
While the cryptocurrency is not yet above the crucial $9,400-9,500 resistance region, an analyst has observed that a breakout is taking place.
The breakout is in Bitcoin’s one-day relative strength index (RSI), which indicated BTC’s directionality well for the past two years. The indicator shows that Bitcoin investors should begin to be bullish as the RSI crosses above key levels.
Bitcoin Prints Crucial Breakout, Key Indicator Shows
According to Investopedia, the RSI is a “momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset.”
A relative strength index analysis by a crypto trader has found that Bitcoin is undergoing a bullish breakout. This comes in spite of the relatively small size of the recent jump, which has been eclipsed by many altcoins. 
The below chart is the byproduct of this analysis. It shows that Bitcoin’s one-day RSI just broke above a falling wedge. A falling wedge is a bullish chart structure that can be seen near an asset’s bottom or in an uptrend.
The RSI has also begun to move above 50 — the midpoint of the indicator’s oscillator that has historically been of importance.
Bitcoin RSI analysis by trader “CJ” (@imcrypt on Twitter). Chart from
If the RSI manages to hold above the wedge and the midpoint of 50, Bitcoin will begin to develop a bullish trend. This sentiment is confirmed by the chart above, which shows that the RSI midpoint is of utmost importance to both bulls and bears.
Can BTC Keep It Up?
Fortunately for Bitcoin bulls, analysts see a confluence of other indicators suggesting the bullish trend will persist.
One of the most tell-tale signs that Bitcoin will continue higher, analysts say, is the funding rate of BTC futures markets. The funding rate is the fee that long holders pay short holders to normalize the futures price to the index price.
When the funding rate is high, it suggests longs are overleveraged. And when the funding rate is low, it suggests shorts are overleveraged.
At the moment, the funding rate is neutral, which is something seen in the middle of uptrends, not at a top.
The fundamentals are in agreement with the technicals.
As reported by Bitcoinist previously, the FTSE’s China A50 index surged to an all-time high on Monday. During that trading session, the index saw a 6% rally, one of the best performances in a while.
Analysts see this trend as decisively bullish for the crypto market, which has become correlated with global stock markets.
Qiao Wang commented on the importance of the breakout in Chinese stocks:

“This is a major development. China just shilled its stock market in front of 1.4B people on national television. The risk-on sentiment might spill over to crypto.”

Further supporting bulls, the Bitcoin hash rate (seven-day moving average) just hit a new all-time high after the block reward halving dip. This signals an increase in long-term investment by cryptocurrency miners.
This comes in spite of the fears of a mining “death spiral.”
Featured Image from Shutterstock
Price tags: btcusd, btcusdt, xbtusd
Charts from
One of Bitcoin’s Crucial Macro Indicators Just Formed a Bullish Breakout

Source: Bitcoininst

Binance CEO: 95% of Crypto Projects Are Unlikely to “Pump” This Cycle

Crypto altcoins have ignored Bitcoin’s inability to rally over recent weeks. Take the chart below, which shows that BTC has strongly underperformed some of the leading cryptocurrencies since the start of June.
Bitcoin vs. altcoins (Chainlink, Cardano, Dogecoin, Ethereum) since the start of June. Chart from
With the recent outperformance of altcoins, a select group of traders is expecting an “altseason.” The head technical analyst at crypto research firm Blockfyre commented:
“There are people that don’t believe it’s #altseason. Look at $DOGE. Look at $BTC Dominance. 3 year trend broken + Macro LH and LL for the first time in 900+ Days. Look at retail on Robin Hood and Tik Tok. Get ready. 2017 rehash is on it’s way. More and more interest is coming.” 
An altcoin season is when altcoins across the industry rally by hundreds of percent to strong outperform Bitcoin. The last such altseason was in 2017 and 2018, when BTC dominance fell as low as ~34%.
Changpeng “CZ” Zhao — the CEO of Binance — has suggested that the sentiment that all altcoins will rally may be too optimistic. And he’s not alone in touting that opinion.
Not All Crypto Assets Will “Pump,” Binance CEO Reminds Community
Multiple cryptocurrencies are in the midst of surging dozens of percent higher as of this article’s writing. It’s a list that includes Cardano, Dogecoin, Vechain, Icon, Cosmos, 0x, and more.
Not all altcoins will share this fate, though, says Changpeng Zhao. Responding to the frothy market conditions, the industry executive said on July 7th:
“Not all alts will pump during the next #altszn. If a project has been around for 3 years but not much to show for, then… A few that have consistently pushed development will thrive.”

Not all alts will pump during the next #altszn. If a project has been around for 3 years but not much to show for, then…
A few that have consistently pushed development will thrive.#BUIDL
— CZ Binance (@cz_binance) July 8, 2020

In a reply to his original tweet, Zhao remarked that 95% of projects are unlikely to sustain a pump during this upcoming cycle.

“More like 95%, crypto or not. Same number for internet / social / or even traditional industries,” the Binance CEO added.

CZ Isn’t Alone in Thinking So
Changpeng Zhao isn’t the first prominent executive and investor to suggest that a vast majority of cryptocurrencies are unlikely to perform well.
There are many other commentators that are coming out against a majority of altcoin projects.
Jason Calacanis, an angel investor in Robinhood and Uber, recently said that he thinks 99% of crypto projects have no merit. Calacanis’ comment was in reference to his opinion that most crypto founders have no vision or experience to be doing what they are doing and thus are doomed to fail.
His comment has been echoed by Kevin Rose, who said to TechCrunch in June:
“The problem is that 99% of the projects out there and a lot of the people who are behind them are just in this for the pure financial gain. And there’s a lot of garbage out there. And that’s unfortunate because it really drags down the high-quality projects, and it muddies the space quite a bit.”
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from
Binance CEO: 95% of Crypto Projects Are Unlikely to “Pump” This Cycle

Source: Bitcoininst

Wall Street “Fear” Indicator Puts Bitcoin Under Extreme Downside Risks

bitcoin, cboe vix, btcusdt, btcusd, xbtusd, cryptocurrency

Bitcoin has rallied by more than 150 percent from its mid-March nadir, but its growing exposure to a similarly booming US stock market remains worrisome.
The cryptocurrency risks paring a portion of its recent gains as macro analysts warn about a downside move in the S&P 500 ahead.
The warning came as the Cboe Volatility Index surged 41 percent above its historical average, indicating extreme uncertainty among stock investors.

Bitcoin is at risk of losing a portion of its recent gains as a so-called stock market fear indicator explodes above its historical average.
Dubbed as VIX, the Cboe-based indicator measures the S&P 500’s 30-day forward-looking volatility. Analysts interpret VIX readings to realize investors’ fears and risk tolerance. That said, a higher VIX increases the probability of highly volatile moves, eventually amounting to a period of panic selling.
Cboe S&P 500 VIX index up about 41 percent from its normal average. Source:
The S&P 500 has surged steadily since March 2020, helped by giant rallies in the share prices of Tesla and Amazon. But at the same time, the benchmark index’s VIX has jumped 41 percent above its average at nearly 29, according to Cboe. It points to potential shakeups in the stock market ahead.
Bitcoin-VIX Factor
On the other hand, Bitcoin traders are closely monitoring the S&P 500 to confirm their next directional bias. It is due to the cryptocurrency’s growing monthly correlation with the Wall Street index since March 2020. Data on Skew shows that it has hit a record high in July 2020.
Bitcoin-S&P 500 Realized Correlation Chart. Source: Skew
The positive correlation robs Bitcoin off its safe-haven narrative. That said, investors would be less likely to move their capital into the cryptocurrency on the next S&P 500 correction. With VIX further indicating a bearish outlook, the fears grow higher.
A rising VIX reading further validates its command over the Bitcoin market with its long-term negative correlation with the cryptocurrency.
Bitcoin and Cboe VIX are moving in opposite directions. Source:
The Cboe volatility index, for instance, printed a significant peak in March 2020. At that time, the S&P 500 was down by circa 35 percent. Needless to add, Bitcoin could have surged higher as fears and uncertainty rose in the US stock market. But the cryptocurrency fell, that too by more than 60 percent.
In 2018 also, VIX printing a peak of 36.1 in December coincided with Bitcoin’s drop to $3,120, its lowest level since September 2017.
Fed Stimulus
Kristina Hooper, the chief global market strategist at Invesco, noted that fears of a higher VIX reading also reflects in the bond markets. The yield on the US 10-year Treasury bond is close to a record low of 0.67, reflecting higher demand for safe-haven assets. Gold is also up by 18 percent on a year-to-date timeframe.
Ms. Hooper added that the stock market can survive the capital shift to haven assets if the Federal Reserve decides to extend its stimulus program. Without it, the S&P risks correcting lower (taking Bitcoin down alongside).
“The need for ongoing fiscal stimulus is critical,” she told FT.
Meanwhile, concerns over the rising number of COVID cases in the US, as well as poor corporate earnings reports after mid-July, would keep the S&P 500 under pressure. As stated, Bitcoin expects to face the same harsh conditions.
Photo by Roberto Júnior on Unsplash

Source: Bitcoininst

Cardano (ADA) Hits 2-Year High Following Coinbase Custody’s Integration; What’s Next?

cardano, ada, cryptocurrency, bitcoin, adausd, adabtc

Cardano’s native blockchain token ADA logged a two-year high in early Wednesday trading session.
The ADA/USD exchange rate topped at $0.138 as traders shifted their focus on Coinbase Custody’s announcement of supporting ADA storage and staking this year.
ADA is now up by circa 180 percent over the last 90 days.

Cardano’s native token ADA is among the top performers in the cryptocurrency market this year.
The sixth-largest crypto established a new 2020 high at $0.138, its best level since August 2018. The jump pushed its year-to-date high way above 300 percent, surpassing Chainlink’s LINK (+230%) and VeChain’s VET (225%) on a similar timeframe. ADA also outperformed top tokens, including Bitcoin and Ethereum.
The gains took cues from a confluence of bullish fundamental and technical catalysts. At Cardano’s virtual summit last week, Hong Kong-based development firm IOHK announced that it is partnering with Coinbase Custody, a custodial arm of US-based cryptocurrency exchange Coinbase.
IOHK confirmed that the partnership would see Coinbase Custody adding support for ADA storage and staking later in 2020. Meanwhile, the firm also stated that it expects to launch “Shelley,” Cardano’s proof-of-stake protocol, by the end of July. It would line up with inflation rewards that will arrive by mid-August.
The announcements reflected on Cardano’s market bias. The ADA/USD exchange rate surged by a whopping 77 percent from its late-June low, with momentum picking up this week with the Coinbase partnership.
Cardano (ADA) price breaching levels last seen in August 2018. Source:
Further bullish cues came from a broader cryptocurrency market. All the coins from the top brass surged in sync from their respective March nadirs, a rally led by the Federal Reserve’s open-ended stimulus policy to aid the US economy through a pandemic-induced lockdown.
ADA surged 180 percent during the period of the Fed’s quantitative easing program, except with maximized upside moves than most of its peers in the cryptocurrency market.
What’s Next for Cardano
A supersonic price rally for Cardano puts it at risk of profit-taking, a scenario wherein traders exit their bullish positions to secure short-term profits, instead of speculating on an upside continuation. So it seems, ADA’s 7 percent price correction from its YTD top signals the same setup.
But Cardano’s integration into Coinbase Custody appears like a medium-term bullish setup. Their partnership may allow ADA to gain exposure, especially in the US market.
It is also hard to ignore the performance of other staking tokens upon their integration into exchange-backed custodial services. Tezos’s XTZ, for instance, surged dramatically this year after exchanges announced support for its staking. Cardano could be in a similar bullish setup this year.
Tezos’s XTZ is up 89 percent YTD. Source:
ADA’s next resistance level appears at $0.171, a concrete resistance level from June-August 2018 trading session.
Photo by Joshua Earle on Unsplash

Source: Bitcoininst

XRP’s Recent Collapse Could Force Ethereum Under $200, Analyst Suggests


While Bitcoin, Ethereum, and other top cryptocurrencies are near year-to-date highs, the same cannot be said for XRP.
As the chart below depicts, the leading altcoin is trading at $0.185 as of this article’s writing. This is below the start-of-2020 price ~$0.19 and more than 40% below the year-to-date highs of $0.34.
Chart of XRP’s price action since the start of the year. Chart from
For some context, Bitcoin is up around 25% while Ethereum has gained over 70%.
XRP may be an outlier, but a trader recently shared a fractal analysis suggesting that Ethereum could follow the altcoin lower.
This adds to the growing bear case against ETH, which is also predicated on fundamental trends.
XRP Fractal Predicts Ethereum Could Dive Lower
XRP is one of the only large-cap cryptocurrencies actually trading lower than its start-of-year price. That’s to say, its weakness has not permeated to the rest of the digital asset market.
But one analyst says that this could change. He shared the two charts below on July 7th, showing that the top XRP formed in May and June looks eerily similar to Ethereum’s price action now.
Attached to the charts, he wrote: “What if $XRP is the leading indicator of $ETH?”
XRP and Ethereum fractal analysis by crypto trader il Capo of Crypto (@CryptoCapo_ on Twitter). Chart from
The trader is suggesting that XRP’s recent underperformance could bode poorly for Ethereum. The charts suggest that if the fractal plays out to a T, ETH could soon trade under $200, a ~15% drop from current levels.
Ethereum is facing other bearish technical trends, other traders have said.
As reported by Bitcoinist, the cryptocurrency has historically underperformed in the second half of many previous years:
“If ETH follows its cycle this time then high of the year could be in & we’ve 6 month correction,” the analyst who shared the chart below wrote.
Ethereum price analysis by cryptocurrency trader ‘Edward Morra’ (@edwardsmorra_BTC on Twitter). The chart from
A Bearish Fundamental Case
ETH could also be depressed by a forming bearish case based on fundamentals.
Ethereum has enjoyed a surge in adoption over recent weeks, benefiting from the growth of its decentralized finance applications. Yet analysts say that this influx of adoption has had bearish side effects: high transaction fees.
Crypto analyst Qiao Wang said that after experiencing high Ethereum fees, he’s convinced the blockchain could be dethroned:
“I’ve changed my mind after using a dozen of Defi platforms. So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX.”

I’ve changed my mind after using a dozen of Defi platforms. So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX.
— Qiao Wang (@QWQiao) June 28, 2020

This was echoed by Scott Lewis, the co-founder of Concourse Open Community. He said that since ETH fees are so high, the Ethereum community should be slow to admit that they’ve won.
Featured Image from Shutterstock
Price tags: ethusd, xrpusd
Charts from
XRP’s Recent Collapse Could Force Ethereum Under $200, Analyst Suggests

Source: Bitcoininst

Bitcoin Remains in Firm Bull Territory as Buyers Defend Critical Support

Bitcoin has remained in firm bull territory over the past several weeks, despite it showing some signs of immense weakness
Much of the benchmark cryptocurrency’s current strength comes from its ability to hold above its SMA50
One analyst believes that this is the level that will determine the crypto’s future in the days and weeks ahead
He also notes that some hidden bullish divergences are working to counter the weakness stemming from BTC’s “somewhat defined” downtrend and its lack of momentum

Bitcoin has been caught within the throes of one of the most prolonged bouts of sideways trading it has seen in years.
Since the start of May, BTC has been establishing a trading range between $9,000 and $10,000.
Each journey outside the boundaries of this range has proven to be fleeting, and in recent weeks its volatility has cratered as it trades between $9,000 and $9,300.
This type of trend is typically followed by large movements, and some analysts hypothesize that the longer Bitcoin trades sideways, the bigger its next move will be.
As for where this movement will lead it, one analyst noted in a recent post that multiple technical factors are playing into the favor of bulls.
Bitcoin Remains Bullish in the Mid-Term Despite Signs of Overt Weakness
Over the past day, Bitcoin has been facing multiple harsh rejections at $9,300 that have stopped it from seeing any further upwards momentum.
Buyers’ inability to sustain the rebound that was first sparked when the crypto rallied from recent lows of $8,950 does seem to be a grim sign.
That being said, one analyst believes that the benchmark digital asset remains in an excellent mid-term position.
In a recent blog post, the pseudonymous trader explained that BTC’s ongoing consolidation had come about after a notable break above a macro descending trendline.
He contends that this is positive over a longer time frame:
“Long-term perspective is still favoring bullish scenario rather than bearish, due to the fact that BTC/USD broke out above long-term bearish trend and have been consolidating after breakout, under the resistance since.”

Image Courtesy of CryptoBirb. Chart via TradingView.
Here’s the Critical Technical Level that Could Determine BTC’s Fate 
The same analyst also believes that the crucial technical factor to consider in the near-term is Bitcoin’s positioning relative to its SMA50 – a critical moving average that it is currently trading above.
He believes that BTC is robust as long as it remains above this level, which currently sits within the mid-$8,000 region.
“As long as bitcoin provides trading above the 50-week average, it’s leaning more towards 10.5k+ targets and new highs. If closed below, then we talk MTF-HTF shorts.”
Once Bitcoin exits its consolidation phase, it will be imperative to watch this moving average closely.
Featured image from Shutterstock.
Charts from TradingView.

Source: Bitcoininst

Cardano (ADA) May Be Forming a Macro Top Despite Surging 400% Since March

Cardano has been caught within an intense rally over the past few weeks, surging amidst a flurry of positive news
This rally has allowed it to set fresh yearly highs today, and in the near-term, it appears that it will continue climbing higher
It is important to note that it is quickly navigating up towards a massive high time frame resistance level
The selling pressure here may be insurmountable and could spark a selloff
This comes as one analyst is noting that he believes the crypto is flashing some signs of forming a macro top formation

Cardano (ADA) has been one of the strongest top digital assets over the past several days and weeks, finding itself caught within an intense uptrend that has allowed it to climb by over 400% from its mid-March lows.
This strength has largely come about due to the hype surrounding the recent launch of the Shelley mainnet upgrade.
This upgrade is anticipated to help further decentralize the network while also helping to increase the blockchain’s scalability.
Investors do believe that its launch is fundamentally significant, as it has been the primary factor behind ADA’s intense multi-month upswing.
That being said, some analysts are noting that the crypto could be starting to form a macro top formation.
Cardano Up 400% From YTD Lows; Approaches Major Resistance Level 
At the time of writing, Cardano is trading up just under 4% at its current price of $0.108, marking a notable rise from weekly lows of $0.08.
The token has been steadily climbing higher over the past few months, shattering multiple key resistance levels along the way.
One analyst is now forecasting further near-term upside, as he believes that it could continue surging until it reaches its next resistance that lies just a hair above its current BTC price of 1,180 sats.
That being said, the analyst also notes that he is expecting a dip that sends it to 900 sats.
“Cardano: Onwards we go. Broke through resistance block like it’s nothing. The next zone is the 1200-1215 sats area, after that 1330-1375 sats. Dips? I’m still looking at 900 sats possibility,” he explained.

Image Courtesy of Crypto Michael. Chart via TradingView.
ADA Could Be Forming a Macro Top
Despite being positioned to see slightly further near-term upside, it is still a strong possibility that Cardano is forming a macro top.
One analyst mused this possibility in a recent tweet, explaining that its chart is signaling that its “nice bull run is coming to a close.”
“I know ADA has some news coming up this month, but this chart is highly suggesting that the top of the nice bull run is coming to a close,” he said while pointing to the below chart.

Image Courtesy of Calmly. Chart via TradingView.
Its reaction to its current resistance may be the factor that determines whether its uptrend will end now, or if it will push higher before losing its strength.
Featured image from Shutterstock.
Charts from TradingView.

Source: Bitcoininst