Home / Crypto Currency / Bitcoin Surges 8% Overnight in Corrective Rally, Potential Full Reversal?

Bitcoin Surges 8% Overnight in Corrective Rally, Potential Full Reversal?


CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here.

The price of Bitcoin (BTC) has increased by more than eight percent in the past 24 hours, as the dominant cryptocurrency recovered to $4,000.

On fiat-to-crypto exchanges like Coinbase and Bitstamp, Bitcoin is yet to surpass $4,000 mark but on crypto-to-crypto trading platforms, the price of BTC hovers at around $4,100.

Fueled by the corrective rally of BTC, major cryptocurrencies in the likes of Ripple (XRP) and Ethereum (ETH) recorded gains in the range of six to nine percent, with Ethereum rebounding to $115.

The cryptocurrency market has added $11 billion to its valuation and tokens such as VeChain (VET), 0x (ZRX), and Zilliqa (ZIL) have recorded gains of around 15 to 20 percent.

Ready For Full Reversal?

On November 27, prior to the eight percent increase in the price of BTC, Crypto Rand, a prominent cryptocurrency trader, stated that depending on the daily close of Bitcoin, the asset could experience a short-term trend reversal.

“Keeping an eye on the daily close of Bitcoin. Looking to print a bullish hammer that could lead the reversal,” the analyst said at the time.

Since then, the price of Bitcoin along with its volume have increased substantially, bringing up the daily volume of the rest of the market from around $12 billion to $18 billion.

As Bitcoin ended the day with a positive short-term movement and a corrective rally, the analyst added:

“Bitcoin daily bullish hammer in play. First reversal signal on weeks.”

On Tuesday, Don Alt, a cryptocurrency technical analyst, echoed a similar sentiment, stating that BTC is in a prime position to engage in a short-term positive movement.

“Constant bouncing on a strong demand zone. If it fails I expect a very violent move down. If it holds we’ll most likely stair step up. I’m scalping the small TF’s based on this. Should breakout soon otherwise the bulls are in trouble.”

Currently, Bitcoin faces a major resistance level in the range of $4,100 to $4,200. A breakout of the $4,150 mark could signal a full trend reversal for BTC after weeks of a downward movement. But, based on the time frame and the past performance of the asset in the last two weeks, a sudden breakout of large resistance levels remains a challenge for BTC.

Be Aware of Tokens

The majority of small market cap tokens in the market demonstrated fairly large gains against the U.S. dollar as the price of BTC demonstrated some momentum.

But, tokens are down on average 30 to 50 percent against BTC and during a period in which the U.S. Securities and Exchange Commission (SEC) is accelerating its investigation into dozens of initial coin offering (ICO) projects that are generally considered to be securities, tokens present an extremely high-risk, low-reward opportunity.

Several tokens, including Zilliqa, that are anticipating the completion of major network upgrades and improvements in the upcoming weeks have increased in value against most large-scale cryptocurrencies.

Featured image from Shutterstock.

Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.
Read more

Check Also

Crypto Arbitrage Today: BTC, XRP, ETH, BCH, EOS, LTC

A new day has dawned upon cryptocurrency markets, which means arbitrage trading takes center stage. There are numerous options available today, although most of them involve the use of YoBit once again. That doesn’t mean other less profitable options shouldn’t be explored either, as there are various ways of making money. EOS (YoBit / Poloniex / Binance) Buying EOS on any exchange that is not YoBit will yield some big profits throughout most of today. Prices on Poloniex, Binance, Bitfinex, KuCoin, and HitBTC are all 2.3% lower compared to YoBit. Depending on when the EOS are sold, profits of nearly 3% are not impossible to achieve either. It is a very easy flip between exchanges with no additional efforts involved whatsoever. Bitcoin Cash (Kraken / HitBTC / Poloniex) It doesn’t happen all that often a relatively appealing gap exists for Bitcoin Cash on major exchanges. Buying on Kraken will allow speculators to score quick profits when selling BCH on either Poloniex or HitBTC. For those who want to take a small gamble and move the money to YOBit, profits of up to 2.2% can be realized in rather quick succession. Ethereum (Koineks/ Polnoiex / Paribu) Selling Ethereum on Poloniex can be quite profitable today depending on where one buys the currency from. Exchanges such as Paribu, Koineks, and Bitstamp all seem to have lower prices compared to this exchange. This allows for a quick 0.9% profit. Selling ETH on YoBit can earn users up to % profit, although it will mainly depend on the latter platform’s overall liquidity. Litecoin (Kraken / Livecoin / YoBit) All of the Litecoin arbitrage opportunities for the day involve the use of YoBit when selling the assets. However, for buying Litecoin at a cheaper price, there are nearly a dozen different options. Platforms to buy from, including the likes of VeBitcoin, CEX, Livecoin, Poloniex, Bitstamp, and BTCTurk. Those latter two allow for profits of up to 3.3%, which makes them slightly more appealing. Bitcoin (YoBit / Bitstamp / OKEx) It is somewhat unusual to see YoBit offer numerous Bitcoin arbitrage options at this time. More specifically, the price for BTC on YoBit is at least 2% higher compared to Livecoin, Poloniex, and others. In the case of Bitstamp and BtcTurk, there is a near 3% gap to exploit later today. Very interesting opportunities, all things considered, although it can only happen if there is sufficient BTC liquidity across all platforms. XRP (Bitstamp / Gate / Poloniex) An arbitrage opportunity for XRP is always worth exploring, simply because it is one of the most liquid markets regardless of the exchanges involved. Buying XRP on Bitstamp and selling in either Gate or Poloniex will net traders a quick 1% profit for the day. It allows for some good money to be made when moving a few thousand XRP between platforms. Information provided by Arbing Tool. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Crypto Arbitrage Today: BTC, XRP, ETH, BCH, EOS, LTC appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.