Extreme Volatility Inbound: Why Today Is Critical For the Crypto Market

Thus far, 2020 has been a stellar year for the crypto market, adding over $70 billion to the total market cap since the clock struck midnight into the new year, thanks to short-term uptrends in Bitcoin, Ethereum, XRP, and the rest of the altcoin market.
Bitcoin and the rest of the altcoin market may be gearing up for some extreme volatility starting today, suggesting that today may be the crypto market’s most critical day yet.
Big Day for Bitcoin: CME Expiration, Monthly Close, and More
Bitcoin is the clear market leader, dominating the rest of the thousands of altcoins across the market by over 65%.
As the market leader, it often dictates the direction and performance of other altcoin assets like Ethereum, XRP, Litecoin, and many others.
Related Reading | Bitcoin Futures Expiration, Soaring Open Interest Could Signal Major Move Ahead
An explosion in volatility is expected in part due to Bitcoin CME Futures contracts expiring today. CME Futures’ expirations in the past have led to large increases in volatility in the days leading up to and following.
The first expiration of the year happens today, so extreme levels of volatility are expected.
BitMEX Open Interest also continues to rise – another metric that often results in massive price surges in either direction when certain levels are reached.

Ethereum Nosedives 10%, Here Are Important Supports The Bulls Must Watch
Wednesday February 26, 2020

Ethereum is down close to 10% and it broke the key $255 support area against the US Dollar. ETH price might continue to slide, but the $230 and $225 levels are likely to provide...

The post Ethereum Nosedives 10%, Here Are Important Supports The Bulls Must Watch appeared first on 12bitplay - Bitcoin Play.

Definitely expecting some fuckery that I won't be able to trade, but will keep a close eye on it.
This would be the occasion for majors to retrace a bit too and confirm levels/resistances broken on the way up as support.
This would be a real sign of strength and continuation.
— Pierre (@pierre_crypt0) January 31, 2020

Hong Kong’s Latest Budget is Bullish for Crypto, Says Top Fund Manager
Wednesday February 26, 2020

Hong Kong’s efforts to come out of an economic slump could send the crypto market flying, according to Jeff Dorman of Arca, a New York-based investment management firm. The Chief Investment Officer envisioned a...

The post Hong Kong’s Latest Budget is Bullish for Crypto, Says Top Fund Manager appeared first on 12bitplay - Bitcoin Play.

Ethereum, XRP, and More: All Eyes on Crypto Market Monthly Close
Beyond just Bitcoin, the total market and each individual altcoin asset will close the January monthly candle tonight.
Bitcoin must close above $9,160 to set a higher on monthly timeframes, so that level will be a key level to watch heading into tonight’s close.
The close in other major altcoins such as Ethereum and XRP are also at important resistance levels, and a close above them would signal a return to a bull market for much of the crypto space.
This level very well could act as a local top, with the crypto market failing to get above resistance.

Ripple’s XRP Primed to Explode Higher as Technical Stars Align
Saturday February 22, 2020

The past few days haven’t been kind to the crypto markets. After peaking last week, market leaders Bitcoin, Ethereum, and Ripple’s XRP and smaller altcoins saw their values tank. XRP was hit especially hard...

The post Ripple’s XRP Primed to Explode Higher as Technical Stars Align appeared first on 12bitplay - Bitcoin Play.

But even then, after over 40% gains in less than a month, the crypto market could use to cool off, correct, and confirm support at former resistance levels.
A retest of support that holds and leads to a retest of this week’s highs would likely give bulls the confidence necessary to finally breach resistance and signal that bulls are back in charge.
This entire series of events hinges on tonight’s daily close across the crypto market.
Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun 
To say that tonight’s close is anything but critical would be an understatement, and whatever happens, could influence the trend for the rest of the quarter.
And given a plethora of bullish signals on monthly timeframes, even if the crypto market pulls back, it may be over for bears for quite some time.
Featured image by Shutterstock The post appeared first on NewsBTC.

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