Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate as Markets Prepare for Christmas Break

Bitcoin continued to consolidate to start the week, as market volatility remained in place ahead of the Christmas holidays. The world’s largest cryptocurrency remained below $17,000 on Monday, as price attempted to break out of a key resistance level. Ethereum was below $1,200 on Monday.

Bitcoin

Bitcoin (BTC) started the week below $17,000, as prices continued to consolidate following a volatile weekend.

Following a low of $16,671.80 on Sunday, BTC/USD rose to a peak of $16,815.39 earlier in today’s session.

Monday’s move saw the world’s largest cryptocurrency rise above a key resistance level of $16,700.

Despite this, market sentiment remains volatile, with neither bulls nor bears taking charge of price movement so far today.

As can be seen from the chart, the uncertainty comes as the 14-day relative strength index (RSI) hovers below a resistance point at the 46.00 mark.

The index is currently tracking at 44.16, with a floor of 42.00 seemingly the target for bears. Prices will likely continue to consolidate up until the support or resistance is broken.

Ethereum

Ethereum (ETH) also consolidated during Monday’s session, with prices remaining below the $1,200 point.

ETH/USD hit an intraday high of $1,192.92 earlier in the day, however bulls were unable to push through the $1,200 mark.

Today’s move comes as prices found an interim floor at $1,170 over the weekend, with bulls using this as a point of entry.

Looking at the chart, this floor coincided with the RSI hitting one of its own at 39.00, with price strength moving to rebound.

As of writing, the index is tracking at 42.30, with a ceiling at 44.00 the next visible resistance level.

Register your email here to get weekly price analysis updates sent to your inbox:

Will ethereum move back above $1,200 before Christmas? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/D4kCdOa
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more