Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Bulls Secure Gains, Following a Recent Multi-Month High

#BTC Consolidates on Wednesday, Following a Recent 2-Month High

Bitcoin stalled in today’s session, as traders consolidated gains, following a recent two-month high. The global market cap is trading 0.01% lower as of writing, with the cryptocurrency remaining above the $28,000 level. Ethereum has been marginally higher, and continues to hover around the $1,580 region.

Bitcoin

Bitcoin bulls consolidated recent gains on Wednesday, as traders appeared to be capturing profits following recent highs.

BTC/USD edged to a low of $28,172.91 earlier in today’s session, which comes a day after a high of $28,889.01.

Today’s price consolidation comes after the world’s largest cryptocurrency rose to as high as $30,000 earlier in the week.

Bitcoin chart by TradingView

Looking at the chart, the decline comes as the 14-day relative strength index (RSI) maintains its position marginally above a floor at the 62.00 level.

As of writing, the index is tracking at a reading of 62.28, after a failed breakout from a resistance of 65.00 on Monday.

Price may continue to consolidate until either the aforementioned floor or ceiling is broken.

Ethereum

Ethereum (ETH) made slight gains on hump-day, as it continued to hover around the $1,580 mark.

Following a low of $1,554.40 on Tuesday, ETH/USD climbed to an intraday peak of $1,584.73 during the day.

Earlier gains have since eased, with ethereum now trading at $1,577.40, with short-term bulls still targeting the $1,600 zone.

Ethereum chart by TradingView

This may be difficult to achieve as momentum appears to be bearish, with the 10-day (red) moving average continuing to trend downwards.

Whilst at a reading of 45.75, a ceiling awaits ETH’s price strength at the 49.00 zone, and should it move beyond this, there will likely be an influx of bulls.

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

Could there be a breakout this week? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/V2pzEld
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more