This week Goldsby takes and look at the ETH/BTC paring for some more insight as well as the normal weekly ETH/USD and BTC/USD pairings.
- BTC/USD – Bitcoin Gearing Up For Next Big Move?
- ETH/USD – ETH Struggles With Daily Level
BTC/USD – Bitcoin Gearing Up For Next Big Move?
BTC Daily Chart
BTC Weekly Chart
At the time of writing, bitcoin is priced at $19.6k and is still showing a lack of momentum as it sits above its range support at $18.9k. The good news is that the support has been strong and has held BTC up. A short term obstacle for BTC to overcome is the 20K level right above which has acted as tough resistance for about a month. If bitcoin can close over this level and gain some momentum, a push to the range high is likely.
Bitcoin Bull Scenario
Bitcoin maintains price over the range support level and a move to the range high located at $21.7k is likely.
Bitcoin Bear Scenario
Bitcoin loses the $18.9k range support on a daily closing basis and either $16k or $14k is the next area to watch as support.
ETH/USD – ETH Struggles With Daily Level
ETH Daily Chart
ETH Weekly Chart
At the time of writing, Ethereum is trading at about $1320, and has now been in its current range for 4 weeks. A short term area of daily resistance is located just above at the $1337 level, which ETH has struggled to give a daily close over. The next area after the $1330 area is at the previous cycles ATH located at $1420. If price can manage to break through both of these levels and close over them on a daily or weekly closing basis, the next area to target would be the weekly level at $1.8k.
Ethereum Bull Scenario
Ethereum closes through the $1337 level and/or the prior 2017 ATH level and the next area to watch for is the weekly $1.8k resistance.
Ethereum Bear Scenario
Ethereum loses the $1.2k level and the next area of support should fall near the $1k handle.
ETH/BTC Daily Chart
ETH/BTC Weekly Chart
At the time of writing, ETH/BTC is valued at 0.067 and is trading near the midpoint level of the range. The last time we covered ETH/BTC was around the time of the ethereum merge event, and since then ETH has underperformed relative to bitcoin. ETH was rejected away from its range high and is now trading just under the midpoint of the range. Normally when an asset trades at the resistance of a range and is rejected, the next target is usually the other side of the range at support. I would expect for ethereum and altcoins to underperform until the support level at 0.055 is reached and then at that point we could look for a possible bounce.
Ethereum/Bitcoin Bull Scenario
Ethereum reclaims the midpoint level located at 0.07BTC and it is possible to see a relief pump on altcoins.
Ethereum/Bitcoin Bear Scenario
ETH/BTC remains in a downtrend and the next area of interest is back at the range support located at 0.055BTC.