Crypto Price Analysis for the Day for BTC and ETH
“Dust in the air” That’s apparently the state of the crypto market at the moment; nonetheless, fresh movements have spread the streaks of hope and we could very well embrace for the upsides as?Bitcoin,?Ethereum, Near, Gala, and Ethereum Classic has been rallying to emerge as the top gainers of the week.?
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Top Gainers of the Week?
Bitcoin has been sluggish over the past few weeks hovering in the price points of 18K to 22k; but in the past few hours we have seen some momentum. As per the BTC chart, there’s some correction pattern in progress and if BTC would manage to break the 22K resistance point, the 50 Day and 100 Day MA imminently seem like the resistance point. As you can see that the 100 Day MA has shifted downwards from the 50 Day forming a wedge pattern. It was at this point that the support was formed at a lower trend line.?
Somewhere at the 17K to 18k level, however; the market has been in a positive uptrend when looking at the 50 and 100 Day MA. If BTC manages to break the upper trend line which is forming at the 28K level. It would establish a positive uptrend for a longer duration. Thus, the prices may well go over 30K. However, in the short term, if the prices plunge lower to the 18K level, in that case, it would be heading for a downturn.?
BTC Wedge In Formation
Miners have started to book positions since the compulsion has gotten worse to sell even at losses.
ETH is on the route to a roller coaster ride after all the days of substantial consolidation over a long haul. The green candles have been making higher highs and lower lows in the past few days. If the $1280 level has been positively breached, we can very well see ETH trading at $1500 level and beyond. The reason to say that is because the 50 Day EMA was tested and prices fell to 20 Day EMA. But it was followed by a long rally that pushed candles higher and if everything goes as the present condition, ETH can very well reach $1580. Even the Vortex Indicators show that the VI+ and Vi- slopes had multiple crossovers which validate that the volatility has reached unprecedented levels. But when you see the enlarged gaps between the indicators, they denote that a strong bullish momentum is up and ahead!