BITCOIN (BTC/USD) & ETHEREUM (ETH/USD) NEWS, ANALYSIS & PRICE FORECAST:Bitcoin and Ethereum traded pretty combined throughout Thursday’s
BITCOIN (BTC/USD) & ETHEREUM (ETH/USD) NEWS, ANALYSIS & PRICE FORECAST:
Bitcoin and Ethereum traded pretty combined throughout Thursday’s buying and selling session. BTC/USD worth motion is pacing an arguably modest -3.5% decline whereas ETH/USD is off roughly -1.3% after hitting a brand new intraday file excessive on the 2,800-price degree. Elsewhere within the realm of common cryptocurrencies, Litecoin and Dogecoin dropped -2.7% and -5.5% respectively, although Ripple was in a position to eke out a 1.6% acquire.
Lack of demand for cryptos appears to comply with an upswing in Treasury yields and a considerably firmer US Greenback. Additionally, the refined comment from Fed Chair Powell throughout his post-FOMC resolution press convention yesterday about how there may be ‘some froth in markets’ could have curbed dealer danger urge for food for speculative property resembling Bitcoin. That stated, extra dominant basic drivers, like mounting non-public sector acceptance and rising use in transactions, stand to maintain the cryptocurrency market broadly supported.
BTC/USD – BITCOIN PRICE CHART: DAILY TIME FRAME (27 DECEMBER 2020 TO 29 APRIL 2021)
Chart by @RichDvorakFX created utilizing TradingView
BTC/USD worth motion additionally seems to be to be struggling after failing to take out the $56,000-price degree. This space of technical resistance is emphasised by a confluence of the 20-day and 50-day easy shifting averages. We not too long ago famous that short-term outlook for Bitcoin was bearish beneath its 50-day easy shifting common, and this nonetheless appears to be the case. This brings to focus potential for an additional help take a look at of the psychologically-significant $50,000-price degree, which is underpinned by the 100-day easy shifting common and 38.2% Fibonacci retracement of its year-to-date buying and selling vary.
ETH/USD – ETHEREUM PRICE CHAT: DAILY TIME FRAME (26 JANUARY TO 29 APRIL 2021)
Chart by @RichDvorakFX created utilizing TradingView
Ethereum, in distinction to Bitcoin, continues to fluctuate round its respective all-time highs. ETH/USD worth motion has confronted headwinds across the 2,800-level, nevertheless, with advances being comparatively contained by the higher Bollinger Band. Ethereum can be flirting with ‘overbought’ territory judging by its relative energy index. Within the absence of continued Bollinger Band width growth, potential for a wholesome consolidation decrease grows extra possible. This might convey the 20-day easy shifting common into focus earlier than Ethereum bears set their sights on technical help close to the critically-important 2,000 worth degree.
— Written by Wealthy Dvorak, Analyst for DailyFX.com
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