BTC/USD, ETH/USD Worth Evaluation: Bitcoin and Ethereum costs have soared in current weeks, buoyed by rising demand for main cryp
BTC/USD, ETH/USD Worth Evaluation:
Bitcoin and Ethereum costs have soared in current weeks, buoyed by rising demand for main cryptocurrencies and US Greenback weak spot, with current worth motion demonstrating ‘safe-haven’ traits of what would often present in Gold and Silver, however have suspiciously been absent of late. Nonetheless, not like the valuable metals who’ve faltered even with a return of USD-weakness, buyers seem like drawn to digital currencies amid elevated hypothesis that giant market gamers will undertake Bitcoin as a substitute fee methodology, driving BTC/USD above the key psychological degree of $50,000, leading to a brand new all-time excessive of$52,648, an advance of greater than 58% over the previous month.
Really helpful by Tammy Da Costa
Obtain Your free Bitcoin Buying and selling Information
Bitcoin (BTC/USD) Technical Evaluation
After retracing from yet one more all-time excessive yesterday, the formation of a Doji candle, adopted by a collection of shallow candles means that the sturdy upward trajectory that has prevailed since final 12 months, could also be slowing down, with short-term worth motion caught in a spread between the current excessive and the psychological degree of $50,000. These markets have helped to outline assist and resistance for BTC/USD, with the 50 interval Shifting Common offering extra assist at $48,290. In the meantime, the Commodity Channel index (CCI) continues to check the higher certain of 100, presently resting just under, with a present studying of 82.
Bitcoin (BTC/USD) Four Hour Chart
Chart ready by Tammy Da Costa, IG
Ether (ETH/USD) Technical Evaluation
Ethereum continues to observe in Bitcoin’s footsteps, with bulls driving worth motion to provide a collection of recent highs. For now, costs stay inside the confines of the rising channel, trying to take a look at the important thing psychological degree of $2,000 for the primary time ever. Would an preliminary inflection right here be met with sellers? Or will the bullish enthusiasm that’s continued to drive enable for a clear breakout past the psychological degree? In the meantime, the CCI stays above 100, doubtlessly indicating that the second largest cryptocurrency could also be treading in overbought territory.
Ethereum (ETH/USD) Four Hour Chart
Chart ready by Tammy Da Costa, IG
| Change in | Longs | Shorts | OI |
| Every day | -3% | 15% | -1% |
| Weekly | -5% | 5% | -4% |
— Written by Tammy Da Costa, Market Author for DailyFX.com
Contact and observe Tammy on Twitter: @Tams707