CRYPTOCURRENCY MARKET OUTLOOK: BITCOIN (BTC/USD), ETHEREUM (ETH/USD) MIRED BY STIMULUS CHECKS & STRONG US DOLLAR Bitcoin and
CRYPTOCURRENCY MARKET OUTLOOK: BITCOIN (BTC/USD), ETHEREUM (ETH/USD) MIRED BY STIMULUS CHECKS & STRONG US DOLLAR
Bitcoin and Ethereum, the 2 largest cryptocurrencies by market cap, have been struggling to beat a latest wave of promoting stress. BTC/USD value motion trades roughly -12% beneath its report excessive notched final month whereas ETH/USD hovers about -15% off its respective peak. That mentioned, that is notably above their newest swing lows that briefly left Bitcoin and Ethereum in bear market territory.
Piggybacking on the surge in actual yields, broad-based US Greenback energy stands out as a major catalyst weighing negatively on crypto. This has been considerably negated by mounting personal sector acceptance of Bitcoin, nevertheless. Additionally, with one other spherical of stimulus checks coming down the pipeline due to the passage of President Biden’s $1.9-trillion covid help package deal, there might be potential for an additional inflow of demand for Bitcoin and Ethereum.
BTC/USD – BITCOIN PRICE CHART: DAILY TIME FRAME (28 NOV 2020 TO 08 MAR 2021)
Chart by @RichDvorakFX created utilizing TradingView
BTC/USD is at the moment flirting with a topside break of the $52,000-price stage and its 20-day easy transferring common. Eclipsing this space of technical resistance might see Bitcoin lengthen greater towards its higher Bollinger Band and 21 February report shut. However, if Bitcoin bears try to wrestle again management, the 50-day easy transferring common may come into focus as a possible draw back goal. Breaching the $42,000-handle might open up the door to a deeper pullback towards year-to-date lows.
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ETH/USD – ETHEREUM PRICE CHART: DAILY TIME FRAME (27 NOV 2020 TO 08 MAR 2021)
Chart by @RichDvorakFX created utilizing TradingView
Ethereum has traded a bit extra favorably during the last couple of classes in comparison with its crypto cousin Bitcoin. ETH/USD value motion seems perched comfortably above its 20-day easy transferring common as bulls look to retain management of route. To not point out, a bullish MACD crossover factors to potential for continuation greater. Nonetheless, failure to surmount the $1,800-price stage, which roughly aligns with the 61.8% Fibonacci retracement of its newest bearish leg, might see Ethereum pivot again decrease towards its key transferring averages.
— Written by Wealthy Dvorak, Analyst for DailyFX.com
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