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Bitcoin (BTC) Ethereum (ETH) Price Analysis: A Series of Clues

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Bitcoin

As a technician, I tend to pay a lot of attention when a chart starts to reaffirm some signals underneath the surface of the action. In other words, a chart is a record of clues. But to fully trust those clues, you need to see additional signposts suggesting that your interpretation is flowing down the right track.

In the case of the cryptocurrency complex over the past month, we have seen a series of important clues and confirmation signals that are very suggestive of the possibility that an important change in the overall tone of this market has already come into place.

As we take a closer look at Bitcoin (BTC) and Ethereum (ETH) today, we will discuss these clues along with some of the signals of confirmation.

Bitcoin (BTC)

Price Analysis

  • High: $8216.7
  • Low: $8135.7
  • Major Resistance Level: $8600
  • Hourly MACD: Continuation Momentum

Chart courtesy of tradingview.com

There is no question that Bitcoin (BTC) has been well out in front and truly set the tone for the bounce that we have seen dominating the cryptocurrency complex over the past several weeks.

However, one interesting thing that we haven’t seen – interestingly enough – is a test of the 200-day simple moving average in Bitcoin (BTC). This is despite the fact that we have seen the 14-day RSI measure hit fully overbought levels.

Given the composition of this chart pattern, that’s interesting and somewhat unexpected.

However, what we have seen is a massive breakout above the 50-day simple moving average on enough volume to turn heads. In addition, we are already beginning to see the slope of that key moving average start to curl and turn to the upside as the volume grows.

This is an important signal and suggests the possibility that a pullback from here may well find support at that rising average setting the terms for a reinforcement of a new direction of the trend in the framework of a series of higher highs and higher lows.

Ethereum (ETH)

Price Analysis

  • High: $471.39
  • Low: $468.07
  • Major Resistance Level: $500
  • Hourly MACD: Lateral Consolidation Coming to a Head

Chart courtesy of tradingview.com

As we have noted, Ethereum (ETH) has been lagging, particularly when compared to Bitcoin (BTC). However, it has still done some important things.

To continue to represent the upside potential that longs in this market hope to see, the most important factor will be for ETH to continue to hold its rising trendline formed on the basis of the lows seen in late June, mid-July, and last week.

This will be critical as the coin presses against several important resistance levels, the most important of which clearly is the $500 level.

We will continue to track Ethereum (ETH) and look for all of these signals in coming days. Given that it represents such an important aspect of the cryptocurrency complex – becoming something of a proxy for the “smart contract disruption” facet – we would feel more confident in the larger cryptocurrency theme as a rejuvenated bull market coming to fruition if we saw some leadership begin to emerge on the charts in Ethereum (ETH).

Happy Trading~

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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Altcoins

Ready for Chaos? Swingby’s Chaos-Mainnet Launches on December 28th

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Singapore, Singapore, 9th November, 2020, // ChainWire //

Swingby is the “warp-speed” protocol for inter-blockchain swaps. It allows all DeFi users to move assets between blockchains without a trusted party. 

Today, Swingby announces its first mainnet network will be released on the 28th of December; it will bridge native Bitcoins onto Ethereum via Wrapped BTC (WBTC).

The initial bridge will enable the most liquid digital asset in the world (Bitcoin), currently valued at a $300 billion market cap, to be moved onto the Ethereum network to tap its $10b DeFi ecosystem.

“This launch will be pivotal to Swingby. After December 28th, Swingby will have a fully operational Chaos-Mainnet network which will be generating a tremendous amount of value to the world of DeFi and bringing in a large number of new users” – Yusaku Senga, CEO

Why is this big news for DeFi?

On December 28th, Swingby will be launching its first Chaos-Mainnet bridge, allowing users to easily move their bitcoins into WBTC on Ethereum without the need for a trusted party. Similarly, the bridge can be used in the opposite direction allowing WBTC-ERC20 tokens to be moved back into native BTCs.

What’s so special about it?

  1. Trustless: Swingby’s Skybridge will be the only way to trustlessly swap BTC into wrapped Bitcoin (WBTC).
  2. Simple to use: The Swingby bridge has been designed to work with standard transaction types removing the need for complex smart contract calls…
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