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Bitcoin (BTC) Ethereum (ETH) Price Analysis: Here’s What May Signal a Run to $10,000

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Bitcoin

In Bitcoin (BTC), we have seen another sharp and sudden dip over the past 24 hours that was very quickly bought back up by traders pressing a continuation of the recent trending action. The real question now is this: what does this say about the sustainability of the trend now in place over the past three weeks?

As we take a close look today at Bitcoin (BTC) and Ethereum (ETH), we want to analyze this recent dip and how it appears in the context of the past week of action, which includes another similar dip and recovery.

Bitcoin (BTC)

Price Analysis

  • High: $8216
  • Low: $7640
  • Major Resistance Level: $8,500
  • Hourly MACD: Continued Accumulation

Chart courtesy of tradingview.com

As we have noted, Bitcoin (BTC) has been out in front of the cryptocurrency complex during this recent bout of strength. There should be little doubt that this is still the leader in the space.

As we watch this recent upward trend evolve and mature, we have seen several sharp shakeouts that have, in each case, offering traders a new opportunity to join the trend on the long side in BTC.

However, in each recent case, the reaction leg has fallen short of testing the all-important 200-day simple moving average that hovers just above at slightly less than $8500.

At this point, it would appear that a decisive break above that level in coming days may well unleash a brand new test of the $10,000 level in Bitcoin (BTC).

Ethereum (ETH)

Price Analysis

  • High: $471
  • Low: $427
  • Major Resistance Level: $500
  • Hourly MACD: Mild Oversold Reading

Chart courtesy of tradingview.com

One of the elements that we have been tracking closely in the chart for Ethereum (ETH) is how it responds to tests of a trend line that captures the hourly chart lows put in place during the swings and pivots that have appeared on the chart since late June.

Over the past 24 hours, we may well be seeing that perspective put to the test with a break of that trendline.

This will call into question whether Ethereum (ETH) is able to stay with Bitcoin (BTC) and many of the other stronger coins during this bounce, or if we are instead to see a divergence in the space with a more striking sense of lagging action for Ethereum (ETH) and its associated compadres.

At this point, it’s far too early to say, particularly as this breach of the slope that defines the pivot lows achieved over the past month may well be a shakeout or a head fake to the downside before a more decisive move higher to test key resistance at the $500 level.

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

Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…

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Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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