Bitcoin and Ethereum: Top cryptocurrencies in the market.
January 15, 2018 6:16 am,
As on writing (13th January 2018), the Bitcoin and Ethereum price is approximately trading at USD 14,100 and USD 1,300.
Let us now see what the recent past and today’s analysis and trends in price movements of BTC and ETH have to tell us.
Talking about BTC levels:
On 12th January 2018, as per Coindesk’s Bitcoin Price Index (BPI), BTC found takers at $12,878.60 and moved to an intraday high of $13,773.34. Soon before press time, prices were at $14,090 levels – that’s up around 9.4 percent from the 12-day low of $12,878.
The sharp recovery indicates the markets may have digested reports of a trading ban under consideration in South Korea. So Bitcoin may have found a short-term bottom, but that doesn’t necessarily mean the cryptocurrency is heading back to record highs, as fears of a Korean clampdown could remain in the air for some time yet.
The bullish (upward sloping) 10-week MA, 50-day MA and the repeated bearish exhaustion near the 38.2 percent Fibonacci level of $12.573 indicates any dips below $12,000 are likely to be short-lived.
That said, the bearish continuation pattern (rising wedge breakdown confirmed earlier this week) and the bearish MA crossovers listed above are likely to keep BTC bears in the game. Thus, in the short-run, cryptocurrency could have a hard time holding onto gains above $16,000.
Risk-averse traders should wait for a reliable setup to form as there is no clear trend on the BTC/USD pair as long as it trades inside the triangle. It’s better to wait for a breakout or breakdown from the triangle before initiating any positions.
Check all current BTC details here: https://www.coindesk.com/price/
Talking about Ether levels:
A substantial downside correction was initiated in ETH/USD as the pair moved below the $1,300.00 and $1,260.00 support levels. However, the medium-term bullish trend is intact and there is a crucial support on the downside at $1,190.00.
After a major downside correction, ETH/USD found support just below the $1,100.00 level. The pair traded as low as $1,087.80 before starting a fresh upside wave.
ETH/BTC also completed a short-term correction and is currently trading above 0.0900BTC. It could continue to rise toward the significant 0.1000BTC resistance.
On the downside, there is a connecting bullish trendline with support at $1,210.00 on the same chart. Below $1,210.00, the price could struggle to remain in the positive zone. A successful break of $1,210.00 would push Ether back toward $1,140.00.
Check ETH price movements in real-time here: https://www.coindesk.com/ethereum-price/