Bitcoin clings to $42K as key moving average break from July reappears
There are some strong similarities to summer 2021 for Bitcoin currently, while the outlook for Ethereum is bleak, one trader suggests. Bitcoin (BTC) consolidated above $42,000 prior to Wall Street's opening bell on Jan. 7 as more similarities to last year's lows emerged.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC "very closely" mimicking May behaviorData from Cointelegraph Markets Pro and TradingView tracked a nervous Bitcoin market as BTC/USD avoided another retest of $40,000 support.Earlier, after briefly falling below $41,000, analysts had warned that a further....
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The bearish crossover between Bitcoin's 20-day and 200-day exponential moving averages hints at a drop toward the $40,000-$42,000 area. A technical sell signal is about to appear on the Bitcoin (BTC) daily chart.On Dec. 18, the BTC price will experience a death cross, a market indicator that occurs when a short-term moving average slips below a long-term moving average. In this case, Bitcoin's 20-day exponential moving average (20-day EMA) will close below its 200-day exponential moving average (200-day EMA).The indicator may end up alerting traders and investors about a potential selloff....
Ethereum recovered above $3,400 and $3,500 against the US Dollar. ETH price is struggling near $3,600 and it might start a fresh decline. Ethereum recovered losses after a sharp decline to $2,900. The price is still trading well below $3,600 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline unless there is a clear break above $3,600. Ethereum Price is Facing Resistance Ethereum declined heavily below $3,500 and $3,200. ETH even....
Dogecoin Price Key Highlights. Dogecoin price continued to trade in a range, and the trading range is narrowing as highlighted in yesterday's post. The highlighted bearish trend line formed on the hourly chart continued to move lower, increasing the chance of a break. 100 hourly simple moving average is acting as a resistance below the bearish trend line. Dogecoin price is likely heading towards a break, but we need to see how it goes moving ahead. Which way? The Dogecoin price continued to trade in a narrow range, but the fact remains is that the price might be heading towards a break.....
Key Highlights. Dogecoin price failed to break higher time and again, as there lies a major hurdle for buyers around 72.0 Satoshis. 100 hourly moving average continued to stall gains in the short term and prevented upsides. There is a possibility that the price is forming a triangle breakout pattern on the hourly timeframe. Dogecoin price continued to trade in a range and likely forming a contracting triangle for a break in the near future. What are the chances of a break? Dogecoin price spiked a couple of times above a bearish trend line highlighted in yesterday's analysis. However, there....
Ethereum corrected lower below $3,500 against the US Dollar. ETH price remained supported and it is now eyeing a key upside break above the $3,650 resistance. Ethereum started a fresh increase above the $3,500 resistance level. The price is now trading above $3,550 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,560 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum once there is a clear break above $3,640 and $3,650. Ethereum Price Eyes Key Upside Break Ethereum started a downside....