'Insane' Bitcoin price consolidation means $48K is the new BTC support level
A fundamental shift in technicals suggests that bulls should treat $48,000 like the new $35,000, says Glassnode. Bitcoin (BTC) has seen "unreal" price consolidation since the start of February 2021 — and fundamental support is now at $48,000.According to on-chain monitoring resource Glassnode, the second month of the year has been a formative period for Bitcoin like no other.$35,000 Bitcoin? So last monthDiscussing the current state of the Bitcoin network, co-founders Yann Allemann and Jan Happel said that many price indicators had been allowed a "reset" in February."The amount of....
Related News
Even with the increased upside momentum seen on the shorter-term time frames of dogecoin price charts, the cryptocurrency is still stuck in consolidation to the bitcoin on the daily chart. A descending triangle formation can be seen, with price hovering at the bottom of the chart pattern. The short-term moving average (red) is treading below the long-term moving average (green), indicating that downside momentum is present. Moving averages are widening, which means that selling pressure is strengthening. Stochastic on the daily time frame of DOGE/BTC from Hitbtc is moving down from the....
Dogecoin Price Key highlights. Dogecoin price is still stalling around the near-term support level, which has held since yesterday. Price has pulled back to the dynamic resistance at the 100 SMA and made another attempt to break below the support at 47.5 Satoshis. Dogecoin price is currently hovering at the consolidation support level and latest lows, with a potential downside break likely to confirm a pickup in selling pressure. Further consolidation possible. The lack of any market catalysts or liquidity could open the possibility of further sideways movement for dogecoin price, as the....
Dogecoin Price Key Highlights. Dogecoin price has been in a steady downtrend for the past few weeks, as price just broke below a short-term consolidation pattern. Price dipped to the 0.000110 level before showing signs of pulling back to the broken support area. Dogecoin price is retracing to the broken support near the 0.000120 level and may be ready to resume its drop soon. 200 SMA Resistance. At the moment, dogecoin price is retesting the broken support near the 38.2% Fibonacci retracement level. This is in line with the 200 SMA, which is above the short-term 100 SMA and indicating that....
Potcoin Price Key Highlights. Potcoin price could be in for more downside, as it appears ready to make a downside break of the current consolidation pattern. The path of least resistance is down since potcoin price is already in the middle of a downtrend. Potcoin price could be in for more losses, pending a likely downside breakout from the current consolidation support level. Testing Range Support. Potcoin price is currently testing the range support at 0.00000250BTC and might be due for a breakdown, as a long red candle has formed. The 100 SMA is below the longer-term 200 SMA, indicating....
Ethereum Price Key Highlights. Ethereum price is gradually trending higher but there are still some signs of consolidation, creating a rising wedge pattern on its 1-hour time frame. Price is currently hovering near the wedge support, as buyers and sellers try to decide whether a bounce or a break is in order. Ethereum price is still picking a direction, with a slight bias to the upside, as bitcoin price is also under a bit of selling pressure. Potential Resistance at 0.00300? A bounce off the wedge support around 0.00260 could lead to a move up to the top of the pattern just past the....