Market Analysis

Bitcoin (BTC/USD) Pressured as Ethereum (ETH/USD) Probes New Highs

BITKOIN (BTC / USD) and ETHEREUM (ETH / USD) NEWS, ANALYSIS AND PRICE FORECAST:

Bitcoin and Ethereum traded quite mixedly during Thursday’s trading session. BTC / USD price activity is said to fall to a modest -3.5%, while ETH / USD is around -1.3% after reaching a new intraday record high of 2,800. Elsewhere in the field of popular cryptocurrencies Litecoin and Dogecoin fell -2.7% and -5.5%, respectively, although Ripple was able to increase 1.6%.

The lack of demand for crypts seems to follow the rise in Treasury interest rates and the somewhat stronger US dollar. Federation President Powell made a subtle remark to himFOMC decision press conference yesterday on how there is any foam in the markets may have limited the trader’s risk appetite for speculative assets such as Bitcoin. This means that key dominant forces, such as increasing private sector acceptance and greater use of transactions, are keeping the cryptocurrency market widely supported.

BTC / USD – BITKIN PRICE CARD: DAILY SCHEDULE (DECEMBER 27, 2020 – April 29, 2021)

Bitcoin price map forecast BTC BTCUSD

Schedule @RichDvorakFX created using TradingView

BTC / USD pricing also appears to be in trouble after excluding the $ 56,000 price level. This area of ​​technical hurdle is highlighted by the addition of 20- and 50-day simple moving averages. We recently noted that Bitcoin’s short-term outlook was falling below its 50-day simple moving average, and it seems to be so. It focuses on the potential of a new support test for the psychologically significant $ 50,000 price level, supported by a 100-day simple moving average and 38.2% Fibonacci return of the day-to-day trading space.

ETH / USD – ETHEREUM PRICE INQUIRY: DATE SCHEDULE (January 26 – April 29, 2021)

Ethereum price map forecast ETH ETHUSD

Schedule @RichDvorakFX created using TradingView

Unlike Bitcoin, Ethereum continues to fluctuate around its all-time highs. ETH / USD pricing has stagnated around 2,800 levels, with relative progress being relative Bollinger band. Ethereum also flirts with “overbought” territory, judging by its relative strength index. In the absence of continued expansion of the Bollinger band, the likelihood of a healthy lower consolidation increases. It can bring 20 days of ease moving average before the Ethereum bears targeted technical support close to the critically important 2000 price level.

– Written Rikas Dvorak, Analyst DailyFX.com

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