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Tag: Attractive

  • Bitcoin Fails to Test $45K, Why Dips Could Be Attractive

    Bitcoin Fails to Test $45K, Why Dips Could Be Attractive

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    Bitcoin attempted a move towards $45,000 but failed against the US Dollar. BTC is correcting lower, but dips might be limited below $42,800.

    • Bitcoin extended increase above $44,000 before it faced sellers.
    • The price is trading above $43,500 and the 100 hourly simple moving average.
    • There was a break below a short-term rising channel with support near $44,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could drop to $43,000 or $42,800, where the bulls might take a stand.

    Bitcoin Price Faces Resistance

    Bitcoin price remained supported and extended increase above the $44,000 level. BTC even cleared the $44,500 resistance and settled above the 100 hourly simple moving average.

    However, there was no test of the $45,000 resistance zone. A high was formed near $44,770 before the price started a downside correction. There was a break below the $44,500 support zone. Besides, there was a break below a short-term rising channel with support near $44,200 on the hourly chart of the BTC/USD pair.

    Bitcoin is trading just below the 23.6% Fib retracement level of the upward move from the $41,573 swing low to $44,770 high. On the upside, the price might face resistance near the broken channel support at $44,200.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    The first major resistance is near the $44,500 level. A clear move above the $44,500 resistance zone might send the price further higher. The next major resistance is near $45,000, above which the price might rise towards the $45,500 resistance level.

    Dips Limited in BTC?

    If bitcoin fails to continue higher above the $44,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,800 zone.

    The next major support is seen near the $43,150 level. It is near the 50% Fib retracement level of the upward move from the $41,573 swing low to $44,770 high. If there is a downside break below the $43,850 support zone, the price might struggle. The next support sits near $42,800 or the 100 hourly SMA, below which there is a risk of a sharp decline in the near term.

    Technical indicators:

    Hourly MACD – The MACD is now gaining pace in the bearish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.

    Major Support Levels – $43,800, followed by $43,150.

    Major Resistance Levels – $44,200, $44,500 and $45,500.

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  • Ethereum Dips Turn Attractive, Bulls Could Aim $3,500

    Ethereum Dips Turn Attractive, Bulls Could Aim $3,500

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    Ethereum gained pace above the $3,250 zone against the US Dollar. ETH price is correcting gains from $3,400, but dips might be limited in the near term.

    • Ethereum started a strong increase above the $3,250 resistance zone.
    • The price is trading above $3,250 and the 100 hourly simple moving average.
    • There is a major bullish trend line forming with support near $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could continue to rise if there is a clear break above the $3,380 resistance zone.

    Ethereum Price Gains Momentum

    Ethereum started a strong increase above the $3,250 resistance zone. ETH even broke the $3,300 resistance zone and the 100 hourly simple moving average to move further into a positive zone.

    The bulls even pumped the price above the $3,350 level. Ether price spiked above the $3,400 level and a new weekly high is formed near $3,412. It is now correcting gains and trading below $3,360. There was a break below the 23.6% Fib retracement level of the recent upward move from the $3,206 swing low to $3,412 high.

    Ether price is now trading above $3,250 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $3,300 on the hourly chart of ETH/USD. On the upside, an immediate resistance is near the $3,380 level.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    A clear move above the $3,380 level might start another increase in the near term. The next major resistance is near the $3,420 level, above which ether price could test $3,500. Any more gains could send the price towards the $3,550 level in the near term.

    Dips Limited in ETH?

    If ethereum fails to start a fresh increase above the $3,380 level, it could start a downside correction. An initial support on the downside is near the $3,320 level. The first key support is now forming near the $3,300 level.

    It is near the 50% Fib retracement level of the recent upward move from the $3,206 swing low to $3,412 high. A downside break below the $3,300 level push the price towards the trend line support. Any more losses could lead the price towards $3,200.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is above the 50 level.

    Major Support Level – $3,300

    Major Resistance Level – $3,380

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