Categories: Bitcoin

What is Christmas this year for Bitcoin and ETH? – Bitcoin magazine

The prices for crypto currencies continue to fluctuate, there are only 2 weeks left until the end of 2021. Bitcoin and ETH have fallen to their lowest values ​​in the last few months.

Therefore, speculators are now looking for opportunities in the coming weeks. The article analyzes the technical indicators of both markets to get a more complete picture of what could happen this Christmas.

Bitcoin price analysis

The world’s largest cryptocurrency continued to drop below $ 50,000 on Monday, with BTC reaching an intraday low of $ 46,526 on Tuesday, and also its lowest level since October 1.

The recent price drop, which began on November 10th, has resulted in BTC falling over $ 20,000 in the past few weeks. The price now appears to be oversold in what some long-term bitcoiners see as an opportunity to “buy the dip”.

On the daily chart, BTC hovered just below $ 47,000 at times, which served as a support. However, the price has rallied above $ 48,484 by press time. The 14-day RSI also shows the market size is trading at 30, which previously signaled relative market weakness.

Coupled with reaching a bottom, this will often attract bulls to predict a reversal, but a closer look reveals that this is, in fact, a bull trap.

BTC Daily Price Chart | Source: Tradingview

This is because the moving averages (MAs) momentum still looks bearish despite some previous overlap.

There are 3 SMAs (simple moving averages) on this chart: 10-days (red), 25-days (blue) and 50-days (green). The initial bearish crossover signaled a sell-off as the 10-day line moved below the 25-day line. Both then moved below the 50-day line, which is usually a sign that the downward pressure is being maintained.

Even so, the most recent crossover appears to be still in its infancy, and if it continues to mature, BTC price could follow the current descending triangle channel to a more long-term floor of $ 44,000.

ETH price analysis

ETH has fallen more than $ 1,000 since early November after hitting an all-time high of $ 4,836. Similar to BTC, the price slipped and is now in the red for 5 weeks in a row.

Looking at the weekly chart below, it can be seen that the price is working above the $ 3,759 support while the RSI is consolidating at 52, which means the price is neither overbought nor oversold.

Weekly ETH Price Chart | Source: Tradingview

As for the bears, many expect the RSI to break below the current floor of 52 and trigger sellers, potentially pushing the price to the lower support at $ 2,830.

On the flip side, the bulls are watching the purchasing power last seen as the market trades at current prices and expect a reversal of resistance at $ 4,670.

You can see the coin prices here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Minh Anh

According to FXStreet

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

CoinX

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

30 minutes ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

58 minutes ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

1 hour ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

3 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

4 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

4 hours ago

This website uses cookies.