Ethereum Rallies 15% But Here Is Why It Could Correct In Short-Term
Ethereum is up more than 15% and it broke the key $150 and $160 hurdles versus the US Dollar, while bitcoin jumped above $8,800. However, the current price action suggests ETH could correct towards $160 before it continues higher.
Five Years of Bitcoin Trendlines All Lead to This One Point; “Fireworks” Inbound
Friday January 24, 2020
Since Bitcoin’s genesis block was first mined, the cryptocurrency has been caught within a whirlwind that has allowed BTC to post gains that defy historical precedent. Although the past couple of years have tempered...
The post Five Years of Bitcoin Trendlines All Lead to This One Point; “Fireworks” Inbound appeared first on 12bitplay - Bitcoin Play.
Ether price rallied significantly after it broke the $148 resistance area against the US Dollar.
The price even surged above the $160 level and traded as high as $171.
There is a key bullish trend line forming with support near $162 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to correct lower towards $162 or $160 before it starts a fresh increase.
The Key Indicator That Led Massive Bitcoin Upsurge to $13.8K Just Blinked Again
Tuesday January 21, 2020
A long-term bitcoin price resistance has flipped to become support for what appears to be a potential bullish action. The 50-weekly moving average (50-SMA), which measures the average of bitcoin prices over a 50-week...
The post The Key Indicator That Led Massive Bitcoin Upsurge to $13.8K Just Blinked Again appeared first on 12bitplay - Bitcoin Play.
Ethereum Rally Might Pause In Short Term
Yesterday, we discussed the chances of an upside break in Ethereum above the $148 resistance against the US Dollar. ETH price did climb above the $148 and $150 resistance levels, opening the doors for a sharp rise.
As a result, the bulls tool control and the price rallied more than 15%. It broke the $160 and $165 resistance levels. Moreover, there was a close above the $160 level and the 100 hourly simple moving average.
A high was formed near the $171 level and Ethereum seems to be showing signs of a downside correction. It is already below the 23.6% Fib retracement level of the recent rally from the $153 low to $171 high.
The first key support on the downside is near the $162 level. Besides, the 50% Fib retracement level of the recent rally from the $153 low to $171 high is also near the $162 level.
More importantly, there is a key bullish trend line forming with support near $162 on the hourly chart of ETH/USD. Therefore, dips in Ethereum remains well supported near the $162 and $160 levels.
More Upsides In ETH After Correction?
There could be a downside correction towards $160 in the short term, but it does not mean the current uptrend is over. After the price completes a downside correction, it is likely to bounce back above $165 and $170.
The main resistance is near the $170-$172 zone. A clear break above the $172 zone might set the pace for more upsides towards the $180 pivot and resistance area, especially if bitcoin surges above the $9,000 level.
Hourly MACD – The MACD for ETH/USD is showing signs of a downside correction in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower from the overbought zone.
Major Support Level – $162
Major Resistance Level – $172 The post appeared first on NewsBTC.
Bitcoin Breaking This Single Level Will Spark a Parabolic 800% Rally
Monday January 20, 2020
Bitcoin’s 2020 uptrend has drastically shifted the market structure of BTC, which was previously shaping up to be incredibly bearish while it was hovering within the $6,000 region. The subsequent rallies from this price...
The post Bitcoin Breaking This Single Level Will Spark a Parabolic 800% Rally appeared first on 12bitplay - Bitcoin Play.