Bitcoin Price Reversal
The Bitcoin price has been trending upwards since mid-September, however, multiple signals are now pointing towards a potential short-term trend reversal. This reversal could be from the current short-term bullish trend into a more bearish trend over the next 1-2 weeks. The daily Bitcoin chart and the volume profile indicator are providing evidence of this potential reversal.
Bitcoin SI and MACD
The break to the downside in the Bitcoin price below the ascending line of support on the daily Bitcoin chart, coupled with the bearish cross in the MACD, are both signs of bearish momentum beginning to build up. This indicates that the Bitcoin price may be headed for a short-term reversal.
Resistance at 27.5K-28K
The volume profile indicator also shows that there is major resistance between 27.5K and 28K. This could be a key factor in the potential reversal of the Bitcoin price. If the price is unable to break through this resistance, it could signal a reversal in the short-term trend.
Historical Patterns
Interestingly, this is not the first time that a similar pattern has occurred. Looking at the historical data, we can see that there have been multiple instances of the Bitcoin price reversing after hitting a certain resistance level. This suggests that the current pattern could be repeating itself and that the Bitcoin price could be headed for a reversal in the short-term.
Ethereum Price Prediction
The Ethereum price has been relatively stable over the past few weeks, with no major changes. However, if the Bitcoin price does reverse, it could have an impact on the Ethereum price as well. If the Bitcoin price does reverse, it is likely that the Ethereum price will also experience a short-term correction. It is therefore important to keep an eye on the Bitcoin price in order to get an accurate prediction of the Ethereum price.
We could see a pullback all the way down towards this massive area of support here in the volume profile indicator.
Bitcoin Price Resistance
The current resistance level for the price of Bitcoin is situated at around 28.2k, based on a few different factors. Firstly, the volume profile indicator is showing a large amount of traded volume in that price range, indicating a lot of selling pressure. Additionally, there have been multiple rejections from this same area of resistance in the past, both at the end of May and the end of August.
Previous Rejections
The last two times the price of Bitcoin has been rejected from this area of resistance, it has resulted in a pullback to a massive area of support at around 24.4k to 25k. While this does not guarantee that the same will happen a third time, it is worth noting that this has happened twice already this year.
Ethereum Price Prediction
The current price of Ethereum is around $400, and is expected to rise in the near future. Analysts are predicting that Ethereum will reach a new all-time high of $500 by the end of the year. This is due to the increasing demand for Ethereum-based decentralized applications and the increasing number of institutional investors entering the market. Additionally, Ethereum’s upcoming upgrade to Ethereum 2.0 is expected to further increase its value.
Bitcoin News Today
The Bitcoin news today is that the cryptocurrency has been trading in a relatively tight range over the last few days, after initially rejecting the resistance level at around $28,000. This rejection has resulted in a symmetrical triangle pattern, with a bearish price target of around $26,400. While the price of Bitcoin has not yet hit the exact target, it has come close enough that many traders have closed their short positions.
RSI Indicator
The Bitcoin Relative Strength Index (RSI) has also recently entered into oversold territories, indicating that there is limited room for the price to move to the downside in the short term. This could result in choppy sideways price action or a slight bounce in the coming days.
Ethereum Price Prediction
Ethereum has also been trading in a tight range over the last few days, with the price currently sitting at around $700. Analysts are predicting that the price of Ethereum could break out of this range in the near future, with some predicting that the price could reach as high as $800 in the coming weeks. This could be driven by the increasing demand for Ethereum-based tokens, as well as the increasing number of decentralized finance (DeFi) projects being built on the Ethereum network.
Pattern Repeating
It appears that the same pattern is repeating itself in the cryptocurrency market, with Bitcoin and Ethereum both trading in a tight range before breaking out to the upside. This could be a sign that the market is ready to move higher in the near future, as traders take advantage of the current price levels. It is important to remember, however, that the cryptocurrency market is highly volatile and that prices can move quickly in either direction. As such, it is important to remain vigilant and to use proper risk management when trading.
Bitcoin News Today
The Bitcoin market is currently in a state of flux, with the price of BTC having entered into oversold territories on the Relative Strength Index (RSI). This has led to speculation that the low is in and that the market is about to become more bullish. However, it is important to note that this does not guarantee a bullish reversal, as the market could simply consolidate sideways or see a slight relief rally. To help reset the RSI, the price of Bitcoin is currently running into a level of support sitting at around $26.7k, just below which lies the ‘golden pocket’ of support between $26.1k and $26.3k. In the event of a break below this level, the 78.6 Fibonacci level of support at around $25.6k to $25.7k will come into play. On the other hand, if the market does see a bounce back to the upside, resistance is expected at around $27.1k to $27.2k, with a breakout back above $27.2k leading to further resistance up towards $27.6k to $27.7k.
Ethereum Price Prediction
The Ethereum market has not seen much change, with the price of ETH trading below some of the important previous levels of support which are now acting as new resistance. On the daily Ethereum price oscillators, the RSI is currently in oversold territory, with the MACD indicator also showing bearish momentum. This suggests that the market could remain bearish in the short-term, with the next major support level sitting at around $1,800. If this level is breached, further support is expected at around $1,700 and $1,650. On the other hand, if the market does manage to break back above the $2,000 resistance level, further resistance is expected at around $2,100 and $2,200.
Ethereum MACD
The daily Ethereum MACD is still showing bearish momentum after the recent bearish cross just a few days ago. This indicates that the price of Ethereum is still in a downward trend and could continue to decline in the short term.
Ethereum RSI
On the other hand, the daily Ethereum RSI is forming a new bullish Divergence pattern between the RSI and the price. This indicates that the price of Ethereum could be forming a bottom and is likely to start rising in the near future. The bullish Divergence is not yet fully confirmed, however, as we need to see at least one to two candle closes in the green to cement the higher low in place.
Price of Ethereum
The price of Ethereum has been declining in recent days, with lower lows being confirmed in the daily candle closes. This has been accompanied by higher lows in the daily Ethereum RSI, which is a sign that the price could be forming a bottom. For the bullish Divergence to be fully confirmed, however, we need to see at least one to two candle closes in the green with a decent bounce.
Bitcoin News Today
The Bitcoin market has been in a state of flux over the past few weeks, with the price of BTC fluctuating between $50,000 and $60,000. The recent surge in Bitcoin prices has been attributed to institutional investors entering the market and the increasing acceptance of cryptocurrencies by mainstream financial institutions. This has led to a surge in trading volume, with the 24-hour trading volume reaching a record high of $54 billion.
Ethereum Price Prediction
Ethereum has seen a similar surge in price over the past few weeks, with the price of ETH reaching an all-time high of $2,800. This surge in price has been attributed to the increasing demand for Ethereum-based decentralized finance (DeFi) applications, as well as the increasing number of institutional investors entering the market.
The Ethereum market has also seen a surge in trading volume, with the 24-hour trading volume reaching a record high of $30 billion. Analysts are predicting that the price of ETH could reach $3,500 in the near future, as the demand for Ethereum-based applications continues to grow.
RSI Confirmation
Technical analysis suggests that the Ethereum market is currently in a bullish trend, with the Relative Strength Index (RSI) confirming a higher low in place. This could indicate that Ethereum is likely to experience further price appreciation in the near future.
However, the RSI needs to be confirmed by a daily candle close above the 1510 to 1520 level before the bullish divergence can be confirmed. If this happens, Ethereum could experience a relief rally in the short term, with the price potentially reaching the golden pocket between $1360 and $1400.
6 Hour Chart
The 6-hour Ethereum chart also confirms the presence of short-term support at the 1530 level, with the price bouncing off this level in the past 24 hours. This suggests that Ethereum could experience some short-term price appreciation in the near future.
Bitcoin News Today
The Bitcoin market has been subject to a great deal of volatility in recent weeks, with prices fluctuating wildly. This has been driven by a number of factors, including the US Dollar’s strength, the increasing popularity of DeFi projects, and the ongoing uncertainty surrounding the US presidential election. Despite this, Bitcoin has managed to remain relatively stable, and is currently trading at around $13,000. This is still sitting very close to its all-time high of $19,783, which was set in December 2017.
Ethereum Price Prediction
Ethereum has also been subject to a great deal of volatility in recent weeks, with prices fluctuating wildly. This has been driven by a number of factors, including the increasing popularity of DeFi projects, the US Dollar’s strength, and the ongoing uncertainty surrounding the US presidential election. Despite this, Ethereum has managed to remain relatively stable, and is currently trading at around $400. This is still sitting very close to its all-time high of $1,432, which was set in January 2018.
Pattern Repeating
It appears that the same pattern is repeating itself in the cryptocurrency markets, with both Bitcoin and Ethereum experiencing similar price movements. This suggests that the markets are still in a state of flux, and that investors should remain cautious when making any investment decisions. It is also important to note that the current market conditions could change at any moment, so investors should be prepared to adjust their strategies accordingly.
Making Money in Crypto
Despite the current market volatility, it is still possible to make money in the crypto markets. This can be done by taking advantage of the current market conditions, such as buying low and selling high. It is also possible to take advantage of the current market conditions by trading options, futures, and other derivatives. Additionally, investors can also look to invest in projects that are backed by real-world assets, such as gold or real estate, as these assets tend to be less volatile than cryptocurrencies.
Overall, the daily Ethereum MACD is still showing bearish momentum, while the daily Ethereum RSI is forming a new bullish Divergence pattern. The price of Ethereum has been declining in recent days, with lower lows being confirmed in the daily candle closes. For the bullish Divergence to be fully confirmed, however, we need to see at least one to two candle closes in the green with a decent bounce.
The Bitcoin and Ethereum markets have been experiencing a surge in prices over the past few weeks, with institutional investors entering the market and the increasing demand for DeFi applications driving the price of ETH to an all-time high. Technical analysis suggests that the Ethereum market is currently in a bullish trend, with the RSI confirming a higher low in place. However, the RSI needs to be confirmed by a daily candle close above the 1510 to 1520 level before the bullish divergence can be confirmed. The 6-hour Ethereum chart also confirms the presence of short-term support at the 1530 level, suggesting that Ethereum could experience some short-term price appreciation in the near future.
