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Ethereum (ETH) price against Bitcoin (BTC) is on the rise as the second largest cryptocurrency pair gained 7% in the past 24 hours. The solid price gains comes amidst a volatile period in the BTC market that saw the pioneer cryptocurrency’s price skyrocket to levels above $9,000 USD before crashing to $8,700 support levels at the moment.

Ethereum Sees Solid Growth as Bitcoin Slows

A mundane consolidation phase ensued on the ETH/USD pair since hitting a high of $199.71 on October 26 in a market that looks ripe for a possible bull run in the coming days. A formation of a bullish rectangular trading pattern on the pair’s daily candle charts signals a possible bullish run in the coming weeks.

However, zooming in to short term charts, the price looks to be on a bearish reversal. Looking at the 4-hour candle charts, the price is on a mini-downtrend and is set to test the minor support level at $182. A break below this support signals downward pressure towards the $178 major support level.

Source: TradingView

A bounce above the minor resistance will be a very bullish signal for ETH/USD, which may push the price to test the major resistance levels at $194 and $199.

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Has ETH bottomed against BTC?

As ETH holders look at a bright future, BTC traders are not as optimistic as the price of BTC saw a $300 USD drop in the past 24 hours, shortly after reaching resistance levels at $9084 USD. ETH/BTC pair is on a steady rise since the start of November signaling a possible bottom for the price of ETH against BTC. Is a break out above resistance levels at 23,000 sats possible?

A formation of a bullish triangle on daily candle charts also signals a possible bullish trend in price. The prices bounced off the support level at 18,978 sats on Oct. 26 skyrocketing to 21,400 sats, as at time of writing. A break above the minor resistance levels at 21,900 sats and 22,300 sats may be a catalyst to spur growth to major resistance levels at 27000 sats – a level last witnessed in July.

Source: TradingView

Alt-Season on the Way?

Whenever, the price of ETH appreciates sustainably against BTC, the crypto universe starts whispering on a possible alt-season in the near future. The current bullish trend in the ETH/BTC pair is no different. One crypto trader on Twitter warns that the alt-season is here with us and investors should start checking their bags for the right tokens.

Source: Twitter

Do you think ETH is poised for a bull run? Share your views with us in the comments below!

Summary

Analysis: ETH/BTC Price Grows 7% in the Past 24 Hours, Has the Pair Finally Bottomed Out?

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Analysis: ETH/BTC Price Grows 7% in the Past 24 Hours, Has the Pair Finally Bottomed Out?

Description

Ethereum (ETH) price against Bitcoin (BTC) is on the rise as the second largest cryptocurrency pair gained 7% in the past 24 hours. The solid price gains comes amidst a volatile period in the BTC market that saw the pioneer cryptocurrency’s price skyrocket to levels above $9,000 USD before crashing to $8,700 support levels at the moment.

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Lujan

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CoinGape

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

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The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Lujan Odera , 2019-11-11 12:28:25 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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