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giovedì 28 gennaio 2021

Why Ethereum Close Above $1,300 Could Spark A Fresh Surge

 Ethereum is holding the $1,240 and $1,220 support levels against the US Dollar. ETH price seems to be eyeing a fresh surge above the $1,300 and $1,320 resistance levels in the near term.

  • Ethereum retested the $1,200 support zone, where the bulls took a stand.
  • The price is now recovering towards the $1,300 resistance and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,300 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a strong increase if there is a clear close above $1,300 and the 100 hourly SMA.

Ethereum Price is Likely To Rally

There was a downside extension in Ethereum below the $1,250 support level. ETH price even traded below the $1,220 support level and settled below the 100 hourly simple moving average.

However, the bulls were able to protect the main $1,200 support zone. A low is formed near $1,204 and the price is currently recovering higher. There was a break above the $1,240 and $1,250 resistance levels. The bulls also pushed the price above the 23.6% Fib retracement level of the recent decline from the $1,375 high to $1,204 low.

Ether is now facing resistance near the $1,290 and $1,300 levels. The 50% Fib retracement level of the recent decline from the $1,375 high to $1,204 low is also near $1,289.

Ethereum Price

Source: ETHUSD on TradingView.com

The main resistance is near $1,300. There is also a major bearish trend line forming with resistance near $1,300 on the hourly chart of ETH/USD. If ether price clears the trend line resistance, $1,300, and the 100 hourly SMA, there are chances of a fresh surge.


The next major resistance could be $1,375. A close above the $1,375 level could open the doors for a steady increase in the coming sessions towards $1,450.

Upside Break in ETH?

If Ethereum fails to clear the trend line resistance, $1,300, and the 100 hourly SMA, there are chances of another bearish reaction.

An initial support on the downside is near the $1,240 level. The main support is forming near the $1,200 level. If ether breaks the $1,200 support, there is a risk of a drop towards the $1,120 level.


Technical Indicators

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

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

Major Support Level – $1,240

Major Resistance Level – $1,300

Aayush Jindal by Aayush Jindal

https://www.newsbtc.com/

Here’s The Line Separating Bitcoin Dominance From Altcoin Season

 For months, Bitcoin stole the show when it came to crypto, sucking the capital out of the altcoin market. Shortly after the top cryptocurrency started its pullback, profits began to flow back into altcoins that have since been soaring over the last month.

BTC dominance shows how down to the wire the fight between Bitcoin and altcoins has become. Just one line is left separating a continued surge into full-blown alt season, or the top cryptocurrency approaching total dominance.

BTC Dominance Hovers At Two-Thirds Market Share

Once upon a time, there was only one: Bitcoin. From Satoshi Nakamoto’s vision of a better form of digital money came vast digital universe filled with altcoins serving a variety of purposes.

Cryptocurrencies are no longer just currencies; they are the building blocks of decentralized finance, a way to keep transactions private, and much more.

Bitcoin itself is still considered an experiment, but that stigma is disappearing by the day as institutions buy into the scarce asset as a safe haven. Altcoins, sans a few with present day utility, are still far more speculative, illiquid, volatile, and risky.

Related Reading | A Dangerous Technical Pattern In Bitcoin Is Back, And It Is Breaking Down


When Bitcoin and altcoins exploded into public view in 2017, the first-ever cryptocurrency’s longevity and adoption helped it weather the top crypto winter far better. From top to bottom, it fell 84%, but by comparison, altcoins dropped much further.

When this all happened, Bitcoin went from being the only kid on the block, to representing only 35% of the entire market share. But since then, altcoins have been in a downtrend against Bitcoin that is reaching a pivotal moment. And it’s all resting on just one line.

btc.d bitcoin dominance altcoin season


BTC.D is resting on a clearly important line | Source: CRYPTOCAP-BTC.D on TradingView.com

What Comes Next? Altcoin Season, Or Total Bitcoin Dominance?

Intraday price action matters, but the higher the timeframe, the more dominant a chart’s signals. Even BTC.D, a measure of Bitcoin’s dominance against all other altcoins, behave in this manner.

BTC.D is currently resting on almost exactly two-thirds dominance. The line on monthly timeframes highlights why the level is so important.

Related Reading | Altcoin Expert: Buy Crypto That Holds Up During Bitcoin Breakdown

The zone first acted as resistance after Bitcoin topped in 2017, and again in 2019. Support couldn’t hold, but dominance broke back through, and is now retesting the clearly critical line as support once again.

If dominance holds, we could soon see a future of total Bitcoin dominance, reaching levels of 80% or more. If support can’t hold, another, more profitable altcoin season is the likely result.

Whichever direction is chosen will dramatically alter the market share of cryptocurrencies for the foreseeable future.

Featured image from Deposit Photos, Charts from TradingView.com
Tony Spilotro by Tony Spilotro
https://www.newsbtc.com/

Bitcoin Bulls Protecting $30K, Why BTC Could Correct above $32K

 Bitcoin price extended its decline below $31,000 and $30,000 against the US Dollar. BTC is correcting higher and it seems like the bulls are aiming a break above $32,000.

  • Bitcoin declined below the $32,000 support level and revisited the $29,250 zone.
  • The price is currently recovering above $30,000, but it is well below the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $31,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct towards $32,000 or $32,800 if it clears the trend line resistance.

Bitcoin Price Is Attempting Strong Recovery

As discussed yesterday, bitcoin price did extend its decline and traded below the $32,000 support. BTC even broke the $31,000 level and settled below the 100 hourly simple moving average.

There was a clear break below the $30,000 support zone and the price tested $28,250. A low is formed near $29,271 and the price is currently correcting higher. It surpassed the $30,000 and $30,200 resistance levels.

There was a break above the 23.6% Fib retracement level of the downward wave from the $34,915 high to $29,271 low. However, the price is now facing resistance near $31,200 and $31,300. There is also a key bearish trend line forming with resistance near $31,350 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is a clear break above the trend line resistance, bitcoin price could recover towards the $32,000 resistance. The 50% Fib retracement level of the downward wave from the $34,915 high to $29,271 low is also near the $32,000 level along with the 100 hourly SMA.


A successful break above the $32,000 resistance and the 100 hourly SMA could open the doors for a strong increase. The next major resistance is near the $32,800 and $33,000 levels.

Fresh Dip in BTC?

If bitcoin fails to clear the $31,300 resistance or $32,000, it could start a fresh decline. An initial support is near the channel support at $30,000.

The main support is now forming near the $29,250 zone. A clear break below the $29,250 support zone could open the doors for a larger decline towards $28K.


Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

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

Major Support Levels – $30,400, followed by $30,000.

Major Resistance Levels – $31,300, $32,000 and $32,800.

Aayush Jindal by Aayush Jindal

https://www.newsbtc.com/

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