Bitcoin Price Chart, Analysis of Ethereum (BTC/USD), the ETH/USD discussion POINTS
- The BTC/USD could challenge, with a critical limit after the break-up of the compression zone
- If the pair fails to breach the resistance, it may be difficult or appraisal could be retested and broken
- The ETH/USD the bullish trend could be in danger, as the pair continue to stagnate, to the great resistance
The BTC/USD has recently experienced the highly-anticipated, so-called “halvening” and it is currently trading above a compression zone is marked by the multi-week uptrend and the resistance to 9140.00. After reaching a trough at the bottom of the year to 4857.84 , the BTC/USD has since increased to 90%. The pair can now challenge a point of resistance, to 10,540.49, where it had stalled in November 2019 and February of this year
BTC/USD Daily Chart
The BTC/USD chart-created using TradingView
The compensation of the ceiling could open the door to a re-test of the September-December 2019 at the latest high at 10,953.00, where the BTC/USD was also experienced reverse friction caused the decline. On the other hand, if the selling pressure overwhelms the buyers, a new test of the multi-week uptrend, and the rupture, with the result that could precede a better sale.
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After having been rejected at the descent of the resistance and the breaking below of the bottom row, or a compression zone, A, (purple-shaded area, the ETH/USD has dropped to about 55 per cent, and in the end falling back to around 109. Since then, it has increased to 90%. The recovery program also marks the beginning of the upward trend that could soon be put under pressure. The pair almost broke under it and will be back in early May, but managed to recover.
The ETH/USD – Daily Chart
The ETH/USD chart-created using TradingView
However, the recent price action shows that the ETH/USD has been stalling around the newly formed, the resistance to 215.06. As the area between the ceiling and the upper narrows, at the following price moves may reveal the underlying directional bias. As such, this may catalyze a bullish or bearish series, and could lead the pair to re-test the pre-sale of the tops or drops below-the-183.11-168.59 floor.
— Written by It ZabelinA Currency Analyst to DailyFX.com
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