Bitcoin (BTC), Ethereum (ETH) Waiting For a Shot of Volatility, Elon Musk Backs Dogecoin, Again
Bitcoin (BTC/USD), Ethereum (ETH/USD), and Alt-Coin Analysis and Charts:
- Bitcoin continues to trade sideways.
- Ethereum/Bitcoin spread giving backs gains.
- Dogecoin pumps after Elon Musk tweet.
The cryptocurrency market is effectively treading water over the last couple of weeks, setting up a box range in both Bitcoin and Ethereum. A lack of any noticeable drivers leaves any small rise or fall vulnerable to a pullback, sending volatility lower, and these current ranges may hold over the coming weeks. The market as a whole needs some new motivation, be it positive or negative, to help break these ranges and set up a new trend. Bitcoin is currently capped around $37k and the current spot price remains below all three moving averages, suggesting ongoing bearish sentiment. Ethereum on the other hand is currently being supported by the 200-day sma and shows range resistance of around $2,460.
Bitcoin (BTC/USD) Daily Price Chart
Ethereum (ETH) Daily Price Chart
The Ethereum/Bitcoin spread is paring its recent gains and has carved out three lower highs over the last two months. This week’s high around 690 guards 700 and for Ether to gain further ground on Bitcoin the June 7/8 highs around 775 need to taken out. Support looks set around 550 for the spread.
Ethereum/Bitcoin Daily Spread Chart
Another Elon Musk Tweet backing Dogecoin has sent the meme-inspired higher Friday, although the 6%price rise suggests the Tesla boss’ market influence may be on the wane. Over this year, especially during the alt-coin season, Musk’s tweets used to be worth a decent 20%+ move, so today’s small rally should be seen in context. Dogecoin currently trades 5.7% higher at $0.222, giving it a market capitalization of just under $29 billion.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.