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Bitcoin, Ethereum Pushing Towards Fresh Multi-Week Highs, Alt-Coin Rally Resumes

Bitcoin, Ethereum Pushing Towards Fresh Multi-Week Highs, Alt-Coin Rally Resumes

Nick Cawley, Strategist
BTC/USD Chart

Chart created with TradingView

Bitcoin (BTC/USD), Ethereum (ETH/USD), Alt-Coins Price, Chart, and Analysis

  • Cryptocurrency market capitalization is back above $2 trillion.
  • A breakout from the recent consolidation may leave room for Bitcoin to move higher.
  • Alt-coins looking to resume their recent rally.
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Aftera short-term period of sideways price action, Bitcoin is edging back to its recent multi-month high print at just over $48,100 and may soon be back to levels last seen in early-to-mid May of this year. While this resistance may hold at the first attempt, the overall positive mood in the market is likely to see repeated attempts if the initial effort fails.

Prices via CoinMarketCap.

The daily BTC/USD price is now just above the 50% Fibonacci retracement level that has proved difficult to break above conclusively. The spot price is back the important 200-day simple moving average while the CCI indicator is not in overbought territory as yet. The weekend trading session can be volatile due to lower volumes, so careful risk management is needed before entering any trade.

Bitcoin (BTC/USD) Daily Price Chart August 20, 2021

BTC/USD Chart

Ethereum broke out of its recent bullish trend channel this week, but its sell-off was stemmed by the 20-day sma mid-week. If this remains moving average remains supportive and Ethereum can break back into the multi-week uptrend then the recent double-top around $3,300 and $3,400 will likely come under threat. Again the CCI indicator is in neutral territory but it is on the cusp of flashing an overbought signal.

Ethereum (ETH/USD) Daily Price Chart August 20, 2021

ETH/USD Chart

The alt-coin has also turned higher again after a recent period of calm, with coins Cardano (ADA), Ripple (XRP), and Polkadot (DOT) registering double-digit percentage gains over the last 24 hours. The rest of the space is currently covered in green ink with middle-to-high single-digit gains seen.

What is your view on Bitcoin, Ethereum, and the Alt-Coin market – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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