Bitcoin (BTC), Ethereum (ETH) Drift off All-Time Highs, Outlook is Still Bright
Bitcoin (BTC), Ethereum (ETH) and Alt-Coins - Prices, Charts, and Analysis
- Crypto market fading lower, consolidation remains key.
- The alt-coin market remains true to trend.
Bitcoin is back to its Monday opening level around $63.5k and is looking for support from the multi-week bullish channel. The first half of the week saw Bitcoin, Ethereum, and a range of alt-coins post new all-time highs while the last two days have seen all of these gains eroded. I mentioned last week that the upward velocity of the trend channel would eventually prove difficult to hold on to, but as we stand, this support remains in place and is tempering further losses. It would take a clear break below this support before the chart and sentiment turn to neutral.
Over the weekend, the Bitcoin Taproot upgrade is expected to take place. This upgrade will ‘optimize scalability, privacy and smart contract functionality’ according to a Taproot explainer article written by Bitcoin Magazine. It may be that Monday’s ATH was caused by buying ahead of this upgrade and that the subsequent sell-off was caused by a lack of follow through after printing this new high. The weekend may be a volatile time for Bitcoin.
Bitcoin (BTC/USD) Daily Price Chart – November 12, 2021
Ethereum is clinging on to trend support, just, and price action over the next few days may see the $4,450 area tested. The chart however continues to look bullish and any further sell-off may see longer-term buyers return to the market. Wednesday’s big bearish engulfing candle is negative, so for Ethereum to move higher this needs to be broken which means a new all-time high will need to be made. This may cap any short-term push higher in Ethereum and lead to a period of consolidation.
Ethereum (ETH/USD) Daily Price Chart – November 12, 2021
The alt-coin market - total crypto market cap minus Bitcoin’s market cap – remains within the recent trend and stuck to the 9-day moving average. As I mentioned last week, this channel is wide and allows for any reasonable-sized sell-offs, highlighted by the bearish candle made on Wednesday touching support before rebounding.
Crypto Total Market Cap Minus Bitcoin – November 12, 2021
Chart by TradingView.
What is your view onBitcoin (BTC) andEthereum (ETH) – 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.
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