Bitcoin (BTC) and Ethereum (ETH) Price, Chart and Analysis
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Bitcoin continues to trade in a range with little fundametal news to drive prices action. Turnover has remained steady this year with the Cryptocurrency market capitalization and the price of Bitcoin closely aligned. The small spike in volume seen on February 9 has lifted BTC off its recent lows and indicates buying interest around the $3,300 area.
Chart by Coinmarketcap.com
At the start of the week, Nasdaq announced that, from February 25, it will launch real-time indices for both Bitcoin and Ethereum, a move that will make pricing easier. According to Nasdaq, ‘The Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) are each designed to provide a real-time spot or reference rate for the price of 1 BTC and 1 ETH respectively, quoted in USD, and based on the most liquid ends of their markets’. The indices will be quoted in US dollars and have a pricing frequency of 30 seconds.
A look at the daily Bitcoin chart reveals a trading pattern similar to the one seen between early-September and mid-November last year. The recent sideways movement now sees BTC trading between the 20-and 50-day moving averages, yet still a long-way below the 200-day ma. A break below support opens the way to $2,970, the September 15, 2017 swing-low ahead of the July 16, 2017 low around $1,790.
Bitcoin (BTC) Daily Price Chart (April 2018 – February 13, 2019)
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What’s your opinion on Bitcoin at these levels? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.
--- Written by Nick Cawley, Analyst.
