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BTC/USD Analysis After Halving, Ethereum Technical Update

BTC/USD Analysis After Halving, Ethereum Technical Update

2020-05-21 01:00:00
Dimitri Zabelin, Analyst
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Bitcoin Price Chart, Ethereum Analysis, BTC/USD, ETH/USD – TALKING POINTS

  • BTC/USD could challenge a critical ceiling after breaking out of compression zone
  • If pair fails to breach resistance, slope of appreciation could be retested and broken
  • ETH/USD uptrend may be in danger as pair continue to stall at formidable resistance

BITCOIN FORECAST

BTC/USD recently experienced the highly-anticipated so-called “halvening” and is now trading above a compression zone marked by the multi-week uptrend and resistance at 9140.00. After bottoming out at a one-year low at 4857.84 , BTC/USD has since risen over 90 percent. The pair may now challenge a point of resistance at 10,540.49 where it had previously stalled in November 2019 and February of this year

BTC/USD – Daily Chart

Chart showing Bitcoin

BTC/USD chart created using TradingView

Clearing that ceiling could open the door to retesting the September-August 2019 high at 10,953.00 where BTC/USD had also experienced upside friction precipitating a pullback. Conversely, if selling pressure overwhelms buyers, retesting the multi-week uptrend and breaking it with follow-through could precede a deeper selloff.

To get more insight on digital currencies, be sure to follow me on Twitter @ZabelinDimitri

ETHEREUM OUTLOOK

After being rejected at descending resistance and breaking below the lower tier of compression zone A (purple-shaded area), ETH/USD fell over 55 percent, ultimately bottoming out around 109. Since then, it has risen over 90 percent. The recovery also marks the start of the current uptrend which may soon come under pressure. The pair almost broke under it back in early May but managed to recover.

ETH/USD – Daily Chart

Chart showing Ethereum

ETH/USD chart created using TradingView

However, recent price action shows that ETH/USD has been stalling around newly-formed resistance at 215.06. As the area between that ceiling and the uptrend narrows, subsequent price moves may reveal the underlying directional bias. As such, this may then catalyze a bullish or bearish streak, and could drive the pair to retest pre-selloff highs or crash below the 183.11-168.59 floors.

--- Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitriTwitter

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

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