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Bitcoin, Ethereum Price Forecast: BTC, ETH Still Showing Strength

Bitcoin, Ethereum Price Forecast: BTC, ETH Still Showing Strength

Tammy Da Costa, Markets Writer

BTC/USD, ETH/USD Price Analysis:

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Bitcoin and Ethereum prices have soared in recent weeks, buoyed by rising demand for major cryptocurrencies and US Dollar weakness, with recent price action demonstrating ‘safe-haven’ characteristics of what would usually show in Gold and Silver, but have suspiciously been absent of late. However, unlike the precious metals who have faltered even with a return of USD-weakness, investors appear to be attracted to digital currencies amid increased speculation that large market players will adopt Bitcoin as an alternative payment method, driving BTC/USD above the key psychological level of $50,000, resulting in a new all-time high of$52,648, an advance of more than 58% over the past month.

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Bitcoin (BTC/USD) Technical Analysis

After retracing from yet another all-time high yesterday, the formation of a Doji candle, followed by a series of shallow candles suggests that the strong upward trajectory that has prevailed since last year, may be slowing down, with short-term price action stuck in a range between the recent high and the psychological level of $50,000. These markets have helped to define support and resistance for BTC/USD, with the 50 period Moving Average providing additional support at $48,290. Meanwhile, the Commodity Channel index (CCI) continues to test the upper bound of 100, currently resting just below, with a current reading of 82.

Bitcoin (BTC/USD) 4 Hour Chart

Bitcoin, Ethereum Price Forecast: BTC, ETH Still Showing Strength

Chart prepared by Tammy Da Costa, IG

Ether (ETH/USD) Technical Analysis

Ethereum continues to follow in Bitcoin’s footsteps, with bulls driving price action to produce a series of fresh highs. For now, prices remain within the confines of the rising channel, looking to test the key psychological level of $2,000 for the first time ever. Would an initial inflection here be met with sellers? Or will the bullish enthusiasm that’s continued to drive allow for a clean breakout beyond the psychological level? Meanwhile, the CCI remains above 100, potentially indicating that the second biggest cryptocurrency may be treading in overbought territory.

Ethereum (ETH/USD) 4 Hour Chart

Bitcoin, Ethereum Price Forecast: BTC, ETH Still Showing Strength

Chart prepared by Tammy Da Costa, IG

Ethereum MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -1% -8% -2%
Weekly -9% -4% -9%
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--- Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

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

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