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Bitcoin (BTC), Ethereum (ETH) Forecast: Visa Adoption to Buoy Cryptos

Bitcoin (BTC), Ethereum (ETH) Forecast: Visa Adoption to Buoy Cryptos

Daniel Moss, Analyst

Bitcoin, BTC/USD, Ethereum, ETH/USD, Visa – Talking Points:

  • Visa’s introduction of a stable coin back by USD to settle transactions may buoy cryptocurrencies prices in the near term.
  • Bitcoin eyeing a push to challenge the yearly high after breaching key resistance.
  • Ethereum gearing up to extend recent gains as prices coil up in a Symmetrical Triangle pattern.

As mentioned in previous reports, the gradual adoption of Bitcoin, and cryptocurrencies in general, by several well-known financial institutions and companies has painted a rather bullish longer-term outlook for the digital asset space. Tesla invested $1.5 billion in Bitcoin and has begun accepting the popular cryptocurrency as a form of payment, while Bank of New York Mellon stated that it would treat the anti-fiat asset the same as any other financial asset. Mastercard also committed to integrate BTC into its payment networks.

Visa is the latest multinational to embrace blockchain technology, with the company announcing its payments network will utilize a stable coin backed by US Dollars to settle transactions over Ethereum. This move may fuel the fire needed for both Bitcoin and Ethereum to climb to fresh record highs in the coming weeks. Here are the key technical levels to watch for both cryptocurrencies.

Bitcoin (BTC) Daily Chart – Eyeing Push to Fresh Yearly Highs

Bitcoin (BTC), Ethereum (ETH) Forecast: Visa Adoption to Buoy Cryptos

Chart prepared by Daniel Moss, created with Tradingview

Bitcoin prices have meandered lower since storming to a fresh record high on March 14 (61699), sliding just under 18% and closing back below the 34-day EMA (53408) for the first time since late-January.

Yet, recent price action suggests that a push to fresh yearly highs may be on the cards, as buyers push the popular cryptocurrency back above all three short-term moving averages – 8-, 21-, and 34-EMA.

Indeed, with the RSI climbing back above its neutral midpoint, and a bullish crossover taking shape on the MACD indicator, the path of least resistance seems skewed to the upside.

A daily close above 61.8% Fibonacci resistance (61298) is required to signal the resumption of the primary uptrend and clear a path for price to challenge the landmark 65,000 mark. Clearing that convincingly brings the 70,000 and 100% Fibonacci (72503) into the crosshairs.

Alternatively, if BTC fails to pierce 58,000, a more extensive correction may be at hand. However, this seems relatively unlikely given the multitude of bullish technical signals being displayed.

BTC (BTC) 4-Hour Chart – Descending Channel Breach Hints at Further Gains

Bitcoin (BTC), Ethereum (ETH) Forecast: Visa Adoption to Buoy Cryptos

Chart prepared by Daniel Moss, created with Tradingview

Zooming into the four-hour chart bolsters the bullish outlook depicted on the daily timeframe, as prices penetrate Descending Channel resistance and the 56,000 mark.

The RSI eyeing a push into overbought territory, in tandem with the MACD clambering back into positive territory, may intensify buying pressure in the near term.

Remaining constructively positioned above the 8-EMA (57010) paves the way for BTC to make a run at the yearly high (61699).

However, slipping back below moving average support could trigger a short-term pullback to psychological support at 55,000.

Ethereum (ETH) Daily Chart – Symmetrical Triangle in Play

Bitcoin (BTC), Ethereum (ETH) Forecast: Visa Adoption to Buoy Cryptos

Chart prepared by Daniel Moss, created with Tradingview

In a similar fashion to its more popular digital counterpart, Ethereum has also tracked sideways since rising to a fresh all-time high in mid-February (2036).

However, a break higher appears at hand, as prices surge back above all six moving averages and eye a test of Symmetrical Triangle resistance.

A break above that would probably generate an impulsive push to challenge the yearly high, with the Symmetrical Triangle’s implied measured move hinting that Ethereum could soar to probe the 2900 mark.

That being said, further consolidation is likely if triangle resistance and the monthly high (1943) successfully neutralize buying pressure.

Ethereum (ETH) 4-Hour Chart – Penetration of Range Resistance Positive for Bulls

Bitcoin (BTC), Ethereum (ETH) Forecast: Visa Adoption to Buoy Cryptos

Chart prepared by Daniel Moss, created with Tradingview

Once again, scrolling into the short-term timeframe reinforces the positive outlook painted on the daily chart, with the break above range resistance at 1720 – 1738 paving the way for ETH to challenge confluent resistance at the triangle downtrend and March 10 high (1879).

That being said, a short-term pullback to the sentiment-defining 200-MA (1762) seems in the offing, given the influx of selling pressure at 1840. Nevertheless, if price remains constructively positioned above 1750, a more extended topside push looks likely.

A convincing break above 1880 needed to validate the breach of Symmetrical Triangle resistance and carve a path for price to challenge the yearly high (2037).

-- Written by Daniel Moss, Analyst for DailyFX

Follow me on Twitter @DanielGMoss

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

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