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Bitcoin (BTC), Ethereum (ETH), Alt-Coins - Recovery Remains Fragile, Volatility Stuck at Near-Extremes

Bitcoin (BTC), Ethereum (ETH), Alt-Coins - Recovery Remains Fragile, Volatility Stuck at Near-Extremes

Nick Cawley, Strategist

Bitcoin (BTC/USD), Ethereum (ETH/USD), and Alt-Coin Analysis and Charts:

  • Picking up the pieces but buyers remain wary.
  • Ethereum/Bitcoin spread recovery continues.

Last week’s heavy sell-off is gradually being pulled back with the market close to recovering from last Wednesday’s wipe-out. The market still remains in the red over the last seven days and the last three daily candles, including today, highlight an indecisive market held within a narrow trading range. Further consolidation around current levels may well precede a move higher, but volatility still remains at near-record extreme levels and a sudden breakout, either way, cannot be ruled out.For Bitcoin to recover further the $42,000 area needs to be reclaimed.

JOMO is the New FOMO: Trade with the Joy of Missing Out

Bitcoin (BTC/USD) Daily Price Chart

Bitcoin (BTC), Ethereum (ETH), Alt-Coins - Recovery Remains Fragile, Volatility Stuck at Near-Extremes

The Ethereum/Bitcoin spread collapsed last week after a strong push higher off the late-March low. Again, consolidation is needed to push this spread back to the cluster of recent highs on either side of 800. The macro-talk of Ethereum overtaking Bitcoin in market capitalization terms is still alive, with Goldman Sachs the latest to predict that Ethereum ‘has a high chance of overtaking Bitcoin as the dominant store of value’.

Ethereum/Bitcoin (ETH/BTC) Daily Price Chart

Bitcoin (BTC), Ethereum (ETH), Alt-Coins - Recovery Remains Fragile, Volatility Stuck at Near-Extremes

The alt-coin market also remains volatile with a mixture of 7-day losses and gains seen across the space. Ripple (XRP) is down around 12%, Polkadot (DOT) is currently showing a 7-day loss of 16%, while Solana (SOL) is lower by 15%. Uniswap (UNI) and Chainlink (LINK) are up 12% and 16% respectively, while Ethereum Classic (ETC) is showing a 7-day gain of 15%.

Traders of all levels and abilities will find something to help them make more informed decisions in the new and improved DailyFX Trading Education Centre

What are your views on Bitcoin (BTC),Ethereum (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.

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

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