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Bitcoin (BTC) and Ethereum (ETH) - Rallying Hard as The Week Opens

Bitcoin (BTC) and Ethereum (ETH) - Rallying Hard as The Week Opens

Nick Cawley, Senior Strategist
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Bitcoin (BTC), Ethereum (ETH) and Alt-Coins - Prices, Charts, and Analysis

  • Crypto market jumps as the Asia session opens.
  • Further gains look likely.
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Bitcoin jumped by around $2000 in the first hour of overnight trade and has not looked back with the market leader currently trading around $66k and a few hundred dollars away from the October 20 all-time high. I wrote over the weekend that BTC and ETH needed to consolidate before moving higher and that the bullish trend remained intact. This remains the case.

Bitcoin (BTC) and Ethereum (ETH) Setting Up For The Next Leg Higher

The daily Bitcoin chart remains positive with the recent bullish channel being reclaimed over the weekend. Bitcoin also broke and opened above the 20-day simple moving average, a bullish set-up, while the CCI indicator is flashing an overbought signal after this morning’s jump. The chart remains positive, especially with the all-time high so close.

Bitcoin (BTC/USD) Daily Price Chart – November 8, 2021

Ethereum has printed a new ATH and as with Bitcoin has regained the bullish trend channel that has guided it higher over the past weeks. On Saturday, ETH made a bullish hammer candle, setting the scene for a further leg higher, and reversing the short-term downtrend. With Ethereum now in unchartered water, price action may get increasingly volatile and as such should be treated with caution. As with Bitcoin, the daily chart remains positive with $5k the first logical target in the next round of price discovery.

Ethereum (ETH/USD) Daily Price Chart – November 8, 2021

The alt-coin market - total crypto market cap minus Bitcoin’s market cap - continues to grow, printing a fairly relentless set of higher highs and higher lows over the past two months. A basic bullish channel remains in place and will continue to guide the market higher. Over the weekend Solana (SOL) continued to post new record highs, Avalanche (AVAX) posted double-digit gains, while Ripple (XRP) and Dogecoin (DOGE) are up nearly 10% on a 24-hour basis.

Crypto Total Market Cap Minus Bitcoin – November 8, 2021

Chart by TradingView.

What is your view on Bitcoin (BTC) andEthereum (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.