Jump to content

Bitcoin Price Outlook: BTC, ETH Trade Flat After Bouncing Off Support


Recommended Posts

BITCOIN (BTC), ETHEREUM (ETH) FORECAST:

  • Bitcoin prices (BTC/USD) stabilize after falling below the 20-day MA (moving average)
  • Ethereum (ETH/USD) finds temporary support above $1,550 as bulls’ eye $1,600.
  • Silvergate becomes the latest cryptocurrency firm to land in troubled waters. The digital-asset based bank falls victim to FTX contagion after announcing solvency concerns.

Bitcoin Doesn't Appear to be Ripe for a Bullish Break Just Yet

BITCOIN, ETHEREUM PRICES FIND TEMPORARY SUPPORT AFTER SILVERGATE SLIDE

Bitcoin and Ethereum prices have stabilized after Friday’s plunge that occurred on rising fears over crypto-based bank, Silvergate. After announcing a 40% reduction in its workforce, the firm announced a “risk-based” decision to discontinue its Exchange Network.

As Coinbase, Galaxy Digital and Bitstamp reacted to the viability concerns by suspending payments and withdrawals through the Silvergate payment network, major crypto's plunged before finding support at key technical levels.

The combination of negative sentiment and rising rate expectations weighed on digital assets, pushing BTC below $20-day MA (moving average) now holding as resistance around $23,600. With prices extending declines into the weekend, a rebound off the $22,000 psychological level helped limit losses.

As the largest digital asset (in terms of market capitalization) returned to a narrow range of support and resistance, Ethereum dropped below $1,600 before finding support at $1,550.

BITCOIN (BTC/USD) TECHNICAL ANALYSIS

While today’s price action has remained subdued, the recent decline has driven the CCI (commodity channel index) into oversold territory. With Bitcoin prices currently trading sideways around the $22,500 mark, a break of $22,000 could make BTC/USD vulnerable to a sharper pullback.

Bitcoin (BTC/USD) Daily Chart

image1.png

Chart prepared by Tammy Da Costa using TradingView

Below this level is the February low which could open the door for bearish continuation toward $20.000.

ETHEREUM (ETH/USD) TECHNICAL ANALYSIS

As Ethereum rises above another big spot of support at $1,550, the next barrier of resistance has formed at $1,600 which could pave the way for a move toward the 50-day MA (moving average) at $1,610.

Ethereum (ETH/USD) Daily Chart

image2.png

Chart prepared by Tammy Da Costa using TradingView

 

 

Written by Tammy Da Costa, Analyst for DailyFX.com

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Thanks for the input,  The issue is being resolved.  IG took a position Twice.  Remedy is imminent.
    • Prepare to witness a paradigm shift in Bitcoin Layer 2 solutions with Merlin Chain, an innovative platform that integrates the ZK-rollup network, decentralized oracle, and on-chain BTC anti-fraud module. With seamless compatibility with the Ethereum Virtual Machine (EVM), Merlin Chain sets new standards for security, transparency, and interoperability in the blockchain ecosystem.  Creating a Safe and Transparent Environment: At the core of Merlin Chain's mission lies its commitment to creating a safe and transparent environment for all investors. By integrating anti-fraud security solutions directly into the blockchain, Merlin Chain mitigates the risk of fraudulent activities and ensures the integrity of transactions. With Merlin Chain, users can trust that their assets are protected and transactions are executed with the highest level of security and transparency. Excitement mounts as Merlin Chain (MERL) prepares for listing on Bitget Exchange on April 19th, 2024, at 10:00 (UTC). This milestone event not only amplifies Merlin Chain's visibility but also provides users with a trusted platform to trade and engage with the MERL token. As Merlin Chain continues to push the boundaries of Bitcoin Layer 2 solutions, its listing on Bitget Exchange marks a significant step forward in its journey towards broader recognition and adoption.
    • Rarible is a revolutionary platform for artists and creators in the digital world. It functions as both: Software: Artists can use it to create and sell unique crypto assets representing ownership of their digital work, like illustrations or animations. These are known as Non-Fungible Tokens (NFTs). Marketplace: Buyers can discover and purchase these NFTs directly from creators, eliminating the need for intermediaries.   Built for the Community: It is a community-owned marketplace, powered by its native token, RARI. Owning RARI tokens gives holders a voice in shaping the platform’s future.   Exciting News! Rarible recently listed its token (RARI) on the Bitget exchange, along with a “candybomb” event to reward holders. This is a great opportunity for artists and crypto enthusiasts alike to explore the world of NFTs on Rarible.
×
×
  • Create New...
us