02 February 2021, 14:02

2 min reading

Crypto Daily: Bitcoin and Ethereum are Ready to New Growth

Over the past day, Bitcoin has been stagnating, the price remains unchanged — the growth was only 1%. The market is in equilibrium and anticipates new events that will provoke new movements.

Crypto Daily: Bitcoin and Ethereum are Ready to New Growth

Let’s take a look at the chart of Bitcoin and Ethereum and understand what to expect from them in the near future:

The Bitcoin chart continues to hover around the $33,000 level. This mark corresponds to the middle Bollinger band and is a strong resistance at the moment. It seems that it is in this zone that positions are being accumulated for a further upward push.

The possibility of growth is also indicated by Stochastic, which is also in equilibrium now and has a large margin for an upward move. MACD has almost completely reversed and in the coming days the younger moving average may cross the older one, which will indicate a change in the downtrend.

The immediate target in case of a breakout will be $40,000. But then, we do not exclude the possibility that Bitcoin may reach the range of $50,000 — $60,000.

Since January 10, we have seen the first serious correction, during which many major players only strengthened their purchases. This can greatly affect the price of Bitcoin in the coming days.

Now let’s take a look at the Ethereum chart:

Ethereum is also pretty clear. During the last 2 weeks, the chart has been trying to break through ATH and gain a foothold above $1,450, but so far it has failed. However, now the “ascending triangle” pattern has clearly formed on the chart, which is a signal for growth.

If on the daily timeframe, the candlestick fixes above $1,400, then Ethereum will not only set a new ATH in the near future, but also soar well above $1,500.The nearest stop, in this case, may be the $1,800 — $2,000 range.

In addition, CME futures contracts are expected to launch soon (February, 7th). Before this event, many market players will try to increase the price of the asset, so in the coming days we can see a significant rise in the price of Ethereum.

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