Bitcoin (BTC) has been on a volatile price spree over the last few days. The asset has been fluctuating between $28,000 – $35,000, and currently trades at $33,736 levels. Since yesterday, the asset has been showing some strength, but given the volatility, we ought to remain cautious. Over the past 24 hours, the asset is up by approximately 2.79%.
Market Cap dominance is at 45.44%.
Bitcoin post making the low of $28,800 showed subtle signs of recovery and rallied almost 23.5% up to $35,500. The asset faced resistance and yet again witnessed sell-off over the last weekend. However, it did not test the recent lows and reversed from $30,173. Technically, the asset started to move upwards making a ‘Higher Highs Higher Lows’ pattern and made the weekly high of $36,675 where it again faced stiff resistance and corrected almost 10.5% from the recent high.
Bitcoin indicates a reverse head & shoulder with a neckline sitting close to $36,700 again making it a very crucial resistance and if broken, we might see upper levels of $42,000 touching as a relief rally.
Market Sentiment: Sideways hinting a breakout of the ascending triangle above $36,700.
Ethereum has crossed the $2,000 mark and is in the green so far this week. The asset currently trades at $2,151 reflecting a gain of about 5.97% approximately over the period of 24-hours. The next few days will be interesting for the asset, as the EIP 1559 upgrade is drawing closer, and price movements are anticipated to take place, as most analysts are expecting a further recovery post this.
Market cap dominance is at 17.97%
ETH post making the low of $1,711.4 rallied almost 20% up to $2,045. The asset faced resistance around the $2000 mark and witnessed another correction over the last weekend. However, it did not test the recent lows and reversed from $1,717.2 and started moving in an uptrend making a ‘Higher Top Higher Bottom’ pattern similar to what we saw in Bitcoin and made the weekly high of $2,288. ETH technically is following suit with Bitcoin but with a better delta to Bitcoin.
Outlook: Price above the resistance of ~$2,300 might take the asset further up to $2,600 and $2,900.