The Prices of Bitcoin (BTC) and Ethereum (ETH) – The Cryptonomist
The carousel began on Monday with prices attacking the early November highs, faded mid-week with quotes backtesting the late November highs and in the final hours climbed back to the levels at the beginning of the round.
Sustaining this Friday’s quotes through Sunday’s close would form the third upward weekly close.
A technical condition that has only been realized once during the past year, between July and August, in the reversal phase after the bearish movement exploded with the crisis and failure of the Earth/moon projectt.
Phase in some ways similar to the current one that began in early November with the crisis and failure of the FTX central.
The technical similarities of the previous structure with the current one recommend maintaining a good deal of caution before declaring a medium-term (monthly) trend reversal.
Fear is also found by the indicator that measures investors’ mood. The ‘Fear and Greed’ index registering a positive reaction with the value climbing back into the 30-point range since the beginning of the month, emerging from the “extreme fear” but not “fear” zone.
Volatility has returned to the levels of early November, before the FTX crisis, during a period of values close to the lowest levels of the last two years. This is a clue to watch closely in the coming days or weeks if the downtrend continues.
To date, barring deep declines over the next couple of days, the week shows a clear spread of positive balances.
Bitcoin and Ethereum prices in detail
Bitcoin (BTC)
Bitcoin returns above USD 17,300, the highest level since November 11, warding off the dangers of short-term speculation.
From a medium-term perspective, a break above the USD 17,550-17,600 threshold is required accompanied by increasing volumes.
Upward movement is expected during the first days of next week. Otherwise, the dangers of a return of bearishness are encouraged by the failure to hold the 17k USD psychological threshold increase.
For the weekend, it is important to hold quotes above USD 17,000 and still not drop below USD 16,700. The risk is to undo the consolidation that has been going on since the beginning of the month, which is necessary to prepare for the next leap higher.
Ethereum (ETH)
Ethereumits technical structure in recent days is in line with Bitcoin’s trend, bringing back the correlation that has been missing for several weeks.
A correlation that, if confirmed in the coming days as well, could see the baton in chief pass by. A technical signal that is historically favorable for the start of a bullish rally.
Between Saturday and Sunday, it will be important not to witness a drop below USD 1,220-1,200 in order not to break the bullish trend that began in the last week of November and is registering a performance of more than 20 percent, almost double the the performance. far cashed in by BTC.
