Bitcoin is holding above the $34,000 price level. Is the king of the cryptocurrencies getting ready for another probe into higher price territory?
It would appear that the upwards pressure on price is being caused by what some are saying is the imminent approval of a Spot Bitcoin ETF by the SEC. Whether this is in the next few days, or early next year, is yet to be seen, although the market does seem to be moving on an affirmative scenario.
Bitcoin looks strong
Bitcoin is still looking strong. After 2 days of sending wicks into the $35,000 region bitcoin appears to be consolidating above $34,000 and above the top of its upward slanting channel.
Source: Trading View. Daily time frame.
Looking at the shorter time frame of the 4-hour, bitcoin is forming a pennant, and looks to possibly be breaking this to the upside. Another couple of hours at least are needed in order to see if this is successful.
Ethereum time to shine?
While bitcoin bathes in the glory of its 109% move since the beginning of the year, ethereum has had much less to shout about, with only a 50% rise this year so far, although it did manage to hit 81% in April.
Ethereum is still below its 200-day moving average, albeit only just.
Having not shone as brightly as bitcoin or several of the other leading cryptocurrencies, perhaps this is Ethereum’s time to shine?
Source: Trading View. Daily time frame.
As can be seen in the image above, ethereum is in its own upward sloping channel. A break above resistance and the 200-day moving average can take $ETH to the $2000 resistance. Piercing through here can lead to the top of the channel at possibly $2500 and above.
For the ETH/BTC pair, the rot really does need to stop here. A lower low isn’t far below. 0.04 is the next support under this. $ETH is the crypto to stop Bitcoin dominance from its rapid ascent, therefore it needs to get its skates on soon.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
