Forexrobots24

forex advisor developer

Bitcoin (BTC) and Ethereum (ETH): A Period of Strong Consolidation is Needed if The Long-Term Trend is to Resume

Please add a description for the image.

Bitcoin (BTC), Ethereum (ETH) and Alt-Coins – Prices, Charts, and Analysis

  • Confirmed Bitcoin (BTC) chart break this week.
  • Ethereum (ETH) making gains on Bitcoin.

A tough week for Bitcoin with a confirmed break of the recent trend seeing the largest cryptocurrency by market cap lose around $10k from high to low and around $13k from the November 10 all-time high. Bitcoin also broke through a set of prior lows around the $59.5k area which needed to hold to provide support. News that a large block of Bitcoins may soon be released by the Mt. Gox to creditors of the defunct exchange may be weighing on the market. The Mt. Gox trustees are said to be preparing to release 141,686 BTC to creditors, although no timeframe has been set, with a current market value of around $8.2 billion compared to a current 24 hour Bitcoin turnover of $43 billion.

Bitcoin needs to reclaim the $59.5k area soon and break this week’s series of lower highs and lower lows to enable it to move higher still. The CCI indicator does show the current market as heavily oversold and this may help to ease Bitcoin higher. It is likely that a period of consolidation lies ahead to allow buyers and sellers to find equilibrium before the next move.

Bitcoin (BTC/USD) Daily Price Chart – November 19, 2021

Bitcoin (BTC) and Ethereum (ETH): A Period of Strong Consolidation is Needed if The Long-Term Trend is to Resume

The Ethereum sell-off found some support at the $4k level and is currently pushing back higher. Today’s candle – so far – has made a higher low compared to yesterday and this may indicate that the sell-off has stalled for now. A move above Thursday’s $4,344 high would also break the series of lower highs and see Ethereum back into a zone of prior resistance that turned into support between $4,379 and $4,457. Ethereum also remains heavily oversold using the CCI indicator.

Ethereum (ETH/USD) Daily Price Chart – November 19, 2021

Bitcoin (BTC) and Ethereum (ETH): A Period of Strong Consolidation is Needed if The Long-Term Trend is to Resume

The alt-coin markettotal crypto market cap minus Bitcoin’s market cap – also broke through trend support this week and trades sharply below its 9-day moving average, an indicator that has helped to define its recent move. As with Ethereum, today’s candle has printed a higher low, breaking a five-day pattern and this needs to hold and print a new high over Thursday’s candle to help steer the market higher. The market is currently trading around a prior swing high at $1.46 trillion and a close and confirmed break above here will add confidence in a move higher.

Crypto Total Market Cap Minus Bitcoin – November 19, 2021

Bitcoin (BTC) and Ethereum (ETH): A Period of Strong Consolidation is Needed if The Long-Term Trend is to Resume

Chart by TradingView.

What is your view on Bitcoin (BTC) and Ethereum (ETH) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.