BTC/USD forming rising triangle at 19,500, ETH/USD stops under 600
|BTC/USD
BTC/USD opened 15th December 2020 at 19,295 with a rising candlestick during the first hour of the trading session. The bullish price action continued through 03:00 UTC, when the hourly candlestick between 02:00 and 03:00 UTC closed in a shooting star. That led to a substantial downswing between 04:00 and 06:00 UTC, which took the pair to 19,110. In the next four hours the pair continued sideways, remaining capped under 19,200.
A bullish swing began at 10:00 UTC, with the pair rising sharply to 19,330 in one hour and then going consistently up at a moderate pace until 18:00 UTC. At 18:00 UTC another price spike began and took the pair to 19,535 with a bullish candlestick without an upper wick.
The current situation on the BTC/USD daily timeframe suggests the formation of a rising triangle that should last no longer than until 2nd January. The rising triangle is a bullish corrective wave. When it ends, BTC/USD should continue its uptrend with another motive wave.
Presently, we can eligibly expect the 19,500 resistance level to remain active and send the pair down at least one more time before the breakthrough. Meanwhile, all next downswings should be landing higher than the previous ones, leaving less space inside the triangle and increasing the buying pressure behind BTC/USD.
ETH/USD
ETH/USD began the session of 15th December 2020 at 586. In the first three hours, the pair advanced higher to reach 597 at the summit. But at 3:00 UTC a downside wave began and took the pair to 581.2 at the end of the hourly candlestick between 5:00 and 6:00 UTC. Until 18:00 the pair continued upwards at a very low angle and reached 585 before a steeper rising move that began at 18:00 UTC. At 19:00 UTC ETH/USD reached 588.6.
Ether seems to follow Bitcoin’s price pattern but has suddenly slowed down its rising pace and found itself stranded midway to the resistance level at 615, which must be reached for a rising triangle to follow through for ETH/USD.
The launch of the genesis phase of Ethereum 2.0 and the subsequent announcement of an updated roadmap of Ethereum 2.0 have certainly been to Ethereum’s advantage and have positively reflected on the ETH/USD recent trading. Presently, the resistance level of 615 remains the upside target for ETH/USD and might be reached before the end of 15th December 2020.
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