- BTC/USD is still digesting the strong rises of 2017’s last quarter
- ETH/USD in a very interesting technical situation, with bulls possibly having the edge in the longer time frames
Bitcoin not giving a clear picture of its next steps
BTC/USD is still in the process of digesting the strong rises of the fourth quarter of 2017. Bitcoin’s technical structure proposes two clear scenarios depending on if the $13000 area holds or not as a valid support. A bearish breakout would take the main cryptocurrency price back to $11000. On the other hand, if BTC hols in the current area, $16000 looks like a clear target.
BTC/USD 4H Chart
- MACD is moving in negative territory, with a lateral profile. Its structure backs the bullish lateral option of the current scenario.
- Directional Movement Index is matching price action. Buyers have been increasing in each and every period. Expect volatility for the next two days as buyers and sellers reach an equilibrium point.
Ethereum starts the year with an excellent technical outlook
ETH/USD is moving around its all-time highs and has an interesting technical setup in the daily chart. Longs around the $500 area are possible in the upcoming days. That would be a great entry point, as the first quarter of the year should be a good one for Ethereum price.
- MACD is positioned for a possible bearish cut, but expect high volatility in the upcoming days
- Directional Movement Index shows that buyers outweighed sellers yesterday for the first time since Christmas. ETH/BTC analysis gave the clear signal for Ethereum outperforming Bitcoin back in early December.
ETH/BTC is breaking out its bearish channel and, if confirmed after the daily close, opens up an enviable technical picture for the coming weeks.
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