BTC/USD rides to 48,000 on new bullish wave, ETH/USD is back at 1,800

BTC/USD

BTC/USD began the trading session of 11th February at 44,816. The pair edged down closer to 44,000 in the first hour, bounced to 45,600 in the two bullish hours between 02:00 and 04:00 UTC and travelled back to the level of the open between 04:00 and 05:00 UTC.

Until 09:00 UTC, BTC/USD was staying within the price range between 44,500 and 45,500. At 09:00 UTC, BTC /USD began an ascent that continued until 16:00 UTC, taking the pair to the 4,236 Fibonacci retracement level at 48,051. It was clearly identified by the market as a resistance level, as BTC/USD closed the 15:00 hourly candlestick at $48,048, having risen above it several times along the way of the ascent.

Between 16:00 and 18:00 UTC, the pair was trending down, briefly breaking down below 47,200. The selling dynamics subsided, giving way to some lower-volatility sideways fluctuations between 18:00 and 20:00 UTC with another upturn to 48,051. Between 20:00 and 21:00 UTC, the volatility increased, with the pair spiking to 48,790 and rolling back down to 47,100 as per the CEX.IO exchange rate.

This new spike to 48,051 and higher after a succession of hourly candlesticks within a flat channel between 44,000 and 45,500 was well aligned with our estimations. The selling pressure that increased at the 4,236 Fibonacci level was also proof of the market’s regard to the bullish wave of 2019, off which our retracement is built. 

The selling momentum created by the 4.236 Fibonacci level is now likely to send the pair down once again, but with the landing point being higher within the range of 45,700 – 46,000 this time. We expect that 50-period hourly simple moving average that presently lies close to 46,000 may help support the bullish momentum. A stabilisation at 46,000 could then provide enough liquidity for BTC/USD to make a decisive move above 48,051.

ETH/USD

ETH/USD began the trading session of 11th February at 1,740 and was keeping within a limited range of 1,712 and 1,750 until 09:00 UTC. Bu the breakthrough above 1,750 that began at 10:00 UTC eventually saw ETH/USD rise to 1,180 between 13:00 and 14:00 UTC and close the 14:00 hourly candlestick at 1,802.6 as per the CEX.IO exchange rate. That was the third successive rise above 1,800 in the week of 8th February, and certain selling volumes had already formed at the level; therefore, the ETH/USD trading pair came under selling pressure upon reaching 1,800.

As a result, a slight corrective move had taken ETH/USD to 1,790 by 20:00 UTC, with a sharper fall to the 1,760s taking place in the hour between 20:00 and 21:00. But the contact with the 50-period hourly simple moving average arrested the fall and let ETH/USD recover to the 1,780s towards the end of the trading session.

The resurging buying dynamics in ETH/USD is another indication of the dominance of the buying sentiment in this trading pair. The gradually reducing price zone will likely lead to a breakthrough above 1,800. Therefore, we expect the ongoing uptrend to continue beyond 1,800 in the remaining days of the week 0f 8th February.

ETH/USD may count on receiving support from the 20-period 4-hour simple moving average as it has already pushed the pair higher multiple times during the week of 8th February. Also, the continuing spectacular growth of the DeFi market will continue to be a serious fundamental factor stimulating the ETH/USD price growth.