BTC & ETH Market Overview 21/3/22

For the previous two months, the Bitcoin price has been volatile. The market movement maintains the $45,000 strong resistance, and the ascending trendline shows an ascending triangle formation. The bullish trend might push the BTC price above $45,000.

Related article | What is a Bitcoin Node?


Bitcoin (BTC)- The price has risen beyond $40,000 thanks to the latest bull cycle from the rising trendline. This week, the coin price has gained 10%, attempting to maintain above the breached barrier.


By the time this article was published, the currency had lost 1.63 % and had retreated to $40,000. The BTC price might rise to $45,000 after the post-retest bounce, implying another 9% gain. Investors might predict the coin price to reach $52,100 if buyers can break through this monthly support.


A negative reversal from the regional barrier of $45,000 would send the BTC price back to the support trendline, signaling that further buying pressure is needed to overcome this level.


The existence of the 200-day moving average (EMA) at $45,000 reinforces the seller’s position. Nevertheless, the surging 20-day EMA is about to crossover above the 50-day EMA, strengthening the continuing uptrend.


Due to this short-term consolidation, the ADX slope has drastically decreased, indicating waning bearish pressure.

Following a two-month consolidation, ETH traders broke out of the symmetrical triangle pattern with a bullish breakout. The pair has gained 16.5 % this week, outperforming the biggest cryptocurrency, Bitcoin. However, before they can anticipate any follow-up, buyers must go through a retest phase.

Ethereum (ETH)- Six straight green candles from the $2,500 local support pushed the Ether price beyond $3,000. The bullish rally broke over the continuation pattern’s resistance trendline on March 17th, indicating that the price will continue to rise.


Furthermore, the development of a bearish evening star candle at the $3,000 resistance level shows that sellers will continue to support this level. The subsequent reverse would, however, retest the broken resistance $2,750 to verify a genuine burst.


The range-bound advance will likely continue for a few more days if sellers drop the cryptocurrency below the descending trendline, contrary to the bullish argument.


ETH is currently trading at $2852, representing a 3.33 % intraday loss. The daily-Relative Strength Index indicator surged to 60% after breaking over its previous swing high barrier of 55%. The fact that the RSI slope remains above the equilibrium throughout the retest phase indicates that the market is still bullish.


The 50 DMA line will help buyers maintain their position over $27,50. Therefore, since the price of ETH trades below the 100 and 200 DMA, the overall trend remains bearish.


Related article | Crypto News: A Weekly Review 

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