Crypto starts strong this week.
The cryptocurrency market is experiencing a rally, bouncing back from the recent downward trend. Bitcoin has surpassed the $27,000 mark, while Ethereum is currently facing resistance at $1,650.
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Crypto starts strong this week. Bitcoin Sustains Its Rally
Crypto starts strong this week. Bitcoin's recent surge suggests a potentially sustainable uptrend as it approaches its 200-week moving average. Despite negative sentiment on Twitter, Bitcoin has seen a 2.5% increase for the day, surpassing resistance levels. The next step is to see if it can continue to push through or if it will undergo another retest of the bottom of its upward channel.
There is a possibility that short term RSIs have reached their peak. However, on a weekly timeframe, the Stochastic RSI indicator has recently shown upward momentum, which could continue through the final quarter of the year.
Ethereum Playing Second Fiddle
Ethereum's upward trend is currently more moderate compared to that of Bitcoin. However, it is displaying similar signs to Bitcoin, such as encountering resistance and a cross up on the weekly Stochastic RSI momentum indicator.
Taking a more macro perspective, Ethereum's future looks promising. Its price is moving towards the apex of a classic ascending triangle, which could take up to 2 years to complete (from June 22 to June 24).
It is worth noting that this specific chart pattern may have a higher probability of breaking before it reaches its conclusion. With the price becoming more compressed in the upcoming weeks and months, it would be advisable to keep an eye out for a potential breakout, preferably towards the upside, which could result in a significant impact.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.