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Bitcoin And Ethereum Daily Price Forecast – Corrective Price Action Yet To Lose Steam

By:
Colin First
Updated: Mar 13, 2019, 18:43 UTC

Rangebound price action continues as bulls and bears are yet to give up on their war for control over price action.

Bitcoin 1

The price action in the cryptocurrency market continued to hold steady well above critical price levels but a look at intra-day activity shows that bears are yet to give up on dragging price action back to yearly lows. Both Bitcoin and other major legacy cryptocurrency pairs continued to trade with slight dovish bias during today’s market hours. Despite price action from recent past suggesting that major crypto coins seem to have found some sort of short term stability and lack the strength to make a breakout in either direction, neither bulls nor bears seem to have given up on trying to regain upper hand resulting in zig-zag price action trapped inside short price range.

As of writing this article, BTCUSD pair is trading at $3884.1 down by 0.04% on the day while ETHUSD pair is trading at $132.82 down by 0.32% on the day. While it is a fact that Bitcoin is trading in red today, the reality is that Bitcoin hasn’t lost much and is the only crypto coin among top 10 most crypto coins in terms of market capital to see limited declines over the course of last few trading sessions while legacy cryptocurrencies saw significant corrective price action despite the cryptocurrency market lacking major news and events that could influence a change in long term directional bias of price action.

While technicals suggest that there is a possibility for the continued decline in the short term price action, for bears to truly gain an upper hand, it needs to drag BTCUSD pair below $3830 handle forcibly as there seems to be strong supply in the range of $3850-30 price handle which is preventing is acting as a fundamental barrier preventing sharp downside move and establishment of bearish price rally. Meanwhile, Ethereum is suffering sharp declines owing to its increased adaptation in real-world usage, compared to Bitcoin, Ethereum was most sought after for practical usage owing to technical capabilities but given the fact that post hard fork implementation of Ethereum has slowdown significantly  and that this is the second time rewards for mining has been reduced via hard fork, miners are beginning to suffer loss and companies want to test for further security issues before complete deployment once again resulting in Ethereum suffering relatively high level of declines. Ethereum is protected with strong support and a fundamental barrier near $130 handle which needs to be scaled for bears to gain upper hand.

Please feel free to let us know what you think in the comments below.

 

About the Author

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.

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