Bitcoin And Ethereum Daily Price Forecast – Crypto Bulls Struggle To Break Free From ConsolidationMultiple dead cat bounce suggests that bulls seem to have some level of fundamental support but lacks
Cryptocurrency market continues to trade range-bound in the global market today and nothing much has really changed in the last 24 hours. Crypto bulls are continuing their attempt to breach the upper level of price range limitations that is hindering the next level of sharp gains. Both Bitcoin and Ethereum saw multiple dead cat bounce each of which saw price breach critical resistance levels, however, this clearly shows that while bulls have some level of strength that enables them to hold onto ongoing rally, they clearly lack fundamental support that is strong enough to help push bulls above critical price levels.
Technicals Hint that a Breach above Psychological Resistance Levels is Unlikely in Near Future
For the majority of the day, Bitcoin and all other major legacy crypto coins traded with positive bias across the day. Despite price action suggesting that bulls lacked the strength necessary to make a clear bullish breakout and sustain a positive price rally, gains from top crypto coins helped raise net worth of crypto assets currently circulating in the market to more than $130 billion USD which is the highest since February 24. As of writing this article, BTC/USD pair is trading at $3894.2 up by 0.61% on the day while ETH/USD pair is trading at $137.87 down by 0.61% on the day. Moving forward, the path with the least resistance is towards upside for both Bitcoin and Ethereum as both crypto coins show stability in the short term.
When looking from a technical perspective, price action in hourly intra-day charts are well above 20, 50 & 100 SMA’s and momentum indicator Stochastic RSI is moving near a neutral level with slight towards oversold region which supports theory above that bitcoin is likely to trade positive in near term but has little chance for bullish breakout. For Ethereum, price in hourly charts is moving inline with 20, 50 & 100 SMA’s in one hour chart and above 20, 50 SMA’s but below 100 SMA line in 4-hour chart while Stochastic RSI is seeing the signal line well near oversold region which suggests that price action could be stable above $135 handle but has high resistance around $137.50 which needs to be scaled with stable rally for ETH to aim $140 handle in near future.
Please let us know what you think in the comments below.