Bitcoin And Ethereum Daily Price Forecast – Legacy Crypto’s Gain Positive Momentum

Cryptocurrency market saw an increase in activity today which helped legacy crypto coins break past price range limitations that kept the pair locked in consolidative action so far. A look at the hourly intra-day chart shows that both Ethereum and Bitcoin got a bullish boost today. Given the lack of fundamental support and news to drive momentum, the market today saw major crypto coins recover losses suffered early in the week. Investors have been waiting for a while for the market to gain a positive boost as legacy crypto coins fell have been in sharp decline for a while breaking multiple critical support levels. While there is no clear evidence of event or news that triggered positive price action, today’s gains indicate that the market has responded to investors’ expectations for a breather from the bearish activity.

Price Action Influenced Investor Sentiment Helped Establish Today’s Gains

The scenario can only be viewed as investor sentiment improving on seeing positive price action which increased the number of bullish bets progressively resulting in today’s gains. As of writing this article Bitcoin is up by 1.40% on the day, trading at $3471.7 having breached past strong resistance zone near $3475-$3480 handle post which the BTC/USD pair is trading in consolidative price action. Given that the pair has breached critical resistance levels the pair is expected to continue range bound action near said level while aiming to breach resistance at $3500 price handle. A look at RSI momentum indicator and moving average (20, 50) indicator in one-hour intra-day chart suggests that the possibility of bullish price action is very high in the near future.

Similar to Bitcoin, Ethereum also traded positive today and is trading at $109.36 up by 3.44% on the day. The ETH/USD pair is now in consolidative price action trying to establish solid hold near intra-day high with aims to breach strong resistance around $110 handle in its next leg of bullish price rally. However, given the strength of $110 handle the possibility for a breach and sustained rally above said level is very low as market lacks trigger and fundamental support to push price any higher in immediate and near future trading session. But today’s price action confirms yesterday’s hypothesis that buying activity surrounding ETH has enough strength to offset bearish influence from broader cryptocurrency market.