Bitcoin And Ethereum Daily Price Forecast – Top Cryptocoins Steady Above Critical Support Levels

Major cryptocurrencies are holding steady well above critical support as bears seem to lack strength required to drag the market on a steady decline.
Colin First
cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain business.crypto currency mining.

When looking at the big picture, nothing much has changed in the cryptocurrency market. As explained in yesterday’s article, the market is currently seeing a phase of consolidation which lacks an expiry date and has painted a scenario where Bitcoin and other major crypto coins have found a bottom to multi-month long corrective price rally. Since last Christmas, bulls in the crypto market seems to have become active and aim to build on slow and steady upward price rally. Despite bears attempting to undo ongoing recovery rally bulls seem to increase their hold over price momentum after each attempt made by bears painting a picture slow increase in fundamental support for crypto bulls.

Bulls Hold Steady But Not Out of Danger Yet

Trade volume data from many major crypto exchanges across the globe indicate at a substantial slowdown in the total number of transaction per day. But this seems to have been priced in by most major traders and investors in the market already. This has led to consolidative price action in Bitcoin and other major legacy cryptocurrency pairs with declines limited well above the critical support level and repeated attempts by bulls to build on the next level of the major upside move. Having ridden itself of speculative participants and people who wanted to ride on the momentum during what is commonly referred to as crypto bubble, the market is currently left with loyalists, large investors who understand the inner working of markets and are ready to patiently wait for their investment to yield profits and traders who approach the market from a fundamentalist perspective.

As of writing this article, BTC/USD pair is trading at $3887.7 up by 0.33% on the day while ETH/USD pair is trading at $134.17 up by 0.62% on the day. The ongoing price action suggests that move ahead is likely to be slow but steady as time progresses. And in case the price of Bitcoin manages to move above $4000 and hold steady on the rally above $4K market it will be a clear indication of bulls having gained upper hand and entered into a stable upside recovery rally. While price remains well above critical support levels for now in both BTC/USD & other major legacy crypto pairs, bears would continue to aim at erasing all gains and taking price back to previous year lows which suggest that crypto market isn’t out of the woods as of yet but for now holds steady well in bulls territory.

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

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.