Bitcoin / US Dollar
Price Analysis
The support level around $ 8,500 didn't break over the last days and Bitcoin's price rise around 5 % from it, reaching $ 9,500 in almost 4 days. The price continues to move between the boundaries of the uptrend channel, creating a positive effect on the market. The recent rise should also warn us for the future as there are signals that may implicate a downturn move.
The first signal is the double upper triangle. This pattern shows that the price is unable to break a resistance point and collapses after that. The same pattern appeared in mid-February when the price couldn't break three times the $ 10,500 resistance point and after that, it collapses.
The second signal is the Golden Cross pattern. The Golden Cross pattern appears when the 50-days Moving Average crosses from the lower side the 200-days Moving Average and it is considered as a bullish signal. In the case of Bitcoin, this seems to function in a different way. The two last signals of Golden Cross produce different results. It is worth noting that the last Golden Cross on February 18 was the last peak for Bitcoin until today.
A bullish signal for this time will be the combination of breaking the resistance of $ 10,000 and the Golden Cross pattern.
In the short-term diagram, we observe that the price continues its return to the channel boundaries. The support level at $ 8,600 seems to a strong point while the bullish extension might be up to $ 10,000 in the next days while the bearish extension down to $ 7,700. A bearish signal is the lower point of a descending triangle at $ 8,600, which could bring slight negative results in the next days.
Indicators
MACD Index remains at slightly negative values, giving more uncertainty regarding this index while the RSI index is near 60, reaching towards a bearish signal if the price continues to rise in the next days.
Ethereum / US Dollar
Price Analysis
Ethereum's price shows that the support level around $ 190 didn't break either and Ethereum starts a small positive move, reaching $ 200. The price went back to the boundaries of the horizontal channel, showing that the price's stability may return in the next days. As we have told in previous articles, the price stability absorbs power for a sharp move in both directions. The direction will be determined from the news and the momentum from different aspects.
Indicators
MACD index is near 0, showing that are mere signals for a bearish move while the index and the baseline are moving on a descending move. In parallel, the RSI index in near 50, showing no evidence for moves in both directions. We expect stability in Ethereum's price over the next days, waiting for a headline that will affect the price and deliver a decisive move in any direction.
