Bitcoin / US Dollar
Price Analysis
Another positive weekend for Bitcoin as the price climbed near $ 9,700, topping analysts' expectations for the upcoming week. The price continues to move between the parallel ascending channels, having established in the support level of $ 8,500. As we have told in previous articles, the crucial point for Bitcoin's price will the $ 10,000.
The pass of $ 10,000 will respond not only for breaking a long-term resistance but will also prevent a higher high phenomenon, which may lead to a bearish series of events. Apart from that, a major uptrend move will activate the "Golden Cross" signal, a bullish signal for many analysts.
The combination between the resistance breaking and the "Golden Cross" will establish a momentum effect in the Bitcoin market, leading to a sharp uptrend in the next weeks.
In the short-term diagram, we observe two parallel ascending channels, showing Bitcoin's behaviour in short-term periods to establish its moves around a certain pattern. The general ascending pattern can be followed through the Bollinger Bands, which shows a more conservative move in the future rather than a sharp uptrend.
Indicators
MACD index is slightly on the negative side, showing that a negative trend could form in the foreseeable future. The momentum can't be depicted clearly as the price doesn't move with sharp moves on either side. On the other side, RSI index is moving towards the overbought area after the positive returns in the weekend. We wait to see if Bitcoin breaks the $ 10,000 point to determine the next trend for it.
Ethereum / US Dollar
Price Analysis
Ethereum's situation is on a critical point as three days ago, the "Golden Cross" signal appeared in our analysis. This means that a bullish trend is upcoming if it gets help from other factors. Since the "Golden Cross" signal, the price had surged more than 12 %. The upsetting fact is the price surge is not accompanied by the expected volume. A price surge that will continue for establishing a trend should be accompanied with larger volumes.
The large volume will ensure that there is liquidity in the market and the buyers want to buy more of the asset, regardless of the price. In this case, the investors are willing to extend their positions on the asset, expecting a higher return in the future. The mass volume usually accompanies sharp moves that can reshape the market.
Indicators
MACD index is near 0 for the last days, indicating no clear signal regarding any future move for Ethereum's price. In parallel, RSI index is moving on the upper side of the boundaries, indicating a possible move towards the overbought area. This scenario is considered far from now as the recent uptrend didn't move the index as much as it was expected.
