Bitcoin and Ether have held at support levels as of late and consolidated even when the Dollar pushed up. This signals strength in the overall crypto market as a whole.
Bitcoin is in the $17,000 range and approaching the trend. We can expect price action to either bounce off this to the upside or breakthrough bringing bearish volume.
Ethereum saw bearish moves after crossing the triangle drawn yesterday, however, we saw support at $1220 and now it seems a flag pattern has formed which could go either way.
The market is dependent on the dollar moves at the minute as not many fundamentals are causing movement in digital assets during this bear market.
Gold is looking strong and settled above the support level at $1780. We should see the precious metal make a move for $1790 to test this resistance again.
In today’s DIFX Analytics, we’re going to look into the following assets:
Bitcoin is holding at support levels
Bitcoin is approaching the trend line on the hourly chart. This trend is bullish for the past few weeks as we saw gains overall.
Higher lows are being set and new highs indicate further upside momentum. RSI is bearish, however, we have seen support hold quite steady at $17,000. We can expect a move above this range during dollar weakness.
Doge is forming an asymmetric triangle
Dogecoin is trading within an asymmetric triangle pattern on the daily chart. Any breaks out of this pattern will bring significant volatility.
Technicals seem to still have some bullish sentiment but we can clearly see price action angling downwards in the near term.
The price action is above the 100-day moving average so we should wait to see the reaction at that level.
Ether broke to the downside but is finding support at $1220
Ether has broken to the downside but has found support at this level around $1220. We have seen the asset consolidate since breaking yesterday.
Price action is setting higher lows but the highs seem balanced which is a bullish indication. Moves in Ethereum seem to be less volatile than usual and sideways trading has been a consistent pattern of late.
We have to watch the Dollar and see how the asset would respond.
Gold is pushing up to $1800
Gold broke the triangle to the upside yesterday which confirmed it was bullish. We saw it move above the 50-day and 100-day EMAs on the hourly chart, signaling further bullish momentum.
After breaking resistance at $1780, the asset touched $1790 and retraced to settle at $1780 during early morning trading.
We have now started to see it push upward again to test $1790 and potentially make a move for $1800.
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DIFX shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee, or implication by DIFX that the forecast information will eventuate, that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses in particular if the conditions or assumptions used for the forecast or mentioned in the analysis do not eventuate as anticipated and the forecast is not realized.
