Bitcoin (BTC), Ethereum (ETH) Waiting For a Shot of Volatility, Elon Musk Backs Dogecoin, Again

0
103

Bitcoin (BTC / USD), Ethereum (ETH / USD), and Alt-Coin Analysis and Charts:

  • Bitcoin continues to trade sideways.
  • Ethereum / Bitcoin spread by returning gains.
  • Dogecoin is pumping after a tweet from Elon Musk.

The cryptocurrency market has been effectively treading water over the last few weeks, setting up a box in Bitcoin and Ethereum. A lack of noticeable drivers leaves some small rise or fall vulnerable to retreat, reducing volatility, and these current ranges may continue over the coming weeks. The market generally needs some new incentive, whether it be positive or negative, to help break these ranges and set a new trend. Bitcoin is currently capped at around $ 37k and the current spot price remains below all three moving averages, suggesting continued bearish sentiment. Ethereum on the other hand is currently supported by the 200-day sma and shows a range resistance of around $ 2,460.

Bitcoin (BTC / USD) Daily Price Chart

Bitcoin (BTC), Ethereum (ETH) Awaiting Volatile Shot, Elon Musk Supports Dogecoin, Again

Ethereum Daily Price List (ETH)

Bitcoin (BTC), Ethereum (ETH) Awaiting Volatile Shot, Elon Musk Supports Dogecoin, Again

The Ethereum / Bitcoin spread matches its recent gains and has cut three lower highs over the past two months. This week the maximum around 690 guards 700 and for Ether to gain additional ground on Bitcoin needs the 7/8 June highs around 775. Support looks around 550 for the spread.

Ethereum / Bitcoin Daily Diagram

Bitcoin (BTC), Ethereum (ETH) Awaiting Volatile Shot, Elon Musk Supports Dogecoin, Again

Another Elon Musk Tweet supporting Dogecoin posted the self-inspiring higher Friday, albeit the 6%a price hike suggests the Tesla boss‘market influence may be diminishing. During this year, especially during the high-currency season, Musk’s tweets used to be a decent 20% + move, so today’s small rally needs to be seen in context. Dogecoin is currently trading 5.7% higher at $ 0.222, giving it a market capitalization of just under $ 29-billion.

Bitcoin (BTC), Ethereum (ETH) Awaiting Volatile Shot, Elon Musk Supports Dogecoin, Again

Cryptography from A to Z: Demystifying the Upper Jargon on Cryptocurrency

Traders of all levels and abilities will find something to help them make more informed decisions in the new and improved DailyFX Business Education Center

What do you think Bitcoin (BTC) and Ethereum (ETH) – bullish or bearish ?? You can inform us via the form at the end of this piece or you can contact the author via Twitter @ nickcawley1.



Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here