Crypto Week at a glance: Bitcoin continues to remain volatile
Bitcoin (BTC) has seen a wave of volatile prices over the past few days. Assets have fluctuated between $ 28,000 and $ 35,000, and are currently trading at $ 33,736. As of yesterday, the asset has shown some strength, but given the volatility, we must remain cautious. Over the past 24 hours, assets have increased by approximately 2.79%.
The dominance of market capitalization is 45.44%.
The Bitcoin post hitting the $ 28,800 low showed subtle signs of a rally and rose nearly 23.5% to $ 35,500. The asset faced resistance and once again saw massive sell-offs last weekend. However, it didn’t test recent lows and reversed $ 30,173. Technically, the asset started to move higher, creating a “higher higher lower” pattern and hit the weekly high of $ 36,675 where it again faced strong resistance and corrected almost 10.5% from the recent peak.
Bitcoin indicates an inverted head and shoulders with a cleavage standing near $ 36,700 which again makes it a very crucial resistance and if broken we could see higher levels of $ 42,000 touching like a relief rally.
Market Sentiment: Sideways suggesting a breakout of the ascending triangle above $ 36,700.
Ethereum has crossed the $ 2,000 mark and is in the green so far this week. The asset is currently trading at $ 2,151, reflecting a gain of about 5.97% or so over a 24 hour period. The next few days will be interesting for the asset as the EIP 1559 upgrade approaches and price moves are expected to take place as most analysts expect another rally after that.
The dominance of market capitalization is 17.97%
The ETH post hitting the low of $ 1,711.4 rose nearly 20% to $ 2,045. The asset faced resistance around the $ 2000 mark and experienced another correction last weekend. However, it did not test recent lows and reversed against $ 1,717.2 and began to move in an uptrend creating a “Higher Top Higher Bottom” pattern similar to what we have seen. in Bitcoin and hit the weekly high of $ 2,288. ETH technically follows Bitcoin’s footsteps but with a better delta compared to Bitcoin.
Outlook: A price above resistance of around $ 2,300 could take the asset to $ 2,600 and $ 2,900.