Analysis and Charts for Bitcoin (BTC/USD), Ethereum (ETH/USD), and Other Cryptocurrencies: Bitcoin continues to move sideways. The margin between Ethereum and Bitcoin is reversing gains. Following Elon Musk’s tweet, Dogecoin has risen in value. Over the last few weeks, the cryptocurrency market has practically been treading water, forming a box range in both Bitcoin and Ethereum. Due to a lack of discernible movers, any minor rise or dip is prone to a pullback, lowering volatility, and the existing ranges may hold in the next weeks. To help break these ranges and establish a new trend, the market as a whole requires new incentive, whether good or negative. Bitcoin is currently capped below $37,000, and the current spot price is below all three moving averages, indicating that bearish sentiment is still prevalent. The 200-day sma, on the other hand, is currently supporting Ethereum, with a range resistance of roughly $2,460. Daily Bitcoin (BTC/USD) Price Chart Ethereum (ETH) Price Chart on a Daily Basis Over the previous two months, the Ethereum/Bitcoin spread has carved out three lower highs, reversing recent gains. This week’s high around 690 defends 700, and Ether has to break through the June 7/8 highs around 775 to gain momentum on Bitcoin. For the spread, support appears to be around 550. Spread Chart for Ethereum/Bitcoin on a Daily Basis Another Elon Musk Tweet in support of Dogecoin drove the meme-inspired cryptocurrency higher on Friday, albeit the 6% price increase implies the Tesla CEO’s market clout is waning. Musk’s tweets have been worth a nice 20%+ increase this year, especially during the alt-coin season, so today’s minor rally should be viewed in context. Dogecoin is now trading at $0.222, putting its market capitalisation at slightly under $29 billion. A to Z Crypto: Decoding the Most Popular Cryptocurrencies JargonTraders of all levels and abilities will find something in the new and improved JargonTrader to assist them in making more informed judgments. Trading Education Center at DailyFX How do you feel about Bitcoin (BTC) and Ethereum (ETH) – bullish or bearish? You can contact the author on Twitter @nickcawley1 or by the form at the bottom of this article.
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