By Curtis Dye
BTC/USD Price Analysis
The bullishness in the Bitcoin (BTC) market was short-lived earlier in the day, with bulls succumbing after encountering tough resistance at the intra-day high of $23,857.89. As a consequence of the bulls’ retreat, the price of BTC fell to an intraday low of $23,205.88.
As of press time, bullish control had prevailed, prompting the price to rise to $23,531.86, a 0.76% surge. Nevertheless, despite the adverse market movement, bulls have managed to maintain the price of BTC within an overall favorable trading range.
During the upturn, market capitalization increased by 0.73% to $453,951,354,359, but 24-hour trading volume decreased by 6.56% to $20,613,312,639, indicating that investors were still optimistic in the market and ready to hang onto their assets despite the volume decline.
BTC/USD 24-hour price chart (source: CoinMarketCap)
The Bollinger bands on the 4-hour price chart are rising, with the upper band at $23833.74 and the lower band at $22955.79. The upward motion of the Bollinger bands suggests a positive market trend since the top bar is higher than before, and the bottom band is also growing. In addition, forming a green candlestick after the price action has moved toward the upper band indicates an optimistic market and the continuation of the bullish trend.
Although BTC is bearish, the Chaikin Money Flow (CMF) reading of 0.16 suggests that capital flow is still robust, indicating that investors are continuing to buy into the trend and strengthening its upward momentum. This move reinforces the positive direction, which may continue if money flows into the market and maintains its present vigor.
The stochastic RSI value of 75.26 and upward movement during the bear control imply that momentum is starting to favor the bulls and that this trend may be nearing its conclusion. Consequently, the capital flow and technical indicators suggest that a trend reversal may soon occur, suggesting the market is setting itself up for a bullish breakout.
BTC/USD 4-hour price chart (source: TradingView)
ETH/USD Price Analysis
In the previous 24 hours, the Ethereum (ETH) market has been negative, with bears manipulating the price between $1,615.39 and $1,662.17. Despite this, ETH holders remain enthusiastic about the coin’s future prospects, with many experts anticipating a positive upswing in the following weeks. At the time of writing, the negative trend has sunk the price to $1,640.30, a 0.64% decrease.
During the downturn, market capitalization, and 24-hour trading volume fell by 0.49% and 4.62%, respectively, to $200,839,015,695 and $6,607,530,953, demonstrating gloomy sentiment in the market. The present adverse market attitude is just a phase, and many experts predict a positive upsurge in the near future, leading to an increase in the price of ETH.
ETH/USD 24-hour price chart (source: CoinMarketCap)
The Bollinger bands on the ETH price chart also go north, with the upper band touching $1660.40 and the lower band touching $1584.83. This move shows that although the market is bearish, an upward turnaround is possible as volatility stays within the Bollinger bands.
This move could indicate that ETH is finding support in the current bearish market, and there is a potential for an upward reversal if the trend continues. If ETH breaks above the upper band, it could signal a bullish rally, which could mean an excellent opportunity for investors who can capitalize on ETH’s upward potential soon.
The Chaikin Money Flow (CMF) reading of 0.11 indicates that money is coming into the market, which might result in a bullish breakout. This possibility for an upward turnaround in ETH is further underscored by the fact that both the Bollinger Bands and the Chaikin Money Flow readings indicate more significant interest in ETH.
With a stochastic RSI value of 78.05 indicating that ETH is overbought and may be ready for a drop, this might be a perfect chance for investors to take advantage of the low price before the projected positive turnaround.
ETH/USD 4-hour price chart (source: TradingView)
Despite a temporary bearish market trend, both BTC and ETH show signs of potential upward momentum, making them attractive investment opportunities for traders looking to capitalize on market shifts.
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