BTC And ETH Price Prediction And Analysis December 11, 2021
While the general crypto market was red this past weekend, prices have been steady since the start of this week. Currently, BTC is showing strong signals for long and short biases. However, ETH shows signs of recovery at the $3.8K level.
BTC Price 7-Day And 24-Hour Chart Analysis
BTC price is indecisive as we head into the weekend. The 7-day chart indicates that bearishness might have been avoided. But the 0.5 Fib. retracement levels at $48K are showing signs of short-term support. This support level is confirmed on the oscillator signals.
The RSI value is currently at 50, close to the first oversold region. However, there is a clear structural difference in the swing lows of the composite index and the candlestick chart patterns. The candlestick chart indicates higher lows, while the composite index displays lower lows. This trend is called the hidden bullish divergence, and it is a trend that signals the resumption of an uptrend for the leading cryptocurrency following the termination of a downtrend.
While it is less visible, the hidden bullish divergence can also be seen on the RSI indicator. BTC is likely to resume its bullish trend. The candlestick chart indicates it has already found support, while the visibility of the hidden bullish divergence on the indicators provides further proof of this impending uptrend.
7-day Ichimoku chart for BTC. Source: TradingView
But there might also be a decline in BTC price action. Even though analysts usually consider slower timeframes than faster timeframes, the latter usually indicate broad trend changes faster.
Ichimoku system on BTC 24-hour chart. Source: TradingView
Hence, BTC 24-hour chart indicates that bearishness might be on the horizon. This bearishness can be seen on the Ichimoku Kinko Hyo system in the 24-hour timeframe. The shaded region represents the closest threat to making BTC price action move towards a downtrend.
Ether Price Still Indecisive
At a current price of $4.02K, ETH has gained 5.5% over the $4K psychological resistance levels, making a quick recovery from the $3.8K swing lows. ETH’s 12-hour chart displays a symmetrical triangle, indicating that the current market sentiment is neutral.
But when it swings in an uptrend momentum, it might struggle to overcome higher resistance levels, especially the $4.3K levels. ETH’s 0.5 Fib. retracement level, which corresponds to the $4.14K price, is its next crucial resistance. It is followed by the $4.29K price levels, which corresponds to the intersection between the 0.619 Fib, retracement level, the 21 12-hour EMA, and the 50 12-hour EMA.
ETH 12-hour chart. Source: TradingView
Once ETH can overcome this resistance range, its next crucial resistance would be the 100 12-hour EMA at $4.35K. An intense buying pressure may cause ETH to surge towards the $4.39k price range.
Conversely, if the bears’ control continues, ETH would find support at the 0.383 Fib, retracement level, and the 200 12-hour EMA, each corresponding to the $3.99K and $3.90K price levels, respectively. The base of the symmetrical triangle mentioned above may also support ETH at 3.86K price.
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