As we have demonstrated since the start of the year the stellar gains made by Bitcoin and Ethereum, this allowed SmartCoin to book profits of 62.7% after only six weeks of trading. During the last week, we have seen both Bitcoin and Ethereum losing value after being heavily overbought. This price correction demonstrates the importance of buying at the right time and price and utilising Smartcoins ability to take profits along with short selling Bitcoin. SmartCoin identifies the growth opportunities early at lower prices. In the coming months expect more of the same, these conditions are challenging to make money on for a buy and hold investor unless you are actively trading the underlying asset.
After struggling to clear the $278.50 and $280.00 resistance levels,
Ethereum price started a major decline. As a result, ETH to USD traded
below the key $260.00 and $251.75 support levels.
Looking at the 2-hours chart, Ethereum price even settled well above the $250.00 level and the 50 simple moving average (2-hours, purple). During the decline, the bulls made a few attempts to protect losses below $250.00, but they failed.
More importantly, the price declined below a major contracting
triangle with support near $256.60 on the same chart. It opened the
doors for more losses below $245.00 and $240.00.
Finally, the price traded close to the $230.00 support level and
formed a new weekly low at $231.15. It is currently correcting higher
and trading near the $236.00 level. An initial resistance is near the
It coincides with the 23.6% Fib retracement level of the downward
move from $278.12 to $231.15. If there is an upside correction above the
$242.50 level, the price could recover towards the $251.75 and $255.00
The 50% Fib retracement level of the downward move from $278.12 to
$231.15 is also near the $254.63 level. Conversely, Ethereum price might
continue to move down below $232.00 and $231.15.
In the mentioned case, the price could heavily below $225.00. The
next major support is seen near the $220.00 and $218.00 levels.
Overall, Ethereum price is trading near the key $230.00 support area.
Therefore, it could either start a fresh increase towards $254.63 or
extend decline towards $220.00.
coin continues in a bullish trend zone in its medium-term outlook.
Ethereum is forming an ascending triangle and looks bullish.
The bearish momentum returns within the range yesterday after a
drawdown of $256.30 in the support area by the bears. With the formation
of a bullish marubozu candle, $262.13 the price rises to $276.20 in the
resistance area during the yesterday session.
The daily opening candle today at $275.59 in the support area is bearish. This further drops to $266.06 in the support area.
With the price above the two EMAs and the stochastic signal pointing
up at around level, 71% suggest that ETHUSD momentum in price is in an
uptrend in the medium-term perspective.
ETH/USD Short-term Trend: Bullish
ETHUSD short-term outlook continues in a bullish trend market. The close
of the 4-hourly session yesterday candle $275.59 with a wick suggests
exhaustion of the bullish momentum hence the bears’ brief return.
The bears’ pressure on the cryptocurrency at $275.29 in the support
area led to a drop in price as the 4-hourly session opens today.
The crypto further drops to $266.06 in the support area. Price is
above the two EMAs and trades around the resistance area within the
range imply the momentum in price of the coin is in an uptrend.
Bitcoin price declined recently below $9,820 and tested the $9,420 support area. BTC to USD is currently rising and it could rally towards the $10,000 and $10,300 resistance levels.
Key Takeaways: BTC/USD
Bitcoin price is slowly rising towards the key $9,820 resistance area against the US Dollar.
BTC/USD is facing hurdles near $9,810, $9,820 and a contracting triangle on the 2-hours chart (data feed from Bitstamp).
Ethereum is up 3% and it is likely to grind higher towards the $270.00 pivot level.
Bitcoin Price Analysis
This week, there was a major downside correction in bitcoin price below the $10,020 and $9,820 support levels. BTC to USD even spiked below the $9,460 support level.
Looking at the 2-hours chart,bitcoin even settled below the $9,820 level and the 50 simple moving average (2-hours, purple). Finally, there was a break below the $9,400 area and the price traded as low as $9,317.
Recently, it started an upside correction above the $9,600 level and
the $9,650 resistance. Besides, the price climbed above the 23.6% Fib
retracement level of the key drop from $10,298 to $9,317.
However, the price is now facing a couple of key hurdles near $9,810,
$9,820 and a contracting triangle on the 2-hours chart. The 50 simple
moving average (2-hours, purple) is also near the $9,800 level to act as
More importantly, the 50% Fib retracement level of the key drop from
$10,298 to $9,317 is near $9,807 to stop the upward move. Therefore, a
clear break above the $9,800 and $9,820 levels is needed for a sharp
upward move towards the $10,000 and $10,020 resistance levels.
Any further gains could lead the price towards the $10,300 resistance
level. Conversely, the price could fail to clear the $9,820 area and
the 50 simple moving average (2-hours, purple).
In the mentioned case, bitcoin price could resume its decline below
the $9,600 level. The main support is near the $9,460 level, below which
there is a risk of a major decline towards $9,081. The overall trend is
positive and BTC could rally if it clears the $9,820 resistance.
With over 70% of SmartCoin holdings exposed to Ethereum, SmartCoin has outperformed Bitcoin year to date. This clearly demonstrates the importance of buying at the right time and at the right price. Our average price is $125 per Ether and at the time of writing is trading at $282.04 per Ether, this growth has been achieved in less than 2 months. At the same time, Bitcoin has risen from $6700 to $10,127.