Bitcoin, Ethereum new price-pullback to the support levels


Bitcoin, Ethereum new price-pullback to the support levels

Bitcoin chart analysis

This morning, the price of Bitcoin, as we expected, dropped to the $ 46,000 support zone. For now, we have a positive consolidation above this zone, and we hope the price recovers and new growth to the previous resistance zone of $ 50,000-52,000. Looking at the bigger picture of the chart, we see that bearish pressure is still evident, and until we go above the $ 54,000 price, we will be in the bearish trend.

Bullish scenario:

  • We need a new positive price consolidation, after which we can expect to climb up to $ 50,000 first.
  • If we succeed, we will get support in MA20 and MA50 moving averages, increasing bullish optimism and encouraging customers to enter new trades.
  • A break above the $ 52,000 level opens the door to the $ 54,000 level. Up there, we are very close to the MA200 moving average of around $ 55,000.

Bearish scenario:

  • We need continued negative consolidation and a price hike from the current $ 47,350 to $ 46,000 to re-test the December support zone.
  • Further bearish pressure can bring us down to the December low of $ 43,466, and if it doesn’t hold up, we go down to the big support zone at $ 40,000.


Ethereum chart analysis

Like Bitcoin, Ethereum fell to the support zone at $ 3,600 this morning. It then consolidated and climbed to $ 3720. The current situation on the chart is calm, and we can expect to see a further recovery in the price, and our target is $ 3,900. In that zone, we encounter the first hurdle in MA20 and MA50, and we need a break above for a potential bullish sequel.

Bullish scenario:

  • We need a new positive consolidation and an increase in the price of Ethereum above $ 3,800 to erase yesterday’s losses.
  • In the following, we come across $ 3900, where MA20 and MA50 moving averages are waiting for us.
  • Then the next resistance is in the $ 4100-4200 zone, instead of previous attempts to return to the bullish trend.
  • At $ 4200, we encounter additional resistance in the MA200 moving average, and a break above would open us up to $ 4500 of the previous high.

Bearish scenario:

  • We need continued negative consolidation and new testing of the support zone at $ 3600.
  • Break below us to the December low of $ 3470.
  • And if that level doesn’t hold up, then we go down to $ 3,200, where we were last in October.

Market news

As encouraging signs for the bull year 2022, Glassnode data reveals that 913,000 new Bitcoin addresses were added from November to early December this year.

As a boon for BTC, on-chain analyst At-Chain College shared insightful data regarding retail adoption and the potential beginnings of broader adoption trends. The key conclusion to rounding off the year is that up to a million new entrants joined the Bitcoin network in November.

Despite the short-term action of bear prices, the Twitter flood shows that the macro outlook for BTC remains healthy. According to the chart, the number of wallet addresses with a balance above zero increased from 30 million wallets to  40 million, from June 2020 to December 2021.

MicroStrategy ends the year with another announcement about Bitcoin.

According to its recent regulatory submission, business intelligence firm MicroStrategy bought another 1,914 bitcoins for $ 94.2 million in cash.

The company’s bitcoin has now grown to 124,391 bitcoin, currently worth about $ 5.9 billion.

The last purchase is in the period from December 9 to December 29.

The average purchase price of the company has now exceeded $ 30,000, which means that the price of bitcoin will have to stay above the level mentioned above for the company to pay off.

The post Bitcoin, Ethereum new price-pullback to the support levels appeared first on FinanceBrokerage.

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