Many have welcomed the last 60 days of price action across the crypto market as an opportunity but others are growing anxious as bitcoin and Ethereum approach record lows in price volatility.
Bitcoin’s been trading continuously between $29,154 and $43,676 since May 18. BTC’s range over the past weeks has been trading in an even tighter zone fluctuating by only $2,461 over the past 7 days.
Bitcoin’s begun to build some momentum despite low volatility over the last 2 weeks. BTC is +7.6% for the last 14 days at the time of writing and -46.7% from it’s all-time high of $64,804.
The 4hr chart below from VincePrince shows how close BTC is to a breakout to the upside of the major descending wedge it’s been trading in since the end of June.
The first target if a breakout of this structure is confirmed overhead is $37k. A failure to breakout to the upside could yield another trip to $30k and could be the end to a multi-week campaign of bullish resolve.
Bitcoin’s 24 hour range is $33,316-$34,590 and its 30 day average price is $34,948. The aggregate crypto market cap is $1.475 trillion and BTC accounts for 43.8% of market dominance.
BTC closed its daily / weekly candles in green figures worth $34,239 on Sunday.
Ethereum is flashing signs that it’s going to continue climbing steeply if the macro market outlook swings bullishly again. Ether is +17.9% for the last 14 days and Ether dominance is 17.1% of the aggregate crypto market capitalization at the time of writing.
Ether’s performance against BTC over the past 12 months has only strengthened the convictions of ETH bulls that ETH will flip bitcoin’s market cap. The ETH / BTC pair is +73.94% for the last 90 days and +797% for the last 12 months.
This chart from SHUDAHCUDAH is a very basic chart but shows the importance of the overall bullish trend which is still yet to be broken.
If ETH can get back on an upward course the long term trend could send Ether to $10k despite how crazy that may currently sound.
On the contrary, a failure by Ether to hold important moving averages here could signal a trip back to the former all-time high around $1,400.
Eth’s 24 hour range $2,081-$2,172 and the average Ether price for the last 30 days is $2,178.
Ether closed Sunday’s daily / weekly candles worth $2,140.