The crypto market’s momentum is in the clutch of bitcoin bulls that have managed to push the bitcoin price higher for 8 consecutive days.
The below chart from VincePrince illuminates the build up on BTC over this Wyckoff Schematic and the blatant Sign-of-Strength that bitcoin’s showing. The recent liquidation of short positions is another sign that the market has potentially found a bottom. This is obviously bullish for traders but the tug of war between bulls and bears at $40k continues to progress.
Bears on the other side of the coin are still managing to hold BTC’s price below the important levels of $40k-$42k on different timescales at the time of writing – this is reason for some optimism amongst their brass.
The Fear and Greed Index is a popular metric for bitcoin enthusiasts to analyze market sentiment, today’s reading is 50 – the same as yesterday.
BTC’s 24 hour price range is $38,803-$40,900 and the 7 day range is $31,920-$40,900. Bitcoin’s 30 day average price is $34,001.
Bitcoin [+1.11%] closed Wednesday’s daily candle worth $40,004. The last time bitcoin closed 8 straight daily candles in the green before Wednesday was June 19th-26th 2019.
Ethereum’s climbing to the top of its range around $2,500-$2,600 depending on the timescale.
With EIP-1559 going live in only 52,381 blocks at the time of writing, the market may be expecting further Ether hype this summer.
What’s Ether’s current set-up looking like to finish up the work week?
Ether is back above the 50MA at the time of writing – bulls have been able to reclaim this important moving average and will also be looking to close above it on the weekly timescale.
Ether bears are attempting to not give up too much ground and maintain the price below $2,500-$2,600.
As you can see on the chart above $2,580 is basically the middle of the current trading range – above that level bulls will be confident in the interim.
ETH’s 24 range is $2,243-$2,344 and the 7 day range is $1,968-$2,383. Ether’s 30 day average price is $2,017.
Ether [-.08%] closed Wednesday’s daily candle worth $2,299 and broke a 7 day streak of daily closes in green figures.