Bitspark-Trading

Bitspark-Trading

Last week, the Bitcoin price action moved briefly below the $8,450 horizontal support, just to get back above it yesterday again. Similarly to Ethereum, Bitcoin has moved lower to get more bulls onboard, as the zone in the low $8,000s offers a good entry. The renewed push higher started yesterday, as the bulls stage another assault on the 200-DMA at $8,900. This...

Bitspark-Trading

Unlike two weeks ago when it managed to break above the important area of resistance in the $150 - $160 zone, Ethereum price had traded sideways for the large part of the previous week. On Thursday, the price action dipped lower to $155 to re-test the broken resistance, but the bulls found enough support to bounce back above $160 again. The dip lower also tagged...

Bitspark-Trading

Similar to Bitcoin and the rest of the crypto market, Ethereum has moved higher in the last couple of days. The move has facilitated a break of two importance levels of resistance i.e. the horizontal resistance at $152 and the 100-DMA at $158. As seen in the chart below, the bears had already rotated lower to retest the 100-DMA, now as a support. As a result, the...

Bitspark-Trading

Since the beginning of last week, Bitcoin finally broke out of the descending parallel channel (the purple lines). As expected, the break paved the way to a test of the key resistance in low $9,000s, where multiple layers of resistance are located. Most notably, the 200-DMA and the horizontal resistance, that played an important role in the past, helped the...

Bitspark-Trading Updated 

Bitcoin price has moved above $8,000, which translates into a 15% rise since the beginning of the year. More importantly, the price action now trades above the 100-DMA, which should start offering support to bulls in the future. On January 08, the world’s largest cryptocurrency made a similar move but failed to clear the channel resistance at $8,400 (see chart...

Bitspark-Trading

Ethereum has followed Bitcoin in moving higher in the previous week. In the last five days, the world’s second biggest digital coin has registered three failed attempts to move past the $148 mark, a first of many resistance levels located in this area. As seen in the chart, the levels around the $150 handle have created a confluence of resistance, consisting of...