BTC/USD stagnant under 15,400, ETH/USD floats around 450
|BTC/USD
On Tuesday, 10th November, BTC/USD began the day at 15,320 with a bearish-body hammer in the first hour. Despite the bullish reversal pattern, the price continued sideways until 14:00 UTC when a breakthrough below the local intraday support at 15,290 took place. The downside price action was limited and did not affect the graphic outlook on the daily timeframe where a flag formation is continuing to form.
The continuing contraction of the price range in the pair indicates an accumulation of new trading volumes that the market makers will need to move the price in the next trend wave. Since the ongoing trend is an uptrend and there are no substantial resistance levels for the next 2,000 price points, the uptrend should continue during the next motive wave. The currently forming flag formation on the daily chart also speaks in favour of such course of events in the near term.
By the end of the week of 9th November, the price will likely have broken out of the corrective flag pattern, which will give rise to the next motive wave. Therefore, we are likely to see the BTC price to return to $15,800 by the end of the week.
ETH/USD
ETH/USD opened on 10th November at 442.7 and after a slight correction below 440 in the first hour of the day began gradually climbing up. The rising price action continued until 9:30 UTC, during which time the ETH price reached $454.4. Then the price reversed downward and began trending down quite as gradually as it was rising before. The downside price action continued until 16:00 UTC when the price reached the level of the open and dipped below it a portion of time.
Ether’s recent stabilisation between $440 and $455 lets Ethereum holders count on its ability to hold above the 0.786 Fibonacci level at $432.5. However, traders need to bear in mind that Ether’s recent bullish price action largely owes to the bullish Bitcoin market. The market is currently in a waiting stance on the launch of the genesis phase of Ethereum 2.0 to whose deposit contract address over 50,000 ETH have already been sent.
The launch of Etereum 2.0 has been postponed and is not expected to start until December 2020. When the genesis phase begins, it will probably be a fundamental factor for a higher buying sentiment in ETH/USD, which will send Ether higher to set a new high for 2020. However, for now the situation remains uncertain. For the rest of the week of 9th November, the ETH/USD cross rate will likely continue sideways between 440 and 460 without much volatility in place.
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