Naeem Aslam
Zaye Capital Markets
As for Bitcoin, bulls are confident that path of the lest resistance may be skewed towards the upside as the Bitcoin price has decided to stay above the 4000. As long as the price holds this level, the chances of bitcoin price dropping below the 3000-mark are minimal and the chances of price touching the level of 2500 are negligible. The cryptocurrency which stands the tallest among the top three coins is Ethereum. It is up 86% from it recent low of 81 formed on the December 07th.
Looking at the hourly chart for Ethereum it is clear that the downtrend is clearly over and the bulls have taken the control. This is because the price has broken the downward trend line shown in orange colour. The further evidence of the uptrend comes from the fact that the price is trading above the 50 and 100-day moving averages (50-day shown in green and 100-day shown in pink).
The RSI is clearly showing extreme overbought signal and this may just make the bulls to take some profit off the table.
The near-term support is shown by the green horizontal line
The near-term resistance is shown by the red horizontal line
The information is purely for education purposes only and cannot be perceived as an advise.
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