CRYPTONAIRE
WEEKLY CRYPTO investment journal
Ethereum price inches closer to a new all-time high as Bitcoin consolidates
Ethereum price is in hot pursuit of a new all-time high, while Bitcoin price continues to trade sideways. Bitcoin (BTC) continues to trade in a tightening range within a pennant pattern and while the price has moved above the 20-day moving average, it’s clear that the bulls and bears are fighting over the direction the digital asset will take. Data from Cointelegraph Markets and TradingView show that BTC traded in a range between $34,955 and $37,850 over the weekend but traders buying each dip appear to be doing so with less bullish conviction. JPMorgan research analyst Nikolaos Panigirtzoglou recently stressed the importance of Bitcoin breaking out above the $40,000 level soon in order to avoid being hurt by an exodus of “trendfollowing” investors who could worsen last week’s correction. According to Yves Renno, Head of Trading at Wirex, Bitcoin is in a “consolidation above the $35,500 level” but Renno still sees an overall positive trend in the market. Renno also said that the most recent correction was actually viewed as an opportunity to buy for large, institutional-size investors, as evidenced by an increase in the number of BTC whales and a “low to average” miner supply. Read more...
Cryptonaire Weekly | January 19th 2021
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