Bitcoin (BTC) Continues to Struggle While Ethereum (ETH) Comes Off a Fresh All-Time High
2021-01-26 09:22:00
Nick Cawley,
Strategist
Bitcoin (BTC/USD) and Ethereum (ETH/USD) Price, Analysis and Chart:
Bitcoin chart throwing up a ‘gravestone doji’.
Ethereum (ETH/USD) may continue to move even higher.
The recent cryptocurrency rally is on pause for now with Bitcoin and a majority of alt-coins fading off their recent all-time highs. A period of consolidation can be seen as a positive for the market after recent breath-taking moves and once the market re-balances, fresh highs look the path of least resistance for now. In the short-term however, Bitcoin is looking slightly negative with the daily chart showing a ‘gravestone doji’ formed on Monday. This may continue the recent sell-off, especially with the market capped by the 20-day simple moving average, although a zone of support between $28,000 and $28,800 is likely to hold and stem further losses. The CCI indicator is also showing the market as oversold for the first time since early-September.