Bitcoin and Ethereum are proving resilient

Bitcoin

Many have welcomed the past 60 days of price action in the cryptocurrency market as an opportunity, but others are increasingly anxious as bitcoin and Ethereum approach historic lows of price volatility.

Bitcoin has been trading continuously between $ 29,154 and $ 43,676 since May 18. The BTC range in the past few weeks has been trading in an even tighter zone, floating just $ 2,461 for the past 7 days.

Bitcoin has started to build some momentum despite the low volatility of the past 2 weeks. BTC is + 7.6% for the last 14 days at the time of writing and -46.7% from its all-time high of $ 64,804.

The 4-hour chart below from VincePrince shows how close BTC is to an upward breakout of the large descending wedge it has been trading in since late June.

The first target if a breakout of this structure is confirmed overhead is $ 37k. A failure of the upward breakout could produce another trip to $ 30k and could be the end of a multi-week campaign of bullish resolution.

Bitcoin’s 24-hour range is $ 33,316- $ 34,590 and its 30-day average price is $ 34,948. The aggregate market cap of cryptocurrencies is $ 1.475 trillion and BTC represents 43.8% of the market dominance.

BTC closed its daily / weekly candles in green figures worth $ 34,239 on Sunday.

Ethereum

Ethereum is showing signs that it will continue to soar if the market’s macro outlook swings bullish again. Ether is + 17.9% over the past 14 days, and Ether’s dominance is 17.1% of the aggregate capitalization of the cryptocurrency market at the time of writing.

Ether’s performance against BTC over the past 12 months has only reinforced the beliefs of ETH’s bulls that the latter will reverse bitcoin’s market capitalization. The ETH / BTC pair is + 73.94% over the past 90 days and + 797% over the past 12 months. 

This chart of SHUDAHCUDAH is a very simple chart but it shows the importance of the general uptrend which has yet to be broken.

If ETH manages to get back on an upward course, the long-term trend could send Ether to $ 10,000, despite how insane it may seem at the moment.

Conversely, a failure by Ether to hold the important moving averages here could signal a return trip to the previous all-time high around $ 1,400.

Eth’s 24-hour range is $ 2,081- $ 2,172 and the average price of Ether over the past 30 days is $ 2,178.

Ether closed the daily / weekly candles on Sunday with a value of $ 2,140.

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