Find every beginning of the week a technical analysis of the price of Bitcoin (BTC) and other emblematic cryptocurrencies like Ethereum (ETH). Clear and accessible presentations to allow you to learn the basics of trading, while discovering sharp analyses.
Full video of this analysis of the Corner Trading at the end of the article.
This weekly technical analysis will be an opportunity to take stock of the Bitcoin situation. But above all to be interested in Ethereum which has just delivered a very strong signal to buy. And finally to take a few moments to study the DeFi index.
Bitcoin is paused
Since the beginning of this year, Bitcoin evolves within a range in daily time unit. As of January 1, it was already on the$ 30,000 level that represents its support. With a strong resistance located at$60,000. And a pivot zone that separates it all in half towards the$41,000. A situation that has not changed since last week’s technical analysis. And whose objectives and trends are identical.
Bitcoin is therefore still inscribed in an uptrend. All in a consolidation phase initiated a little over a week ago between $ 46,000 and $ 50,000 approximately. Which forces to wait for a real buy signal, with a break confirmed from the top. Scenario that has every chance of happening given the current trend in the cryptocurrency market.
BTC is not the most interesting
A consolidation of Bitcoin that leaves room for altcoins to express themselves. As in the case of the Solana SOL or the AVAX of the Avalanche network. And whose return to the upside should accelerate the movement even more, once the BTC is out of this range. Which makes the current setup an ideal situation to see other cryptocurrencies perform well.
But just as altcoins will go up when Bitcoin starts to rise again, they will also go down with it. Anyway, Bitcoin is not the most interesting cryptocurrency at the moment. Because even if he were to break his range from the top, he would quickly find himself facing his resistance of about$ 60,000. This represents an increase of up to 15%, where others like Solana or Ethereum could take 30% or even more.
Buy signal for Ethereum
Ether has been in a consolidation phase for longer than Bitcoin. A position he has held since the beginning of August between about$ 3,000 and$ 3,350. And a real school case, with Bollinger bands that are completely tightened. A 50 moving average that is in a clear uptrend. And on the day yesterday a very beautiful bullish impulse candle that came to break this resistance and offer a magnificent buy signal.
A movement that was confirmed since in daily time unit with an ETH that currently tops$3500. Which probably validates this very strong signal to buy. And that lets imagine that he could without too much trouble revisit the levels of his recent ATH located 30% higher. And even break it to go for a new one yet to be defined. Especially considering all the major advances and changes that its network has experienced during the summer.
It is not necessary of course not FOMO and have fun putting levers that we do not know usesa. But positioning yourself on it at the moment seems very relevant. What the automated trading tool of the Corner Trading has been doing since yesterday. And for a few days at least to take advantage of the rise that should occur.
Ethereum outperforms Bitcoin
This makes Ethereum a cryptocurrency currently more interesting than Bitcoin. It is enough to go to see the pair ETH/BTC in unit of time weekly. We see that since September 2019, the price of ETH constantly outperforms that of BTC. A clearly upward trend for now two years which indicates that it was more interesting to have ETH over this period.
Of course ETH is more volatile than BTC. It is also riskier, but that with the significant benefit of being more efficient. But this only from an active trading point of view. Because in the context of a long – term investment, Bitcoin – like Ethereum-remains an investment to be had to optimize its portfolio.
Buy signal ETH / BTC
In daily time unit, Ethereum displays this same buy signal in the ETH/BTC pair. This following two beautiful candles of bullish impulses. And the frank break of its local resistance. This could make it easy to consider a return to his ATH last May.
An opportunity that was addressed as part of the Private Club of the Corner Trading during the last weekend. A community of investors who exchange opportunities and analysis on an associated Discord group. And that it is possible to integrate by subscribing to the offer exposed in detail here.
The DeFi PERP index
This DeFi PERP index from the FTX platform provides a global overview of the DeFi market. And we can see that the latter is currently on the rise for several weeks now. This follows a succession of successive purchase signals. And the last of which is currently being built. All following a period of consolidation that began about ten days ago.
Which gave rise to a strong bullish swallow a few days ago. And currently at a break at the top of this range that offers a new buy signal. This with a crossing of the upper bound of the Bollinger bands. And a passage above the last local peak at$ 12,000 that still needs to be confirmed in closing daily. This should undoubtedly come before the end of this week.
Anyway, the general trend still remains bullish in the cryptocurrency market. This is despite a consolidation phase that has continued during the summer. But that seems to end with new buy signals being realized. This gives hope for an upward September in this sector.
It is possible to become a profitable trader quickly and by limiting risks. This is thanks to the Corner Trading and its 100% automated algorithmic trading tool that makes it possible to make significant profits and safely. And multiply its initial capital in just a few months, as explained at the end of the analysis video below.
A good way to enter the race of Bitcoin and cryptocurrencies. This while benefiting from the experience of professional and experienced traders to optimize each trade. The best option to cope with market reversals and be positioned on the best projects.
Trading cryptocurrencies carries a high level of risk, and may not be suitable for everyone. It is recommended to be fully aware of the associated risks, and to invest only money that you can afford to lose.
The contents offered on the site CryptoActu.com are only for educational and informative purposes. They do not in any way constitute recommendations and cannot be considered as an incentive to trade financial instruments.
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