Bitcoin (BTC), Ethereum (ETH) - Prices, Charts, and Analysis:
- BTC/USD - A break above short-term resistance may lead to a longer-term move higher.
- Ethereum – The technical setup is looking increasingly positive.
Bitcoin has been treading water for the last three weeks with little to suggest either a move higher or lower. The daily BTC/USD chart looks positive with all three simple moving averages in a bullish set-up and supporting a move higher, with a short-term series of higher lows and higher highs since the start of May adding to positive momentum. A break and open above $70k should quickly see $72k tested, leaving the ATH at $73,778 vulnerable. With demand from a range of global spot Bitcoin ETFs outpacing post-halving new Bitcoin supply, the medium-to-longer outlook for Bitcoin looks constructive.
Bitcoin Halving – What Does It Mean?
Bitcoin Daily Price Chart
Recent SEC approval for a range of spot Ethereum ETFs has seen the second-largest cryptocurrency by market cap perform strongly since late May. The near 20% bullish candle on May 20th, and the subsequent period of consolidation, is setting up a rough bullish flag pennant, again pointing to higher prices. The March 12th high at $4,095 should be tested when the May 27th high at $3,974 is broken, leaving the November 2021 ATH at $4,860 the longer-term target.
Pennant Patterns: Trading Bearish and Bullish Pennants
Ethereum Daily Price Chart
All charts via TradingView
What is your view on Bitcoin and Ethereum – bullish or bearish?? You can let us know via the form at the end of this piece or contact the author via Twitter @nickcawley1.
