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BTC/USDT 1-Hour Price Analysis (Source – TradingView)
Looking at the Bitcoin 1-Hour chart, the analysis shows that Bitcoin has been trading above the 200-day MA and the 50-day MA. It means that we are now experiencing an introduction to the bull reign. And the 50-day MA is over the 200-day and the distance between the two moving averages is wide, which are good signs for a bull run.
The resistance of BTC lies at $17550.46 and $17597.18, while the support is at the previous strong low, $16889.01. Moreover, there is an order block placed around $17222.60 and $17139.74, whereas buyers are waiting for a reversal miracle to happen. The RSI of Bitcoin is positioned at 62 which is a strong area, so we can expect a price reversal at an RSI level of 70.
ETH/USDT 1-Hour Price Analysis (Source – TradingView)
Another major cryptocurrency in the market, Ethereum has been positively fluctuating since the start of 2023. Moreover, the RSI of Ethereum is at 57.24. Seeing the price trading closely above the 50-day MA indicates that we can expect a sideways market for a while. It is more advisable to wait for a certain breakout to one side of the channel and take the trade to achieve a better risk-to-reward ratio.
The price is also above 200-day MA since the bulls can reverse the price from the downtrend. The bearish scenario is likely to happen if Ethereum breaks the lower trendline of the rising wedge. If so, we can expect Ethereum’s bearish price will be $1,270. Another possible scenario is that Ethereum’s price can reach $1,380.
However, investors need to look out for the Consumer Price Index data which will be released tomorrow, January 12, 2023, for more liquidity pull and rugs.
Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
Analytics Insight is an influential platform dedicated to insights, trends, and opinions from the world of data-driven technologies. It monitors developments, recognition, and achievements made by Artificial Intelligence, Big Data and Analytics companies across the globe.
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Analytics Insight® is an influential platform dedicated to insights, trends, and opinion from the world of data-driven technologies. It monitors developments, recognition, and achievements made by Artificial Intelligence, Big Data and Analytics companies across the globe.
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