Bitcoin’s Rally Continues
The crypto sector is experiencing a rally, with Bitcoin surpassing $27,000 and Ethereum approaching resistance at $1,650. Bitcoin is defying the negative sentiment on Twitter and has reached a point of resistance. It remains to be seen if it can break through or retest the bottom of its upward channel.
Short-term RSIs suggest that a pullback may be possible, but the weekly Stochastic RSI indicator indicates upward momentum for the last quarter of the year.
Ethereum’s Moderate Rise
Ethereum is following a more moderate upward trend compared to Bitcoin. It is also facing resistance and has shown a cross up on the weekly Stochastic RSI indicator.
From a broader perspective, Ethereum’s price is forming an ascending triangle pattern that has been developing for two years. While this pattern typically breaks before completion, a breakout to the upside could be significant.
Hot Take: Crypto Market Shows Signs of Recovery
The recent rally in the crypto market, led by Bitcoin and Ethereum, suggests a potential recovery after last week’s decline. Both cryptocurrencies are facing resistance but have shown positive indicators for future growth. If Bitcoin can overcome its current resistance level, it may reclaim its 200-week moving average. Meanwhile, Ethereum’s ascending triangle pattern indicates the possibility of a powerful breakout in the coming weeks or months. Overall, these developments indicate that the crypto market may be on a more sustainable uptrend.
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