Bitcoin is currently trading at $3,888.4 up by 0.54% on the day and has retained bullish price action for second trading session of the year despite facing rejection near $4000 mark and turning range bound during European market hours. The largest crypto currency by market capitalization is valued at $68 billion at the time of writing. Bitcoin’s trading volume in the last 24-hours stands at $5 billion which can be viewed as bullish when considering price action over last 24 hours. BTC/USD pair took refuge at $3,780 support before spring upwards past the short-term resistance at $3,800, $3,840 as well as $3,860. While using an ascending trend line as a bouncing wall the asset stepped above $3,900 and formed high of $3,915 before the current correction took place.
Bitcoin Continues To Struggle At $4000 Mark
The current trend is downward but Bitcoin has several support levels as mentioned in the first paragraph. However, it is essential to mention that in the event there is an extended downside move, $3,760 and $3,660 will come in handy as considerable anchors. In recent weeks it has been extremely profitable to move Bitcoins into Ethereum, with a relative gain over 50%. Constantinople is the buzzword and the engine that is pushing the Ethereum price to earn more than 80% in three weeks. The news flow around it is incessant. Today, Binance announced that it will support the fork and will receive proposals from other projects. While ETH/USD hit the roof near $160 handle, the pair still managed to hold steady above $150 mark indicating that bulls still control the market.
As of today, ETH is most profitable crypto currency pair in market pushing aside its three major competitors including Bitcoin. The ETH/USD is currently trading at the $151.55 price level after yesterday’s relative high of $160. The ETH/USD pair is ahead of the gap left by the November 19 bearish hole. This technical event is a significant hurdle, as both the $155 and $170 lows are strong resistances. Above the current price, the first resistance is at the $155 price level. The second resistance level is at the price level of $170 and the gateway to a much more favorable zone for price increases. The third resistance level is at $180. On the flip side the first support level is at $124 followed by $109 & $95 in immediate market.
This article was originally posted on FX Empire
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