Bitcoin stuck in a lacklustre range, Ethereum bullish pace slows – Is there a trend change?

December 3, 2021 - 2 months ago
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Bitcoin, the world’s largest cryptocurrency by market value, continues to hold to familiar levels even though the technical assessment has buckled slightly due to the lacklustre price action.

Having climbed roughly +1% since the New York close, Bitcoin has been less exciting as the market fluctuates in and out of losses and gains between US$53,500.00 and US$59,750.00 over the last few days.

As the recent price action struggles to retest a key resistance level at US$59,750.00, it could, in the short term, weaken the technical assessment to some degree.

Meanwhile, Ethereum bulls ‘pulled’ on the reins as the bull-run closes in on the all-time high around US$4,800-25.

Although Bitcoin bulls continue to eye the US$59,750.00 level, if the current lacklustre price action continues, could, in the short term, see prices slip back to the Fibonacci retracement support at 38.2% at US$53,500.00.

Beneath here, it is assessed, bottom-fishers (meaning, demand/buyers) are harbouring from the broad (potential) base at 50% at US$48,600.00.

Conversely, a clear break of US$59,750.00 could ignite the bull-run back to the “Twin Peaks” (highs) around US$66,800.00 or the all-time high around US$68,955.00.

Daily Chart of Bitcoin

Meanwhile, Ethereum bulls have hit the brakes as the market closes in on the all-time high around US$4,800-25.

If this pattern continues could see a short-term pullback.

However, it is expected the bulls will intercept any bearish pressure from the support region viewed minor at US$4,270, with the (Fibo level 23.6% viewed at US$4,100, and the 38.2% at US$3,650-55.

Conversely, above US$4,800-25 views the path to US$5,360-80. Re-evaluate from there.

Daily Chart of Ethereum

Is there more upside for Binance?
Each cryptocurrency is evaluated based on risk, short-term technical, long-term technical, and not forgetting volatility.

Technical analysis does not rely on economics but rather focuses on past market activity.

Most commonly, this involves the study of price charts, which is why those who engage in it are referred to as “chartists.”

Chartists/traders only study how prices have behaved in the past and how that could affect them in the future.

The technical method is based on three basic assumptions, which are the market discounts everything – history tends to repeat itself and price moves in trends –

Based on this analysis, Binance Coin (BNB), the utility token of global crypto exchange Binance recent technical assessment, appears to have hit the brakes as the bullish climb slows.

If the bears weigh on the market, we could see a potential pullback to the broad uptrend line at US$580.0, with US$545.0 located beneath, with the short term resistance located at US$675.0.

Daily Chart of Binance

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