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Bitcoin, Ethereum Technical Analysis: Bitcoin Rebounds, Coinbase Confirms Holding 2 Million BTC

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Bitcoin, Ethereum Technical Analysis: Bitcoin Rebounds, Coinbase Confirms Holding 2 Million BTC

Bitcoin moved back above $16,000 on Nov. 23, as markets continued to react to the news that Coinbase holds 2 million bitcoin worth $39.9 billion. Centralized exchanges continue to face scrutiny following the collapse of FTX, with many moving to showcase their proof of reserves. Ethereum was also higher, with the token moving back towards $1,200 today.

Bitcoin

Bitcoin (BTC) rebounded from recent declines on Wednesday, as markets were boosted by the news that Coinbase has 2 million BTC in its reserves, as of the end of Q3.

Following a low of $15,820.29 on Tuesday, BTC/USD rallied to an intraday high of $16,611.59 in today’s session.

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The surge in price sees BTC move away from a recent floor of $15,600, with bulls now seemingly targeting a ceiling of $16,900.

BTC/USD – Daily Chart

Looking at the chart, this rally comes as the 14-day relative strength index (RSI) broke out at a resistance of its own at 38.00.

As of writing, the index is tracking at 39.58, and appears to be making its way to a resistance point of 41.00.

Sentiment in the market remains bearish despite today’s rally, however, should these upcoming hurdles be overcome, then momentum could begin to shift.

Ethereum

Like BTC, ethereum (ETH) was also back in the green in today’s session, as the token moved closer to the $1,200 mark.

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ETH/USD raced to a peak of $1,175.13 on Wednesday, which comes less than 24 hours after hitting a low of $1,096.66.

Today’s rally led to ethereum moving past a key resistance level of $1,170, hitting its highest point since Sunday in the process.

ETH/USD – Daily Chart

Since this collision, market uncertainty has increased, with the world’s second largest token now trading below earlier highs.

This comes as the RSI also hit a wall, with the index currently tracking at 40.26, which is marginally below a ceiling of 40.30.

Bulls are likely targeting a reentry on the $1,200 zone, however price strength will first need to overcome this current obstacle.

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Could we see ethereum move above $1,200 on Wednesday? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Altcoins

UNI is ripe for buying opportunities after a bullish crossover, but…

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UNI is ripe for buying opportunities after a bullish crossover, but…

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • UNI could reach the 50% Fib level in the next few days or weeks if BTC maintains its uptrend 
  • UNI’s open interest is rising, which is a bullish outlook for derivatives markets

Like the rest of the altcoins, Uniswap [UNI] also rallied after BTC regained the $16,000 level on 22 November. At press time, it was trading at $5.80 and was in an uptrend. The Moving Average Convergence Divergence (MACD) also gave investors a buy signal through its bullish crossover. 

However, the price rally faced significant resistance, which cautious traders should watch out for before going long on UNI.


Read Uniswap’s [UNI] price prediction 2023-2024


We have a buy signal, but can the uptrend last?

Source: TradingView

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In October, UNI  witnessed a major rally that extended into November before the FTX saga put the brakes on it. Subsequent recovery attempts after the market crash established $5.28 as solid support for the bulls.  

At press time, UNI was poised for another rally after BTC attempted to reclaim $17K. A bullish MACD crossover provided buying opportunities for UNI traders. However, the question was: Is the buy signal solid and could the uptrend continue? 

A key technical indicator showed that the uptrend could sustain momentum. The Relative Strength Index (RSI) retreated from the lower part of the selling range with a steep rise. This showed that the selling pressure had eased, and the bulls were able to prop up UNI’s price.  

The On-Balance Volume (OBV) also showed a rise in the upper range despite an almost flat profile since 21 November. This showed that there was a significant trading volume that could increase buying pressure.  

If the bulls maintain the above leverage, they could break the 38.2% level ($5.89) and target the 50% Fib level ($6.25). However, an intraday close below the current support at $5.28 could negate the above inclination.

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UNI sees an increasing Open Interest

Source: Coinglass

According to Coinglass, UNI saw conflicting open interest trends in November. After the market crashed in early November, UNI’s open interest rose steadily, only to drop again starting in mid-November.  

At press time, a rising open interest could be seen towards the end of November. This showed that money was flowing into the derivatives market of UNI.

Furthermore, this also indicated a bullish outlook in the derivatives market, which could soon spill over into the spot market. In this case, the upward momentum of UNI could continue if BTC continues to trend upward.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Analysis

Biggest Movers: LTC Nears 6-Month High, As Near Rebounds From Recent Lows

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Biggest Movers: LTC Nears 6-Month High, As Near Rebounds From Recent Lows

Litecoin has been a notable mover on Nov. 30, as the token edged closer to a recent six month high. Following yesterday’s gains, cryptocurrency prices remained in the green on Wednesday, with the global market capitalization up 2.07% as of writing this. Near protocol also surged today, as prices rebounded from recent lows.

Litecoin

Litecoin (LTC) moved closer to a six month high on Wednesday, as the token rose for a second straight session.

LTC/USD rallied to an intraday high of $79.73 earlier in today’s session, less than 24-hours after trading at a low of $75.21.

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The move saw LTC climb to its highest point since last Wednesday, when the token hit a high of $83.43.

LTC/USD – Daily Chart

This was the strongest point litecoin was trading at since May 10, and comes as the relative strength index (RSI) rebounded from a recent floor.

As of writing this, the index is currently tracking at 65.48, which is above a support point of 61.45.

Earlier gains have somewhat eased, with LTC now trading at $78.04. Despite this, bulls likely will still be targeting a move above $80.00.

Near Protocol

Near protocol (NEAR) was another notable gainer on Wednesday, as prices continued to move away from recent lows.

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Following a low of $1.59 on Tuesday, NEAR/USD surged to an intraday high of $1.73 earlier today.

As a result of this, near protocol moved away from its long-term support point of $1.50, and is now nearing a resistance point of $1.75.

NEAR/USD – Daily Chart

Looking at the chart, the RSI is now hovering slightly above a ceiling of 35.00, and is tracking at 35.07.

As of writing this, NEAR has fallen below earlier highs of $1.73, and is currently trading at $1.70.

Should price strength continue to move above its current ceiling, we will likely see the token race past the $1.75 point, and edge closer to $2.00.

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Could we see near protocol climb above $2.00 in December? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 On Wednesday

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Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 On Wednesday

Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite inflation easing in the world’s largest economy. Ethereum remained higher, edging closer to $1,300.

Bitcoin

Bitcoin (BTC) briefly rose above $17,000 in today’s session, as traders reacted to the latest U.S. consumer confidence report.

Despite falling to a six-month low, the decline in confidence was less than expected, which was a relatively positive sign for markets.

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Following a low of $16,366.66, BTC/USD rose to an intraday peak of $17,021.67 earlier in the day.

BTC/USD – Daily Chart

However, following the breakout of $17,000, which has also been a long-term resistance level, some earlier bulls moved to secure gains, exiting their positions in the process.

As of writing, BTC is trading at $16,832.07, with the 14-day relative strength index (RSI) tracking at 45.72, below a ceiling of 46.00.

Should price strength continue in an upward direction, and move beyond this upcoming obstacle, then bitcoin could extend today’s rally.

Ethereum

Like BTC, ethereum (ETH) also moved higher on Wednesday, as prices surged for a second success session.

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ETH/USD hit a peak of $1,276.55 earlier in today’s session, which comes less than 24-hours after trading at a low of $1,205.78.

As a result of today’s gains, the world’s second largest cryptocurrency hit its highest point since November 15.

ETH/USD – Daily Chart

Looking at the chart, the move has pushed the 10-day (red) moving average closer to its 25-day (blue) counterpart, with an upward crossover imminent.

In addition to this, the RSI is now tracking at 51.27, which is above a key resistance level at the 50.00 mark.

The target for ETH bulls appears to be the $1,300 level, which was last hit on November 11, when the coin was at a peak of $1,307.

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Do you expect ethereum to start December above $1,300? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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