Bitcoin analyst reveals new key levels as Ethereum price nears 3-week high

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Bitcoin (BTC) continued to enactment connected cracking the $17,000 people connected Jan. 4 arsenic an “extremely tight” trading portion held firm.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

$17,000 "possible" acknowledgment to CPI print

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $16,906 connected Bitstamp, up $300 from the erstwhile day’s low.

The largest cryptocurrency had benefited from a affirmative commencement to the twelvemonth connected Wall Street, this giving a broader boost to antecedently sideways crypto assets.

“Bitcoin trading with bequest markets yesterday,” Filbfilb, co-founder of trading suite Decentrader, began a summary of caller events by stating.

Analyzing the 12-hour chart, helium argued that the 50-day moving mean (MA) needed to clasp for bulls, with the contiguous scope enactment and absorption levels astatine $15,500 and $18,000, respectively.

Next week’s Consumer Price Index (CPI) merchandise for the United States, if favorable, could springiness BTC terms enactment the catalyst it needs.

“Bitcoin needs to support the 50 DMA and interruption past week's precocious but a travel determination seems imaginable heading into the CPI data,” Filbfilb added.

“At the infinitesimal we are successful the precocious scope of past week's terms action.”
BTC/USD annotated chart. Source: Filbfilb/ Twitter

As Cointelegraph reported, others had hoped that determination would beryllium capable impetus for Bitcoin to travel successful the footsteps of some stocks and golden arsenic 2023 got underway.

The latter, trading steadfast QCP Capital explained connected the day, was owed to a “Start of twelvemonth allocation into alternate assets.”

XAU/USD was up 15% successful the past 2 months, it wrote successful a marketplace update sent to Telegram transmission subscribers, with January historically its champion period of the year.

“Despite the mini rally, BTC is inactive trading successful an highly choky falling wedge - with 18k the cardinal breakout level to the topside,” it continued, echoing Filbfilb.

“In the medium-term, 28k is looking much and much cardinal - arsenic the Head and shoulders neckline, and 61.8% fibonacci retracement level of the $3,858 2020 debased to $69,000 2021 high.”
BTC/USD annotated chart. Source: QCP Capital

Analysis puts religion successful $1,000 holding for Ethereum

More assured show looked acceptable to greet Ethereu (ETH), meanwhile, with coagulated enactment levels giving bulls much-needed comfortableness successful the lawsuit of a caller marketplace downturn.

Related: 3 reasons wherefore it could beryllium a rocky week for Bitcoin, Ethereum and altcoins

“ETH continues looking decidedly much bullish than BTC, though it excessively is inactive trading wrong a consolidation pattern,” QCP wrote.

“The apical of the triangle comes successful astatine 1,400 but the large absorption portion lies betwixt 1,700 to 2,000 to the topside. On the downside we expect 1,000-1,100 to beryllium precise decent support.”
ETH/USD annotated chart. Source: QCP Capital

ETH/USD traded astatine $1,250 for the archetypal clip since Dec. 16 astatine the clip of writing, its Jan. 4 regular candle truthful acold sealing 3% gains.

Analyzing erstwhile the crypto marketplace bottommost mightiness come, QCP was nevertheless prepared to prevarication successful hold for galore months to come.

ETH/USD 1-day candle illustration (Binance). Source: TradingView

“We expect this could lone travel successful Oct-Nov again this year, but stay unfastened minded to markets bottoming sooner than that,” it concluded.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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