{"id":40229,"date":"2023-01-04T17:47:18","date_gmt":"2023-01-04T17:47:18","guid":{"rendered":"https:\/\/egrowonline.com\/?p=40229"},"modified":"2023-01-04T17:47:18","modified_gmt":"2023-01-04T17:47:18","slug":"bitcoin-analyst-identifies-new-key-levels-as-ethereum-price-nears-3-week-high","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=40229","title":{"rendered":"Bitcoin analyst identifies new key levels as Ethereum price nears 3-week high"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) continued to work on cracking the $17,000 mark on Jan. 4 as an \u201cextremely tight\u201d trading zone held firm.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

$17,000 \u201cpossible\u201d thanks to CPI print<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hitting $16,906 on Bitstamp, up $300 from the previous day\u2019s low.<\/p>\n

The largest cryptocurrency had benefited from a positive start to the year on Wall Street, this giving a broader boost to previously sideways crypto assets.<\/p>\n

\u201cBitcoin trading with legacy markets yesterday,\u201d Filbfilb, co-founder of trading suite DecenTrader, began a summary<\/a> of recent events by stating.<\/p>\n

Analyzing the 12-hour chart, he argued that the 50-day moving average (MA) needed to hold for bulls, with the immediate range support and resistance levels at $15,500 and $18,000, respectively.<\/p>\n

Next week\u2019s Consumer Price Index (CPI) release for the United States, if favorable, could give BTC price action the catalyst it needs.<\/p>\n

\u201cBitcoin needs to maintain the 50 DMA and break last week’s high but a trip there seems possible heading into the CPI data,\u201d Filbfilb added:<\/p>\n

\u201cAt the moment we are in the upper range of last week\u2019s price action.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Filbfilb\/ Twitter<\/em><\/figcaption><\/figure>\n

As Cointelegraph reported, others had hoped that there would be sufficient impetus for Bitcoin to follow<\/a> in the footsteps of both stocks and gold as 2023 got underway.<\/p>\n

The latter, trading firm QCP Capital explained on the day, was due to a \u201cStart of year allocation into alternative assets.\u201d<\/p>\n

XAU\/USD was up 15% in the last two months, it wrote in a market update sent to Telegram channel subscribers, with January historically its best month of the year.<\/p>\n

\u201cDespite the mini rally, BTC is still trading in an extremely tight falling wedge – with 18k the key breakout level to the topside,\u201d it continued, echoing Filbfilb:<\/p>\n

\u201cIn the medium-term, 28k is looking more and more key – as the Head and shoulders neckline, and 61.8% fibonacci retracement level of the $3,858 2020 low to $69,000 2021 high.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: QCP Capital<\/em><\/figcaption><\/figure>\n

Analysis puts faith in $1,000 holding for Ethereum<\/h2>\n

The more confident performance looked set to greet Ether (ETH<\/a>), meanwhile, with solid support levels giving bulls much-needed comfort in the event of a fresh market downturn.<\/p>\n

Related:\u00a03 reasons why it could be a rocky week for Bitcoin, Ethereum and altcoins<\/a><\/em><\/strong><\/p>\n

\u201cETH continues looking decidedly more bullish than BTC, although it too is still trading within a consolidation pattern,\u201d QCP wrote:<\/p>\n

\u201cThe top of the triangle comes in at 1,400 but the big resistance zone lies between 1,700 to 2,000 to the topside. On the downside we expect 1,000-1,100 to be very decent support.\u201d<\/p><\/blockquote>\n

ETH\/USD annotated chart. Source: QCP Capital<\/em><\/figcaption><\/figure>\n

ETH\/USD traded at $1,250 for the first time since Dec. 16 at the time of writing, its Jan. 4 daily candle so far sealing 3% gains.<\/p>\n

Analyzing when the crypto market bottom might come, QCP was nonetheless prepared to lie in wait for many months to come.<\/p>\n

ETH\/USD 1-day candle chart (Binance). Source: TradingView<\/em><\/figcaption><\/figure>\n

\u201cWe expect this could only come in Oct-Nov again this year, but remain open minded to markets bottoming sooner than that,\u201d it concluded.<\/p>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n


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Bitcoin (BTC) continued to work on cracking the $17,000 mark on Jan. 4 as an \u201cextremely tight\u201d trading zone held firm. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView $17,000 \u201cpossible\u201d thanks to CPI print Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD hitting $16,906 on Bitstamp, up $300 from the previous day\u2019s low. The […]<\/p>\n","protected":false},"author":1,"featured_media":40230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[6499,646,50,158,261,7287,103,977,2276,195],"class_list":["post-40229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-3week","tag-analyst","tag-bitcoin","tag-ethereum","tag-high","tag-identifies","tag-key","tag-levels","tag-nears","tag-price"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/01\/18ff2efb-3c05-4a49-8f9f-67956362ae1d.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/40229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40229"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/40229\/revisions"}],"predecessor-version":[{"id":40231,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/40229\/revisions\/40231"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/40230"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40229"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}