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Bitcoin, Ethereum Price Prediction- Technical Chart Hints A Minor Pullback Before Next Bull Cycle – Crypto News

Published

2 years ago

December 14, 2022

Dripp

Published 21 minutes ago

Bitcoin, Ethereum price prediction: The recently released CPI data, which is less than that expected, has created less relief in broader markets. The declining CPI data accentuates the cooling inflation and a higher chance that the US Fed will ease the interest rate hike program.

As a result, Bitcoin and numerous altcoins surged higher on December 14th and escaped their consolidation phase.

By 8:47 am EST Wednesday, the global crypto market was valued at $873.27 billion, falling 0.21%. since yesterday, Furthermore, the total crypto market volume fell by 12.7% and reached the $40 Billion mark.

Top Gainers and Losers

Source- Coin360

Amidst the recovery sentiment in the crypto market, Toncoin and Lido Dao show the highest gains today among the top 100 cryptocurrencies. In the 24-hour period, the TON price surged by 17.02% to reach $2.70; the LDO price gained 8.65% to $1.15. On the other hand, the GMX and Stacks Tokens are top losers, with GMX price down 6.99% to $54.5, while STX price at $0.2862 shows a 2.68% fall.

Bitcoin Price

BTC Source- Coinmarketcap

The Bitcoin price witnessed a significant inflow just after the release of CPI data. A positive sentiment spread in the crypto market bolstered this price to give a massive bullish breakout of $17300 weekly resistance.

Furthermore, the daily chart shows the coin follows a parallel channel pattern, in which the prices show a steady growth between two ascending trendlines. Thus, until the pattern support trendline is intact, the Bitcoin price may prolong its recovery.

Source- Tradingview

By press time, the bitcoin price is trading at $17900 and retesting the pattern resistance trendline. This retest indicates a higher possibility for the price to revert lower and revisit the bottom trendline.

Thus, the new traders looking for entry opportunities can enter at the support trendline for the new bull cycle that may reach to $18500 mark.

ether price

eth Source- Coinmarketcap

Similar to Bitcoin, the ether price experienced strong buying pressure on December 13th and gave a massive breakout from the $1300 monthly resistance. Today, this altcoin shows a 0.76% rise, but with low volume, the prices are likely to plunge lower and retest the $1300 mark.

If the possible retest phase shows sustaining above the $1300 mark, the buyers could drive the price towards the $1422 barrier.

Source-Tradingview

The RSI indicatorwhich reflects the strength of ongoing price action, indicates a bullish outlook as it reaches a four-week high of 57.8%.

Conversely, a breakdown below $1300 would undermine the bullish thesis.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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