Bitcoin stagnates above $50k, Ethereum could start a fresh increase

Bitcoin stagnates above $50k, Ethereum could start a fresh increase

Bitcoin is holding gains against the US Dollar over the $50,000 barrier level. BTC is trending upwards, with the possibility of more increases beyond $52,000. An hourly chart of the BTC/USD pair shows a break over a critical negative trend line with resistance above $50,400.

The pair is gaining traction in the short term and may shortly break over the $51,200 resistance zone. Dips were sustained as Bitcoin stabilised above the $50,000 barrier zone. The price is far above $50,000, and the hourly simple moving average of 100.

Bitcoin is currently trading far over $50,000 and an hourly simple moving average of 100. If bitcoin fails to break over the $51,200 resistance zone, it may begin another downtrend. On the downside, there is immediate support at the $50,200 level.

In terms of the US Dollar, Ethereum has corrected lower from the $4,150 resistance zone. The price of Ethereum is sustaining the $4,000 support level and may begin a new upward trend.

The support levels of $4,000 and $4,050 have been breached by Ethereum.

The price is currently trading above the $4,040 hourly simple moving average and the 100 hourly simple moving average. To remain upward in the short term, the pair must stay over $4,000.

Binance Coin (BNB) has rebounded to the downtrend line, which has the potential to operate as a powerful resistance. If ethereum fails to break over the $4,100 resistance mark, it may correct lower. On the downside, the $4,040 level and the 100 hourly SMA provide first support.

On December 23, Bitcoin cracked and finished just above the 20-day exponential moving average (EMA) ($49,720), signalling that the sellers’ hold may be slipping. On December 23, Ether (ETH) broke and closed above the declining channel and the 20-day EMA ($4,060), signalling that the correction may be concluding.

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