BTC and ETH catch brief break after oversold conditions
As highlighted in our daily crypto update yesterday, markets appeared set for a relief rally, the inklings of which we started seeing today.
BTC surged by approximately 5.2% in the past 24 hours, sending the price to $20,300 at the time of writing, whereas ETH followed BTC in the upward trend, rising 4.7% in the past 24 hours, pushing the price to close to $1,400.
On the flip side, DXY finally found some resistance after surging for 12 days straight to break recent highs. Currently sitting at 113.88, a corrective phase for DXY will help crypto find some relief.
S&P 500 also seems to be finding its feet above 3,673 and steadily rising. We will have to wait and see whether another higher high gets rejected by this trend line or we push through to a new range. Bulls will be looking toward the 4,000 level for a reaction.
SPX Price Chart. source TradingView
Top altcoin gainers and losers
BTC Technical Analysis
Bitcoin price caught traders off guard and broke out of its range reclaiming $20,000 and above. $20,500 serves as the immediate resistance but if the price breaks through we could see a minimum of $21,500-$22,000 sooner rather than later.
ETH Technical Analysis
Ethereum is forming soft support on ETH/BTC, the success of that support will be judged on the price action seen on ETH/USDT pair.
If Ethereum breaks $1,560 and breaks this lower high trend line we can expect a clean move to $1,800. Otherwise Ethereum will most likely head back and test support at $1,250.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.