nineteenth February: BTC/USD Leaps Past 55,000, ETH/USD Nears 2,000

Konstantin Anissimov, Govt Director at CEX.IO, shares his insights concerning the Bitcoin (BTC) and Ethereum (ETH) each day worth actions.

BTC/USD

Having opened the buying and selling session of nineteenth February at 51,643 and gone twice under 51,000 between 02:00 and 04:00 UTC, BTC/USD continued steeply south till the tip of the day with a slight intermission halfway. The pair reached 53,000 between 09:00 and 10:00 UTC, which was one other all-time excessive. It then took east and continued sideways beneath 53,000 till 14:00 UTC.

The second part of the rally started at 14:00 UTC, as BTC/USD hit 53,320 primarily based on the CEX.IO change price and closed the hour at 52,999. The BTC/USD ascent continued throughout in 4 successive bullish candlesticks that had come to 55,500 by 19:00 UTC. A slight corrective retracement happened between 19:00 and 20:00 UTC; after that BTC/USD continued upwards till 21:00 UTC.

This new BTC/USD worth surge properly aligns with the bullish sentiment that market that has been exhibiting after the breakthrough previous 50,000. After this new bullish wave, BTC/USD will possible go right into a sideways stabilization or could take a corrective downturn. Each situations are possible within the close to time period. Nevertheless, within the medium time period, we anticipate BTC/USD to proceed its upside progress.

Weighing the elements that would reverse Bitcoin’s rally, we proceed to suppose {that a} quick restoration of the world’s financial system and particularly of the economies of the EU, the U.S. and U.Ok. is the important thing such issue. It might reignite the demand for fiat currencies and reduce the demand for Bitcoin. Nevertheless, with the extra virulent COVID-19 pressure spreading in Germany, the EU’s financial restoration is beneath a critical menace. Due to this fact, the elemental background stays pro-bullish for Bitcoin.

ETH/USD

ETH/USD opened the buying and selling session of nineteenth February at 1,941, primarily based on the CEX.IO commerce knowledge. The pair was largely buying and selling down till 05:00 UTC, having briefly dipped under 1,900 between 02:00 and 03:00 UTC. Between 05:00 and 11:00 UTC, ETH/USD nearly absolutely retraced the losses, having risen to 1,940 in the beginning of the tenth hour of the day, however had come right down to 1,919.7 by 15:00 UTC.

From 15:00 UTC, ETH/USD started rising once more and had traveled to 1,973.5 by 19:00 UTC. A bearish hourly candlestick retraced a few of these income between 19:00 and 20:00 UTC, however its higher wick had set one other all-time excessive at 1,977 as per the CEX.IO pricing earlier than the candlestick closed. Between 20:00 and 21:00 UTC, ETH/USD recorded a dojo candlestick, with a excessive above 1,960.

ETH/USD is getting ever nearer to 2,000, which is likely to be reached by the tip of the week of fifteenth February.  Its uptrend appears to be like very a lot intact, being supported by the fast-paced progress of the DeFi market. With the looming improve of Ethereum on the Beacon chain and the multi-fold enhance of its throughput, Ethereum would possibly close to a mainstream adoption in 2022, which could make Etherum a but extra enticing asset for high-net-worth traders.

Contemplating all these elements, we proceed to stay to the view that ETH/USD goes to proceed bullish within the medium time period, that’s into the second quarter of 2021, 2,342.4 being the goal.

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Creator: Konstantin Anissimov

Govt Director at CEX.IO. His space of duty contains buyer relationships with institutional and VIP-clients, overseeing the creation of the corporate’s improvement technique, new merchandise, markets and partnerships. As a member of the board of administrators, Konstantin can also be liable for company governance.

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