Bitcoin Price Prediction

Bitcoin's price began a significant rise just above the $62,000 resistance level. BTC has broken above the critical $63,000 resistance zone and is now trading just above the 100 hourly simple moving average. It even broke through the $63,500 resistance level and reached a new multi-week high of $64,448. It is currently correcting lower and trading under $64,000. An immediate support level is near $63,700. BTC is approaching the 23.6 percent Fib retracement level of the uptrend from the swing low of $61,320 to the high of $64,448.

On the hourly timeframe of the BTC/USD pair, a crucial bullish trend line has formed with support at about $62,800. On the upside, an early resistance level is approaching $64,000. The first significant resistance is located near $64,250.

The shares of the first bitcoin-linked exchange-traded fund in the United States soared in their trading debut on Tuesday. The ProShares Bitcoin Strategy ETF (BITO) increased 4.8 percent to $41.94.The fund monitors CME bitcoin futures, or contracts gambling on bitcoin's future price, rather than the cryptocurrency itself.

As a result, traders in the ETF can anticipate the price and success of the shares to deviate from the price of bitcoin directly. This isn't ideal for existing investors; many of them are long-term investors in cryptocurrencies and had expected an ETF that would follow physical bitcoin that traders could buy and hold.

As per Coin Metrics, the price of bitcoin increased by more than 4% on Tuesday to $64,206.51, down around 1% from its all-time high of $64,899 on April 14. Bitcoin futures are up roughly 4% as well. Will Hershey, CEO of Roundhill Investments, told CNBC that the launch exemplifies the ETF industry's tremendous development.

BTC/USD Intraday Technical Levels

Support Resistance

59484.49 62858.77

576672.49 59162.0

56110.10 64421.0

Pivot Point: 66233.0

BTC/USD - Technical Outlook

On Wednesday, the BTC/USD is exhibiting a strong bullish trend at 63,963. The BTC/USD has broken through the ascending triangle pattern at 62,959 on the 4-hour period. This level is now likely to act as a support for the BTC/USD. Furthermore, Bitcoin's immediate support is at 62,959 levels. A break below this level may cause Bitcoin to fall to depths as low as 62,100 and as high as 61,175 USD.

On the upside, the major resistance is located around 65,125 levels. A break of this level might continue the buying momentum all the way to the 66,847 mark. The RSI and Stochastic indicators are pointing to a strong rising trend in Bitcoin. Furthermore, the violation of the rising triangle pattern supports the BTC/USD values. Thus, the bullish bias dominates over the 62,959 level on Wednesday. All the best!

XAU/USD Surge Above 1,765 Pivot Point

During Tuesday's Asian trading hours, the safe-haven-metal price extended its overnight gaining streak and drew some strong bids around well above $1,775 as the U.S. Dollar Index dropped 0.23% to 93.727 marks amid weaker-than-expected U.S. factory data. As a result, the dollar's bearish bias was considered a significant factor, providing extra support to the dollar-denominated commodities (gold).

Meanwhile, the market risk-off-sentiment, induced by various circumstances, played a significant role in bolstering yellow-metal prices. The positive sentiment surrounding gold was also bolstered by sluggish U.S. factory output and China's weaker growth in Q3. Besides, the Reserve Bank of Australia's (RBA) most recent monetary policy minutes underlined the Delta COVID-19 variant's risk to the country's economic recovery, which pushed investors toward safe-haven assets and enhanced the appeal of the precious metal. In addition, India, the world's second-largest gold consumer, saw a 252 percent increase in gold imports to $24 billion in the April-September period, owing to increased festival demand and the lifting of coronavirus restrictions.

The weak U.S. factory output and China's slower growth in Q3 continued to weigh on market sentiment. As a result, the safe-haven precious metal received extra support from a generally softer tone in the equity markets. Market worries were exacerbated by Monday's poor Chinese macro data, which revealed that the country's economic growth slowed drastically from 7.9% to 4.9 percent in the 3rd-quarter. Moreover, the Reserve Bank of Australia's (RBA) most recent monetary policy minutes emphasized the risk that the Delta COVID-19 variation raised doubts over Australia's economic recovery. Concerns that the current widespread increase in commodity prices might feed inflation and disrupt the global economic recovery were considered a crucial element that gave gold a boost.

According to factory data released on Monday, industrial production in the United States fell 1.3 percent month over month in September and rose a smaller-than-expected 4.6 percent year over year.A global semiconductor shortfall contributed to a drop in motor vehicle production, demonstrating that supply restrictions impede COVID-19 recovery.

A weaker U.S. dollar:

The rise in gold prices was further aided by the emergence of new selling around the U.S. dollar, boosting dollar-denominated commodities such as gold. Following a minor pullback in U.S. Treasury bond yields, the USD saw some additional supply following the previous day's solid two-way price moves. This was seen as a significant aspect that served as a positive for the dollar-denominated commodity. Meanwhile, the previously released downbeat U.S. data also played a major role in undermining the dollar. Moreover, the increasing bets that monetary policy will normalize faster in other countries also contributed to the U.S. losses.

Elsewhere, India, the world's second-largest gold consumer, saw a 252 percent increase in gold imports to $24 billion in the April-September period, owing to increased festival demand and the lifting of coronavirus restrictions. This, in turn, was viewed as a significant element that bolstered gold prices.

Market participants believe the Fed will start unwinding its huge post-pandemic stimulus before the end of the year. Fears of a faster-than-expected rise in inflation have prompted investors to price in the probability of an interest rate hike in 2022. As a result of the hawkish signals from major central banks, traders may be hesitant to make aggressive bullish wagers on non-yielding gold and curb gains.

Looking forward, no significant market-moving economic news is expected, putting gold at the mercy of broader market risk sentiment and bond yields. However, expected comments by Catherine Mann, a member of the BoE's MPC, and Governor Andrew Bailey may provide gold a boost. Later in the U.S. session, Fed Governor Michelle Bowman's remarks will impact USD price dynamics and create some exciting gold trading chances.

GOLD Intraday Technical Level

Support Resistance

1756.81 1787.01

1744.08 1807.48

1724.61 1819.21

Pivot Point: 1776.28

GOLD - Technical Outlook

Gold continues to trade bullish and is now priced at $1,775 per ounce. The technical side of gold is suggesting strong bullish bias. The RSI has surged above 50 and it’s suggesting a bullish trend in gold on a 4-hour timeframe.

The 1,772 level, on the other hand, is gold's immediate support. If the 1,772 level is broken, a sell-off might ensue till the 1,765 and 1,760 levels are reached. On the upside, gold's following resistance levels remain at 1,777 and 1,787, respectively.

We might anticipate a bearish correction in bullion on Tuesday, particularly below the 1,782 mark. Gold bullish bias dominates above 1,765 and vice versa. All the best!

Pivot Point at 1.1605

The Euro initially dipped during Monday's trading session but has now reversed around to challenge the same resistance level we watched for several days. The Euro first sought to retreat throughout the trading day on Monday but has since fully reversed course and is showing signs of life. As a result, I believe the market would continue to stay around 1.16 until we take a longer-term judgment. However, I continue to dislike the Euro in general because, quite frankly, it underperforms other currencies against the U.S. dollar. In that sense, it is a relative strength style of play and must be viewed through that lens.

The U.S. Dollar Index is currently attempting to break through the closest resistance level of 94.20. If this effort is successful, it will gather more positive momentum and push towards the resistance level near the yearly highs at 94.50, which will be bearish for EUR/USD.

The rise in EUR/USD prices was further aided by the emergence of new selling around the U.S. dollar, boosting dollar-denominated commodities such as EUR/USD. Following a minor pullback in U.S. Treasury bond yields, the USD saw some additional supply following the previous day's solid two-way price moves. This was seen as a significant aspect that served as a positive for the dollar-denominated commodity. Meanwhile, the previously released downbeat U.S. data also played a major role in undermining the dollar. Moreover, the increasing bets that monetary policy will normalize faster in other countries also contributed to the U.S. losses.

Market participants believe the Fed will start unwinding its huge post-pandemic stimulus before the end of the year. Fears of a faster-than-expected rise in inflation have prompted investors to price in the probability of an interest rate hike in 2022. As a result of the hawkish signals from major central banks, traders may be hesitant to make aggressive bullish wagers on non-yielding EUR/USD and curb gains.

Looking forward, no significant market-moving economic news is expected, putting EUR/USD at the mercy of broader market risk sentiment and bond yields. However, expected comments by Catherine Mann, a member of the BoE's MPC, and Governor Andrew Bailey may provide EUR/USD a boost. Later in the U.S. session, Fed Governor Michelle Bowman's remarks will impact USD price dynamics and create some exciting EUR/USD trading chances.

EUR/USD Intraday Technical Levels

Support Resistance

1.1584 1.1615

1.1570 1.1632

1.1553 1.1645

Pivot Point: 1. 1605

EUR/USD - Technical Outlook

The EUR/USD is on a bullish run, heading towards the major resistance level of 1.1652. On the 4-hour timeframe, the EUR/USD has formed "Three White Soldiers" patter that’s supporting the strong upward trend in the EUR/USD pair. On the higher side, the next resistance stays at the 1.1652 level and a bullish crossover of 1.1652 exposes the EUR pair towards the 1.1681 level.

On the downside, support prevails at the 1.1630 and 1.1601 levels. The EUR/USD has already violated the symmetrical triangle pattern that was extending resistance at 1.1601. This level is now acting as a support for the EUR/USD pair. The RSI and MACD are in support of a buying trend. Therefore, the bullish bias dominates above the 1.1630 level today. All the best!

Bitcoin Price Prediction

The price of BTC/USD, the most valuable cryptocurrency by market cap, surpassed $62,000 after the Securities and Exchange Commission approved the launch of the first bitcoin-linked exchange-traded fund. According to Coin Metrics, Bitcoin extended its climb over the weekend and is now trading at over $61,285. This, coupled with other headlines such as Jamie Dimon labelling bitcoin "worthless" and Coinbase announcing plans to develop an NFT, or nonfungible token, platform, dominated the news this week. Here are seven significant events in the crypto world.

According to CNBC, the United States is currently the most popular destination for bitcoin miners. According to new data from the University of Cambridge, the United States accounted for 35.4 percent of bitcoin's hash rate, or the collective computing power of all miners, surpassing China for the first time.

This follows China's renewed ban on bitcoin mining earlier this year, which drove the market offshore. Cambridge discovered that China's average monthly share of global hash rate dropped out in July, a significant reversal from September 2020, when China took approximately 67 percent of the market. The price of bitcoin has risen in recent weeks, spurred by expectations that a US launch is coming. Since it's low in late July, the price of the cryptocurrency has more than doubled.

The growing usage of cryptocurrencies may weaken the efficiency of US economic and financial sanctions, potentially undermining the function of the US currency, according to the Treasury Department, as reported by news agency AFP. Treasury discovered that "although sanctions remained an essential and effective policy instrument, they also face new difficulties, including rising dangers from new payments systems, the expanding use of digital assets, and cybercriminals" following an assessment of the US sanctions system.

BTC/USD Intraday Technical Levels

Support Resistance

59484.49 62858.77

576672.49 59162.0

56110.10 64421.0

Pivot Point: 66233.0

BTC/USD - Technical Outlook

The technical side of Bitcoin hasn’t changed a lot as the BTC continues to follow the same technical levels as discussed yesterday. On the BTC/USD hourly chart, there was also a break over a strong negative trend line with resistance above $60,850. On the bullish side, a break of the 63,008 resistance level might push the Bitcoin price up to the 65,084 level. While the support level remains at around 60,0048 levels, On the 4-hour timeframe, Bitcoin has formed a bullish engulfing pattern that’s supporting a buying trend. While the leading technical tools like RSI and Stochastic are supporting a bullish trend in Bitcoin, it’s not just the fundamentals that are supporting a buying trend in Bitcoin, but also the technical side. "Bullyish bias" dominates over 60,704 and vice versa. All the best!

Gold Slips Below 1,776 Pivot Point

The gold price managed to halt its previous week's downward trend and received some small bids near the $1,770 level. The erratic performance of stock markets, on the other hand, was viewed as a critical factor supporting the safe-haven XAU/USD. According to figures released earlier this Monday, China's economic growth slowed substantially in the third quarter of 2021. This, combined with concerns about inflation rising faster than predicted, fueled fears of stagflation and depressed market confidence. This put negative pressure on market trade sentiment and boosted safe-haven commodities like gold.

Gold prices fell on Friday as evidence emerged that the US economy may not be contracting at a rate that would result in stagflation in 2022. The US Retail Sales report at the end of the week was startlingly good, which, along with the day's lingering bulls on Wall Street, led the day's remaining bulls to cash in and stepped away. XAU/USD fell from a high of $1,796.49 to a low of $1,764.86 on Friday. The gold price is 0.14 percent higher at the start of the week as buyers seek to protect a critical level of support, as shown below, and is trading near $1,770.So far, the high for the day is $1,772, and the low is $1,764.

The yellow metal's positive tendency, on the other hand, has been constrained by broad-based US dollar strength, which the current cautious tone has assisted in the equity markets. Furthermore, the US dollar's upward trend was stifled by a quick rise in US Treasury bond yields, discouraging bulls from making aggressive bets and restraining additional gains for non-yielding gold.

Gold is trading at 1,767.99 and is stabilizing in the band of 1,765.00-1,772.12. Despite a considerable follow-through positive gain in US Treasury bond yields, market trade sentiment failed to continue its strong positive performance from earlier in the day and lost some positive momentum at the start of the week. However, the cause could be attributed to China's macroeconomic announcements being weaker than anticipated. This, combined with concerns about inflation rising faster than predicted, fueled fears of stagflation and depressed market confidence. As a result, the continuous mixed performance of the equities markets was viewed as a crucial reason that provided some support to the safe-haven XAU/USD.

In terms of data, China's National Bureau of Statistics reported on Monday that economic growth in the world's second-largest economy fell to 0.2 percent and 4.9 percent year on year in the third quarter, down from 1.3 percent and 7.9 percent in the previous quarter. Furthermore, China's Industrial Production fell short of market expectations in September, expanding by 3.1 percent year on year, compared to 5.3 percent in August. This substantially overshadowed September's better-than-expected monthly Retail Sales figures, which grew by 4.4 percent. This comes amid concerns that inflation may rise faster than expected, exacerbating fears of stagflation.

The broad US dollar maintained its earlier positive trend and remained strongly bid, supported by increased Treasury yields. Meanwhile, the current cautious tone in financial markets was considered another major factor contributing to gold prices gaining additional support. The US Dollar Index, which compares the US dollar to a basket of foreign currencies, was 0.18 percent higher at 94.105. As a result, the precious metal's rising potential was restrained by the favourable trend of the US dollar.

The markets may remain quiet in the absence of major key data, although Federal Reserve speakers and the Fed's Beige Book may keep traders interested. Meanwhile, keep a lookout for the monthly release of US Industrial Production.

GOLD Intraday Technical Level

Support Resistance

1756.81 1787.01

1744.08 1807.48

1724.61 1819.21

Pivot Point: 1776.28

GOLD - Technical Outlook

Gold continues to trade bearish and is now priced at $1,765 per ounce. The technical side of gold is suggesting strong bearish bias. The RSI has dropped below 50 and it’s suggesting a selling trend in gold on a 4-hour timeframe.

The 1,756 level, on the other hand, is gold's immediate support. If the 1,756 level is broken, a sell-off might ensue till the 1,744 and 1,736 levels are reached. On the upside, gold's following resistance levels remain at 1,776 and 1,787, respectively.

We might anticipate a bearish correction in bullion on Monday, particularly below the 1,776 mark. Gold bearish bais dominates below 1,765 and vice versa. All the best!

Pivot Point at 1.1605

On Monday, the EUR/USD is trading in the red, below 1.1600. The dovish stance of the European Central Bank remains unchanged, making it difficult for the single currency to find buyers. ING economists anticipate a period of consolidation for the pair. There will be several ECB speakers this week, but the EUR will not be re-rated until someone like Lagarde or Lane change their tune. Indeed, our rates team believes that the ECB cycle is already overpriced (10bps ECB rate hike priced for late 2022), whereas the Fed cycle is underpriced."

In terms of data, China's National Bureau of Statistics reported on Monday that economic growth in the world's second-largest economy fell to 0.2 percent and 4.9 percent year on year in the third quarter, down from 1.3 percent and 7.9 percent in the previous quarter. Furthermore, China's Industrial Production fell short of market expectations in September, expanding by 3.1 percent year on year, compared to 5.3 percent in August. This substantially overshadowed September's better-than-expected monthly Retail Sales figures, which grew by 4.4 percent. This comes amid concerns that inflation may rise faster than expected, exacerbating fears of stagflation.

The broad US dollar maintained its earlier positive trend and remained strongly bid, supported by increased Treasury yields. Meanwhile, the current cautious tone in financial markets was considered another major factor contributing to gold prices gaining additional support. The US Dollar Index, which compares the US dollar to a basket of foreign currencies, was 0.18 percent higher at 94.105. As a result, the precious metal's rising potential was restrained by the favorable trend of the US dollar.

The markets may remain quiet in the absence of major key data, although Federal Reserve speakers and the Fed's Beige Book may keep traders interested. Meanwhile, keep a lookout for the monthly release of US Industrial Production.

EUR/USD Intraday Technical Levels

Support Resistance

1.1584 1.1615

1.1570 1.1632

1.1553 1.1645

Pivot Point: 1. 1605

EUR/USD - Technical Outlook

In a quiet session on Monday, the EUR/USD falls. The pair remains in a limited trading range with no discernible traction. On the daily chart, the EUR/USD pair began the October series below 1.1600, testing the yearly lows around 1.1524 on Tuesday. The spot is already trading below the 21-day and 50-day Simple Moving Averages (SMA), indicating a danger of further decline. EUR/USD currency pair is trading at 1.1566 level and it’s gaining immediate support at 1.1549 level. On the hourly chart, the upward channel supports the EUR/USD at the 1.1549 level. A closing of a bullish engulfing candle is supporting buying trend in the EUR/USD pair. However, the intraday pivot point is likely to be working as a hurdle at 1.1562 level.

The breakout above the 1.1562 level exposes the EUR/USD towards the 1.1575 level, and the continuation of the further upward trendline exposes the pair towards the 1.1586 level. On the downside, the breakout of the 1.1549 support level exposes the EUR/USD towards the next support areas of 1.1537 and 1.1496. The RSI and MACD are in support of a buying trend. Therefore, the bullish bias dominates above the 1.1562 level today. All the best!

Bitcoin Price Prediction

Bitcoin is currently driving the market, up 2.7 percent on the day, 14 percent in the last week, and 32 percent in the last month. BTC often peaks before altcoins, so their time may come when bitcoin prices fall.

According to CoinGecko, Bitcoin is presently only 3.4 percent away from its all-time high of $64,800 set on April 14. In terms of market capitalization, Bitcoin is now valued nearly $1.18 trillion, accounting for almost 45 percent of the whole. Bitcoin is the sixth largest company in the world, greater than Facebook with $915 billion but smaller than Amazon with $1.7 trillion.

The Bitcoin price has settled above $60,000, signalling that it is entering bullish zone. BTC even broke through $61,500 and $62,000 resistance levels. Recently, a minor negative pullback happened below the $62,000 pivot zone. The price went below the $60,000 support level and the 100 hourly simple moving average.

However, the downside was confined to $58,800. A low was reported near $58,888 before the price began to increase again. There was a clear break over the $60,000 barrier and the 100 hourly SMA. Price breached the 50% Fib retracement level of the downside correction from the swing high of $62,887 to the low of $58,888.

On the other hand, Mexico's President, Andres Manuel Lopez Obrador, has stated that the country is unlikely to follow El Salvador's lead and adopt cryptocurrencies such as Bitcoin as legal tender alongside fiat currency. Obrador stated on Thursday that Mexico must retain orthodoxy in its financial management and will not change its stance on cryptocurrency.

BTC/USD Intraday Technical Levels

Support Resistance

56665.0 58258.0

55976.0 59162.0

55072.0 59851.0

Pivot Point: 57569.0

BTC/USD - Technical Outlook

On the BTC/USD hourly chart, there was also a break over a strong negative trend line with resistance above $60,850. Bitcoin has now breached the 76.5 percent Fib retracement line of the downward correction from the swing high of $62,887 to the low of $58,888.On the optimistic side, a break of the 63,008 resistance level might push the Bitcoin price up to the 65,084 level. While the support level remains at around 60,0048 levels.

On the 4-hour timeframe, Bitcoin has formed a bullish engulfing pattern that’s supporting a buying trend. While the leading technical tools like RSI and Stochastic are supporting a bullish trend in Bitcoin, So it’s not just the fundamentals that are supporting a buying trend in Bitcoin, but also the technical side. "Bullyish bias" dominates over 60,704 and vice versa. All the best!

Psychological Level of Resistance: 1,782

Gold prices ended the day at $1796.55, having reached a high of $1801.75 and a low of $1787.5. Gold rose for the third day in a row on Thursday, despite a drop in the U.S. dollar and Treasury yields. During early trading hours, the U.S. Dollar Index, which gauges the dollar's value against a basket of 6 main currencies, dipped to 93.76.

It retreated, though, and recovered some of its losses to conclude the day at 94.04. Treasury rates on benchmark 10-year U.S. notes fell to as low as 1.50 percent on Thursday, the third straight day of decreases. The weakening of the U.S. dollar, combined with a falling yield, put additional pressure on the U.S. currency, driving gold higher for the third straight session on Thursday.

The U.S. dollar was under pressure following the announcement of poor producer price index data from the U.S. on Thursday. However, the greenback gained some support with the announcement of jobless claims, as the country experienced a dip in the number of claims filed for jobless benefits last week, signalling growth in the employment sector.

At 17:30 GMT, the September Producer Price Index fell to 0.5 percent, vs. the predicted 0.6 percent, weighing on the U.S. dollar and adding to gold price rises. The Core PPI fell to 0.2 percent in September vs. the projected 0.5 percent, weighing on the U.S. dollar, which lifted gold higher on Thursday. Last week's U.S. unemployment claims declined to 293K from 315K expected, supporting the U.S. dollar and limiting additional higher momentum in yellow metal prices.

On the other hand, gold was backed by broader market sentiment, which had shifted to the downside during the global oil crisis and rising prices worldwide. The safe-haven gold gained higher on Thursday as risk-off market sentiment drove it higher. Moreover, Federal Reserve Governor Michelle Bowman stated that she would be delighted with the U.S. central bank beginning to reduce some of its crisis-era support for the economy as early as next month. This bolstered the U.S. currency and halted further advances in gold prices.

GOLD Intraday Technical Level

Support Resistance

1788.81 1803.01

1781.08 1809.48

1774.61 1817.21

Pivot Point: 1795.28

GOLD - Technical Outlook

Gold continues to trade bullish and is now priced at $1,794 per ounce. However, the technical side of gold is mostly unchanged and still signals a bullish bias. Gold is approaching overbought territory as it’s RSI was well above 80 on a 4-hour timeframe, indicating that it was overbought. However, it has begun to move out of the zone. Typically, it signals the initiation of a bearish retracement.

The 1,788 level, on the other hand, is gold's immediate support. If the 1,788 level is broken, a sell-off might ensue till the 1,780 and 1,774 levels are reached. On the upside, gold's following resistance levels remain at 1,800 and 1,808, respectively.

We might anticipate a bearish correction in bullion on Friday, particularly below the 1,800 mark. Gold bullish bais dominates over 1,788 and vice versa. All the best!

Pivot Point Underpins at 3,712

The ETH/USD ended the day at $3790.18, having reached a high of $3819.81 and a low of $3588.20.On Thursday, ETH/USD extended its gains for the second day in a row, approaching the $4000 level. Many positive developments have surrounded the second-largest cryptocurrency by market cap. A report from Crypto Compare revealed that institutional investors were favouring Ethereum over Bitcoin for the first time.

The Grayscale’s Ethereum Trust (ETHE) recorded more trades in September 2021 than the Grayscale’s Bitcoin Trust (GBTC). The report suggested that ETHE had a 29% increase in trading volume in September as compared to August. Grayscale’s Ethereum Trust currently has $10.9 billion in assets under management.

The CEO of Grayscale Investments said that bitcoin was inherently built to be a digital form of money, whereas Ethereum was not only a token of payment but it was also a DeFi platform that allowed users to create and run dapps and smart contracts.

Furthermore, billionaire Mark Cuban has revealed that Ethereum was a better option for a true cryptocurrency according to his beliefs. He recommended choosing Ethereum as a digital asset for investing in cryptocurrency as he believes that ETH has the most upside potential. However, for newcomers, he recommended dogecoin.

According to Cuban, Ethereum might be the closest thing to a real currency, but Dogecoin takes the lead as a preferable method of payment. He revealed that his crypto portfolio consists mainly of Ethereum, and this added to the gains of ETH/USD on Thursday.

ETH/USD Intraday Technical Levels

Support Resistance

3645.65 3877.26

3501.12 3964.34

3414.04 4108.87

Pivot Point: 3732.73

ETH/USD - Technical Outlook

On Friday, the ETH/USD currency pair was trading at the 3,818 level and it was gaining immediate support at the 3,800 level. On the hourly chart, the ETH/USD has formed an upward channel that’s supporting the bullish trend.

At the moment, the ETH/USD closing Doji and Shoorting start candles on the hourly timeframe that’s supporting indecision among investors. Therefore, the chances of a selling trend or a bearish correction remain strong below 3,860 resistance.

The breakout above the 3,860 resistance level exposes the ETH/USD towards the 3,966 level, and the continuation of the further upward trendline exposes the pair towards the 4,108 level. On the downside, the breakout of the 3,800 support level exposes the ETH/USD towards the next support areas of 3,712 and 3,606.

The RSI and MACD are in support of a bullish trend in ETH/USD. Therefore, the bullish bias dominates above the 3,712 level and vice versa. All the best!

Bitcoin Price Prediction

The BTC/USD was last seen at $57,354.0, with a high of $58,473.0 and a low of $56,880.0. BTC/USD stayed unchanged throughout Thursday's trading session, despite mixed events in the bitcoin ecosystem. Barry Sterlicht, a famed investor and millionaire, claimed to have purchased BTC and ETH. Sterlicht has an estimated net worth of $4 billion and is the creator of Starwood Capital Group, which manages around $60 billion in assets.

Concerns about central banks and their monetary policies, which could lead to currency inflation, encouraged Sterlicht to diversify his portfolio into BTC and ETH as a hedge against this occurrence. He declared gold, one of the most extensively used assets as a store of value, to be worthless. He said that gold and silver have industrial applications and that bitcoin, rather than gold, serves as a store of value.

Strike, a Lightning Network payments company has also introduced a new function called "Pay Me In Bitcoin." Customers can programmatically convert a portion or all of their revenue into bitcoin via the app using their bank account and routing details. All Strike account holders can take advantage of this service by depositing directly into their account and quickly converting to bitcoin without incurring fees. Meanwhile, MintGreen, a cleantech cryptocurrency miner based in Canada, has announced a cooperation with the Lonsdale Energy Corporation to provide heat to residents in North Vancouver, British Columbia, beginning in 2022.

According to the release, MintGreen's digital boilers, which can recover more than 96 percent of the electricity used in Bitcoin mining, will prevent 20,000 metric tonnes of greenhouse gases from entering the atmosphere during the agreement with North Vancouver. The recovered energy will heat 100 residential and commercial buildings in the Canadian metropolis of about 155,000 people.

Furthermore, Morgan Stanley's CEO stated that cryptocurrencies, including bitcoin, were not a fad. He stated that they will not go away and that he is looking forward to seeing how regulators manage them.

All of the aforementioned occurrences aided bitcoin in securing some gains during the trading session on Thursday, but the cryptocurrency stayed flat as the gains were reversed owing to unfavorable developments.

On the other hand, Mexico's President, Andres Manuel Lopez Obrador, has stated that the country is unlikely to follow El Salvador's lead and adopt cryptocurrencies such as Bitcoin as legal tender alongside fiat currency. Obrador stated on Thursday that Mexico must retain orthodoxy in its financial management and will not change its stance on cryptocurrency.

BTC/USD Intraday Technical Levels

Support Resistance

56665.0 58258.0

55976.0 59162.0

55072.0 59851.0

Pivot Point: 57569.0

BTC/USD - Technical Outlook

Bitcoin is on a bullish streak, having risen by 4% during the Asian session to trade just below the psychological barrier of $60,000. On the upside, Bitcoin is likely to face significant resistance near $60,000. A bullish breakout above $60,000 might take Bitcoin to the next resistance levels of $61,745 and $62,010, respectively.

The BTC/USD has formed a bullish engulfing candle on the 4-hour timeframe, indicating a strong bullish trend in the market. Bitcoin's immediate support and resistance levels are at 59,303 and 58,337, respectively, with resistance at $60,057 and $61,745.

On Friday, Bitcoin might continue to rise until it reaches the $60,057 level, and a break over this level could fuel further bullish sentiment in the market. Best wishes!