Here is the Short Analysics
The 100 SMA is above the long-term 200 SMA so the path of least resistance is to the upside. Also, the gap between the moving averages is widening to reflect stronger bullish momentum. The 200 SMA lines up with the rising trend line connecting the recent lows of Bitcoin price action and the area of interest at the former resistance.
The 100 SMA dynamic support lines up with the 50% Fibonacci retracement level at the $3000 major psychological level at which several buy orders are likely located. A shallow pullback could find support at the 38.2% Fib before bouncing back to the latest highs and beyond.
Stochastic is on the move down to signal that sellers are regaining control of Bitcoin price action. RSI is also turning lower so Bitcoin might follow suit. Once both oscillators hit oversold levels and turn higher, buying pressure could return and allow the uptrend to resume.
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In yesterday’s monthly forecast, we discussed the chances of Ether trading towards the $300.00 handle against the US dollar. Considering the price action of the past 2-3 sessions, it seems like the ETH/USD pair is preparing for an upside run above $270.00.
There is a short-term ascending channel forming with support at $261.00 on the 2-hour chart, causing the pair to continue surging higher. The current channel resistance is near $274.00.
The price is likely to challenge the recent high of $271.90 and could even break it to test the channel resistance at $274.00. If the rising channel stays intact for the next few sessions, there are possibilities of ETH/USD testing the $290.00-300.00 zone.
On the downside, the channel support is very important at $261.00. Should there be a close below $261.00, the price could test the 50 percent Fibonacci retracement level of the last wave from the $220.00 low to $271.90 high.
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