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Cryptocurrencies Edge Higher Following Positive Trends In Global Markets; Bitcoin, Ether Up Marginally

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Most cryptocurrencies extended gains on Thursday tracking positive trends across global markets.

World’s most popular and largest cryptocurrency Bitcoin was trading 0.3 percent down at $20,418.99 at 10:40 am whereas Ethereum edged 1.35 percent higher at $1,171.77.

A WazirX spokesperson said, “Bitcoin has been on a minor uptrend since the last 4 days, closing above $20,500 last day. The crypto market sentiment continues to remain in the extreme fear zone, although improving significantly compared to the last week. The daily trend for BTC continues to move within a descending channel pattern. The next resistance is expected at $32,300 and the next key support is expected at $14,000.”

Edul Patel, Co-Founder CEO of Mudrex said, “Bitcoin, Ethereum, and most cryptocurrencies rose on Wednesday as bullish momentum intensified. BTC has tested a key resistance level at US$20,000 for the third consecutive day. If BTC can continue to hold at US$20,000 by the end of the day, we may expect a test of the US$21,000 level soon.”

“On the other hand, Ethereum also hovered around US$1,171. If bulls can make a move, we may also see ETH rising to the US$1,300 level in the coming days,” he added.

Ethereum jumped up by over 6 percent yesterday, edging close to the $1,200 level. ETH against Bitcoin has gained marginally in the last couple of days with Bitcoin’s dominance remaining neutral around 43 percent.

The weekly chart for ETH-BTC continues to traverse within an ascending channel pattern, trading at the support levels. The weekly RSI for ETH-BTC is also on an uptrend reaching closer to 40. The next key support for ETH-BTC is expected at 0.04 level and next resistance is expected at 0.07.

The benchmark indices, Nifty and Sensex, opened higher on Thursday following positive trends in Wall Street.

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