Bitcoin Price Technical Analysis- The Cryptonomist

For the queens Bitcoin and Ethereum, the weakness of the weekend cooled the positive performance accumulated in previous days.

Volumes between Saturday and Sunday registered the lowest balance negotiated on the weekend in four months.

A figure that, together with the volatility index, these days fell to the lowest levels since June, increases the chances of witnessing an explosive movement soon.

Among the Blue Chips, only the BNB token of the Binance network, the largest exchange by daily volume traded worldwide, registers a negative weekly performance mark a 3% drop. Shocked by the hacker attack that hit Binance’s cross-chain bridge last Friday. The immediate blocking of all validating nodes helped limit the damage of the attack and a crash in the price of the token, which capitalizes around $45 billion occupying the 5th position in the ranking.

Among the best performances of last week, Ethereum Name Service (ENS) stands out, presenting +27%, recovering the $18 USD per single token, a price abandoned in early May. This is the service governance token that allows Ethereum wallet addresses to be converted into names or codes that are easier to read and use for sharing like a website address or URL, associating a unique digital identity with the owning wallet. . With the increased use of Web3, the ENS open source project is experiencing its best moment since its inception in 2017 in terms of new account registrations.

Bitcoin (BTC): technical analysis

BitcoinThe technical image of remains unchanged. After the last update on Friday, the price fails to compromise the $20k psychological threshold.

The micro fluctuations in prices over the weekend do not provide useful indications to review previous analysis.

It is necessary to continue monitoring the situation, staying alert in anticipation of the price breaking higher or lower, which could cause an explosion of volatility.

Ethereum (ETH): technical analysis

Similar situation for ETH with a 30% drop in volatility since the peaks at the end of August.

The daily closings of the last 5 days register a maximum difference of 50 points. To find a similar period, you have to go back two years, between November and December 2020, when the price of ETH fluctuated several times over several days in a narrow range. At that time, Ethereum prices fluctuated under $500. The breakout of the upper channel triggered a strong rally multiplying the value of ETH by 9x after 6 months.

Even for Etherealcaution is needed as prices are expected to break out of the sideways channel with resistance at the top above $1,380 and support at the bottom below $1,250.


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