Where Ethereum And Bitcoin Went To After Musk’s Tweet

Bitcoin, Ethereum and Even Dogecoin Recorded a Price Rise After Elon Musk’s tweet. The world’s richest person, Tesla and SpaceX Chief Executive Officer Elon Musk, has had quite a bit of influence in fueling the price action of cryptocurrencies.

In his recent tweet, Musk stated that he would not sell his Bitcoin, Ethereum and Dogecoin and that he still owns them. This tweet came after Elon Musk asked a question about expected inflation in the coming years.

Shortly after that particular tweet, Bitcoin, Ethereum and even Dogecoin registered upward price moves on their respective charts. BTC was up 3% while Ethereum gained just over 2% and Dogecoin was up 4%. Despite positive price sentiment, cryptocurrency prices remain quite volatile. At the time of going to press, these coins reversed some of the recent gains.

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Bitcoin Price Analysis: Four Hour Chart

Bitcoin was priced at $38,428 at the time of writing. It lost 0.8% of its market value. It is safe to say that BTC was consolidating as the coin struggled to move past $39k. Strong support for the coin was at $37k, but sharp resistance awaited the token at $40k.

In the event that BTC breaks at the upside and manages to climb over the $39k, the next stop would be around the $42k-$43k region. On the downside, a breach at the $37k support point would cause BTC to trade between $37k-$34k.

Bitcoin technical analysis

Image source: Trading Display BTC/USD

However, the technical outlook points to downward pressure on the market. Bitcoin’s volume fell as previous sessions closed in the red. The Relative Strength Index also matched the bears hence sellers re-entering the market.

Great oscillator reflecting the market momentum. The indicator turned green, meaning that market momentum could change direction during the coming trading sessions. Bollinger Band signaled volatility and it flashed a squeeze meaning prices could see sharp swings during the following trading sessions.

Ethereum Price Analysis: Four Hour Chart

Ethereum was trading at $2528 at the time of writing. Prices traded laterally and the coin depreciated slightly by one percent after gaining in the past 24 hours. The overhead price cap was $2614, after which the coin was able to face strong resistance at $2722. On the downside, ETH’s local support was $2450.

Ethereum Technical Analysis

Image source: Trading Display ETH/USD

Ethereum traded volume has declined, which is related to a decline in the number of buyers in the market. The technical outlook painted a bearish pull. Ethereum was seen below the 20-SMA line and that aligns with sellers taking charge of the current price momentum.

Bollinger Bands tightened, which is a sign of sharp price volatility. Although ETH traded sideways, prices could rise or fall sharply during the following trading sessions. The Relative Strength Index was below the half-line, indicating a higher number of sellers.

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