The week saw Ethereum rise steadily to a high of 307.32 EUR (362, 38 USD).
Bitcoin secret has risen during the week
The short-term Triangle Pattern has now been finally breached. The short-term support is EUR 287.77 (USD 339.32), the short-term resistance EUR 307.32 (USD 362.38). Finally Bitcoin secret is back! The price has been very stable for several weeks. This week, however, a rally began which raised the price to values above 300 EUR (approx. 360 USD) – the first time since September 1st again. Currently the price moves on a small plateau, which does not endanger the fundamental upward trend.
The MACD (second panel) is positive according to the rally, but the MACD line (blue) is below the signal (orange). The RSI (third panel) was initially overbought and has currently dropped back to a still bullish 67.
The movements on the 60min chart speak a bullish language. The most important support of the week is described by the support of the uptrend and is at 287.77 EUR (339.32 USD). This week’s most important resistance is described by the weekly maximum and is 307.32 EUR (362, 38 USD).
The long-term cryptosoft trend
To put this rally into a broader context, the first thing we look at is the 240min chart: thanks to recent cryptosoft movements, the Triangle Pattern, which has been in place since September, has now been finally abandoned. It has been replaced by an uptrend whose very conservative cryptosoft interpretation is shown in blue here. The price is clearly above the exponential moving average over one (blue) or two (red) weeks.
The MACD is positive, as is the MACD line above the signal. The RSI is at overbought 77. In the medium term the situation is bullish as well. The support is roughly the same as on the 60min chart; it is also described by the uptrend and is at 260.57 EUR (307.25 USD). The Resistance corresponds to the maximum reached in early September and is 329.84 EUR (388.93 USD).
To put these developments in a long-term context, we will close with a look at the 1D chart:
We can see that the recent rally still fits into the price of the Triangle Pattern – but now, exceptionally, the resistance of the Triangle Pattern is being tested. The bullish forecasts on the short and medium term charts are therefore extremely interesting, as this could lead to a test of this resistance.
The MACD is positive, as is the MACD line above the signal. The RSI is bullish with 66.
Overall, the long-term forecast is bullish. Both support and resistance continue to be described by the triangle pattern. The most important support is 252.38 EUR (297.59 USD), the most important resistance is 308.63 EUR (363.92 USD).