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24th February: BTC/USD and ETH/USD Bounce off Week’s Lows to Get Back to Growing

UTC by Konstantin Anissimov · 3 min read
24th February: BTC/USD and ETH/USD Bounce off Week’s Lows to Get Back to Growing
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Konstantin Anissimov, Executive Director at CEX.IO, shares his insights about the Bitcoin (BTC) and Ethereum (ETH) daily price movements.

BTC/USD

BTC/USD opened the trading session of 24th February at 48,854 and after recording the first hammer-looking hourly candlestick continued upwards until 04:00 UTC. The pair continued edging to the right within the range of 50,000-51,000 until 13:00 UTC.

Between 13:00 and 14:00 UTC, BTC/USD travelled below the 50,000 support level. Having twice reached the 48,750 support level between 14:00 and 16:00 UTC, the trading pair rebounded both times, reversing back towards 50,000. It thus continued trending sideways under 50,000 until 19:00 UTC and took a dive to 49,106 at the close of the 19:00 UTC hourly candlestick as per the CEX.IO pricing data.

The BTC/USD trading pair has bounced back above 48,000 and returned to the 50,000 region, which is indicative of an upside reversal taking place in the pair after the downside correction to 45,000-46,000. The news of another MicroStrategy investment in Bitcoin worth $1,026 billion that happened on Wednesday, 24th February, is a clear sign of the readiness of the corporate segment and institutional investors to buy Bitcoin at every corrective price dip BTC/USD takes along its bullish course.

Therefore, we believe that the BTC/USD uptrend is going to continue with new all-time highs highly probable to take place before the end of the second quarter of 2021. As for a medium-term target for BTC/USD until the end of the first half of 2021, we see it set at 66,360, which is based on the bullish wave of 2017.

ETH/USD

ETH/USD started the trading session of 24th February at 1,575.8 and after a brief hammer-like dip in the first hour continued upwards to reach above 1,700 between 09:00 and 10:00 UTC. The pair then continued sideways until it continued downwards at the start of the hour of 13:00. The one-hour dive between 13:00 and 14:00 UTC took the pair to 1,640. Afterwards, ETH/USD continued sideways under 1,662 until 19:00 UTC.

Having closed the hour of 18:00 slightly below the local 1,640 support level, the pair continued south at 19:00 UTC. The downside pricing tendency continued towards the end of the day as ETH/USD edged down to 1,556.7, based on the CEX.IO trading data.

ETH/USD has bounced back off 1,450 and shows signs of an upside recovery. Presently, the pair is below the 50-period 4-hour SMA and will have to break above the moving average, but the uptrend still looks to be continued and its motive force can aid ETH/USD much in getting back closer to 2,000 and its recent historical high.

We see the corrective downside move as an intraday downside correction that is not going to reverse the upward trend. In the short term, we expect ETH/USD to attempt to get at 2,000, with the medium-term target of 2,342.4 still standing.

Altcoin News, Bitcoin News, Cryptocurrency news, Ethereum News, Guest Posts
Kseniia Klichova
Author: Konstantin Anissimov

Executive Director at CEX.IO. His area of responsibility includes customer relationships with institutional and VIP-clients, overseeing the creation of the company’s development strategy, new products, markets and partnerships. As a member of the board of directors, Konstantin is also responsible for corporate governance.

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