Hey Publish0x Folks, I am excited and I know you all are excited too. And why shouldn't we? After all Bitcoin has already breached its ATH and Ethereum is also inching closer towards the milestone. On that note, I welcome you the first ever episode of 'Coinsreporter's not so technical analysis for Bitcoin and Ethereum.
Having been on Publish0x since 2021, I find it a very good place where writers can freely depict their crypto PoVs. It has also been a writing table where writers don't really need to be technically or linguistically sound so as to make an impact. I myself is not so technically sound nor I wanna pose here as a grammarian, though I'm a language teacher in a college. With all these wonderful attributes, I personally feel that Publish0x has always been lacking a daily technical (or say 'not so technical) price analysis for Bitcoin, the God of crypto. I thought of it and reached a conclusion that I should be the flag bearer here.
However, as I am not a technical guy, I would not be imposter and admit that most of my price analysis would be 'not so technical'. Yes, there is a comment box below where you can always enlighten your technical wisdom and suggest your aggreement or disagreement with my analysis. But I want you to be a little bit aware that you should read my previous price predictions where I almost hit the bull's eye. Most of my previous price predictions came true, or nearly hit the price point that I anticipated. Here's a brief list of my posts with price predictions:
Here's Why You Must Have Solana in Your Portfolio
Can Bitcoin See $50K Levels On or Before Christmas? Top Predictions
End Of Year Price Prediction For Bitcoin And Ethereum
Meme Mayhem And A Cryptic Laugh For The Next Bull Run! Doge Vs Shiba Inu Vs Pepe
Bitcoin Forming Ground For Another Breakout
'The Great Bitcoin FOMO' And $100K Chants
Anyways, I ain't an egomaniac and don't say that I may be correct for everything I say or suggest. There are always better places to do reasearch befor you make a final decision for investing. In short, nothing written here or anywhere else y me shouldn't be taken as investment advice.
Bitcoin Daily Price Analysis
I should be honest to tell you that what we witnessed over the past few days was like Bitcoin singing 'I'm unstoppable today' with full force. It seemed like that Bitcoin wanted to prove a point there. More so because most people were calling an ATH isn't possible before the Halving, as it's never historically been. But Bitcoin had other plans and breached past the ATH like a bullet fired from a rifle.
However, once Bitcoin breached that $50K landmark, it was always on the cards. In one of my previous posts on Feb 11, I told you with full conviction that $50k is on the cards and after that it will be only bulls. Eventually Bitcoin breached $69k more than a month before the auspicious Halving.
Taking about current scenario, Bitcoin has been moving in a zone from $62500 to $67500 which is definitely indicating that Bitcoin hit its ATH within a definite overbought territory. The red candle that formed on March 5 reached as low as $59224. The sellout immediately after the ATH was imminent or predictable.
The last 24 hours have been the hours of building strength into stability. Bitcoin is getting to normal once again and has moved sideways with hardly upside down difference of $1000. This is definitely seen as promising, however Bitcoin's holding this fort above $65K is questionable.
When To Buy And Sell Bitcoin?
After a rally to near $70k, the stability should be somewhere in the zone $62k to $64k. But again as we have already had two sharp sellouts below $65k, Bitcoin may form it's ground in the current channel of $65500 to $67500.
If Bitcoin remains in this channel for consecutive days, we may see a breakout above $70k. If it falls below $65k, we may again see Bitcoin flirting with $60k.
So, if you can get anything from this not so technical analysis of Bitcoin, for now you should be ready to buy it below $65k and if you're someone who don't follow Saylor's advice (You don't sell the best asset), sell it above $68k in the short run.
Ethereum: Daily Price Analysis
Ethereum is way behind than its ATH, so not too much of a talk about milestones' crushing. However, the rally that Ethereum witnessed over the last 30 days has outclasses the gains achieved by Bitcoin. Ethereum went on a roller coaster to rise from $2400 to $3900 accomplishing more then 60% gains.
Currently the price movement for Ethereum looks more promising for a daily breakout above $3900. Ethereum bulls are eying to achieve $4K and they seem to accept nothing less against Bitcoin's breaching ATH.
For the last 24 hours, Ethereum is trading in the zone of $3724 to $3900. A reasonable decline after making huge gains on previous days indicates a strong bullish trajectory.
When To Buy And Sell Ethereum?
After a month long rally, Ethereum should be on the brink of a major correction. This is highly possible only if the bears take down the price back to below $3500. However, a breakout above $3850 will indicate that bulls are doing it better for now.
Buying ETH under $3600 may be a good move as I personally don't see bears taking it below $3500 this time around. Selling below $4000 may prove to be a mistake.
If you're thinking why I'm do bullish for Ethereum, let me clarify. First of all, Ethereum funding rates have experienced a substantial uptick, similar to levels observed in late 2020 when ETH embarked on a robust bullish rally toward its all-time high. Secondly, everyone is cheering up for Ethereum ETFs. And thirdly and most importantly, Nearly $200 million in ETH burned as Ethereum gears up for Dencun upgrade. With so much going in favour of Ethereum, it's bulls who should emerge victorious today.
So, this concludes today's episode of 'coinsreporter's not so technically advanced price Prediction'. Hope you enjoyed it. You can again join me tomorrow if you see even 2 Cents' worth in being a bit not so technical. It will always be about Bitcoin, altcoins and shitcoins. I will include an Altcoin in tomorrow's episode. With that I bid you all a goodbye. Thanks for tipping and reading my Not-So-Technical..... 💤💤💤💤💤💤💤💤💤💤💤💤💤💤
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