The higher equity markets on Friday in the US and today in Asia helped Bitcoin rebound in weekend trading. The leading cryptocurrency returned above 49k, but failed to recover levels above 50k. However, further gains in US futures and Asian markets, coupled with a lower dollar and further improvement in risk appetite, allowed this move to take place today as BTC rises above 50k in Asian trading. Bitcoin recently climbed just above 50,350 and is now a long way from that level right now. Given today's further recovery, the correlation between risk and the leading cryptocurrency cannot really be disputed. That's not to say it's necessarily that tight, but clear for everyone to see so far today.
Ethereum (ETHUSD) tried yesterday and failed to break below the support level at 2.955. If this price point had broken, a move to the next support level at 2.719 could have been opened. Well, it hasn't yielded despite another push towards that price point as US markets reopen. The price stopped at 2,965 and this meant that a provisional double bottom was eventually put in place as the price bounced back above 3,000. The push above this level was then extended into the broader US close and was clearly in tandem with the recovery in US equity markets. This took the price of Ether to above 3,150 and extended the move in Asia today, climbing to 3,243 just before. It may not be over yet if it manages to recover levels above 3,250. A move above this level could bring the next Fibonacci retracement level into play. You might recall that it is at 3,356.
As I usually put back my levels of some currencies:
Chart from tradingview.com
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