Bitcoin and Ethereum Trending
Since I am a long-term investor in Bitcoin and Ethereum, I have started focusing on the long-term trending for both these crypto instruments. There is a lot happening around crypto right now and everything points to an eventful 2022. However, price is truth and drives all my actions.
Let us start with Bitcoin 1-month short-term chart:
The BTC price is currently over all the short-term moving averages. Also, the 10-day has crossed over the 20-day and 50-day moving averages. This is a good short-term bullish situation. The Bitcoin price is up +2.2% over the trailing 1 month. YTD it is still down -7.68%. So, a mixed bag there.
Looking at the long-term indicators makes me less bullish though. The 100-day moving average has crossed below the 200-day moving average. And, both the 100-day and 200-day are still above the 50-day moving average. Plus, the price itself is still well below the 100-day (48k) and 200-day (49k) levels. So, for me, the Bitcoin price needs to rise above the 49k level for it to turn bullish and my actions to be more constructive. Note that I hold Bitcoin already and have not sold in this down market. If Bitcoin goes over 49k I will likely start buying again.
Looking at Ethereum now. First the short-term indicators:
Ethereum is somewhat similar trending with Bitcoin which is expected of course. However, the 10-day moving average is still below the 50-day. Although a slight increase in price in the next couple of days will take it there. For the trailing 1 month though, the Ethereum price has declined -7.09%. And YTD is down -17.39%. Going by these numbers Bitcoin has performed better than Ethereum in the recent past.
Looking at the long-term indicators for Ethereum:
Again, it is very similar to Bitcoin long-term. Although, the 100-day has still not crossed below the 200-day, it is very close to doing that. Ethereum price needs to cross over 3.6k for me to become constructive on it.
The last chart I like to look at is the BTC-ETH chart which looks at the comparative performance of Bitcoin and Ethereum against each other.
We can see the recent trend through the YTD chart that shows Bitcoin has performed better. It is up +11.6% against Ethereum.