Bitcoin, Ethereum Outlook: ETH Poised To Outperform BTC In Near-Term

Bitcoin prices have tumbled in recent weeks, falling as much as 31% from the record high set on January 8 (41969).

Blockchain, Technology, Smart, Bitcoin, Money

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Meanwhile, Ethereum has continued to aim higher, with second-most popular cryptocurrency gearing up to exceed its respective all-time high.

BTC/ETH Ratio Daily Chart

(Click on image to enlarge)

BTC/ETH ratio daily chart created using Tradingview

Indeed, Ethereum’s outperformance looks set to endure in the near term, as the BTC/ETH ratio breaks to its lowest levels since August of 2018. That being said, both cryptocurrencies seem poised to move higher in the coming weeks, as bullish technical setups take shape on multiple timeframes. Here are the key technical levels to watch for BTC and ETH.

BITCOIN (BTC) Weekly Chart - Consolidating Above 28,000

(Click on image to enlarge)

BTC weekly chart created using Tradingview

The longer-term outlook for Bitcoin remains skewed to the upside, as price holds constructively above the Symmetrical Triangle pattern’s implied measured move (28108) and the 8-week exponential moving average (29309).

Although the RSI has aggressively turned lower, prices have yet to erase the gains seen in the week ending January 4, which suggests that the path of least resistance is skewed to the topside.

Ultimately, a convincing push above the 200% Fibonacci (42673) is needed to signal the resumption of the primary uptrend and clear a path for prices to challenge the psychologically imposing 60,000 mark.

Alternatively, sliding back below 28,000 could intensify selling pressure and drive prices back towards former resistance-turned-support at the 2017 high. Clearing that likely brings the 2019 high (13174) into focus.

BITCOIN (BTC) Daily Chart - Descending Triangle In Play

(Click on image to enlarge)

BTC daily chart created using Tradingview

Zooming into the daily chart reinforces the relatively bullish outlook depicted on the weekly timeframe, as prices consolidate within a Descending Triangle above the 50% Fibonacci (29799).

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