(WEEKLY NOTION): Positive Trend Lingers, Bitcoin Marks New All-Time High

BTC/USD (as of Feb 19, 2021, 11.55 a.m., GMT +8)

Source: Yahoo Finance

ETH/USD (as of Feb 19, 2021, 12 p.m., GMT +8)

Source: Yahoo Finance

DOGE/USD (as of Feb 19, 2021, 12.05 p.m., GMT +8)

Source: Yahoo Finance

With Bitcoin recording a new all-time high and CME Ethereum Futures recording steady trading volumes, it has been yet another stellar week for cryptocurrencies! Let’s take a look at how this past week has been for Bitcoin, Ethereum, and Dogecoin.

BTC/USD

This week, the Bitcoin bulls scored another milestone as it broke past the $52,000 level to hit a new record high.

Microstrategy Inc. is following in the footsteps of Tesla and becomes the latest institutional investor to render strong support towards Bitcoin. It has recently increased its convertible debt sale from $600 million to $900 million to buy Bitcoin. With this move, it is clear that they are remarkably bullish on the future of the flagship cryptocurrency, which is also known as the digital gold.

Hunain Naseer, a senior editor at OKEx Insights, commented that Bitcoin is in ‘unchartered territory’, as reported by CoinDesk.

At the time of writing, the price is at $51,313.71 and trading below its 50-day Simple Moving Average (SMA), which is denoted in purple and above its 10-day SMA, which is denoted in blue. Meanwhile, the Moving Average Convergence Divergence (MACD) is indicating a bullish reversal.

ETH/USD

Meanwhile, Ethereum continues to hold onto its spot in the limelight. Since the Chicago Mercantile Exchange (CME) listed Ethereum futures on Feb 7, there was $30 million worth of contracts on the first day itself. Demand continues to grow and BTC Peers reported that the momentum was successfully sustained throughout the week, and even reached $40 million on Feb 12. 

In fact, a blockchain analytics firm, Glassnode reports that institutional investors interest in Ethereum is growing. The question is now arising if Ethereum follows in the footsteps of Bitcoin and achieve a new all-time high of $2,000 in the coming days. 

Anil Panchal, an analyst from FX Street, that Ethereum bulls need to overcome one last hurdle before taking on the $2,000 psychological level, and that key resistance lies at $1,975, which is a strong resistance line established since early 2021. 

At the time of writing, ETH/USD stands at $1,904.41. Its MACD is presently pointing towards a bearish reversal, and the price has pulled back slightly and below its 50-day SMA but above its 10-day SMA. The Relative Strength Index (RSI) is currently at 33, and very close to an oversold condition.

DOGE/USD

Although the attention towards Dogecoin may have reduced in recent days, analyst Lorenzo Stroe from FX Street believes that there is still hope for the Doge bulls yet and a high of $0.076 could be achieved. He reported that a descending triangle pattern was spotted on the four-hour chart this week, and a breakout past the resistance trendline of $0.0544 could very well support the cause of the bulls to achieve $0.076.

At the time of writing, DOGE/USD is at $0.0575 and trading below its 10-day and 50-day SMA. The MACD is presently indicating a bearish reversal, although there seems to be a close fight between the bears and the bulls. The RSI is very close to an oversold territory and stands at 33.

However, it’s time in the limelight is not without its share of controversy. Bloomberg reported that a prime suspect of the identity of the world’s biggest Dogecoin cryptocurrency wallet is none other than Robinhood markets. While that remains to be seen, one thing’s for certain: the cryptocurrency with the meme of a cute Shiba Inu dog might not be leaving the limelight so soon.

CONCLUSION

Overall, it is yet another remarkable week for cryptocurrencies, led by flagship cryptocurrency Bitcoin that made history as it marked at an all-time high. Ethereum seems to be close on Bitcoin’s heels and would Dogecoin has a similar card hidden in its sleeves?

More importantly, can this positive wave in the cryptocurrency space continue to ride into the rest of 2021? Let’s keep our eyes here. 

FOLLOWME BTC/USD Overall User Sentiment (as of Feb 19, 2021 at 11.55 a.m.)

Short – 78.81%

Long – 21.19%

BTC/USD (as of Feb 19, 2021, 11.55 a.m., GMT +8) - $ 51,313.71

ETH/USD (as of Feb 19, 2021, 12 p.m., GMT +8) - $ 1,904.41

DOGE/USD (as of Feb 19, 2021, 12.05 p.m., GMT +8) - $0.0575