Christmas Eve is approaching fast. Despite the global financial crisis and rising number of Covid cases in China, Christmas is going to be celebrated as it should be.
In between this, crypto investors would be wondering, “would there be any Christmas gains for the crypto industry, especially for Bitcoin and Ethereum?”
However, the factual position is quite contrary to the expectations.
This is exactly the same time a year ago when crypto investors were hoping for the ‘Santa Rally’ effect.
Unfortunately, the Santa Rally did not occur and instead of any Christmas and end-year gains, the crypto market was hit by the crypto winter season. It is very unlikely that Santa Rally may occur even this year.
Are There Any Chances of Bitcoin Value Surge?
Although Bitcoin has been moving swiftly for the past 2 to 3 weeks and acquired modest gains yet still remains within the consolidation phase.
It came so close to running down $17,000 but the consolidation didn’t allow it to surpass that crucial price barrier. The bulls tried their best but they were not able to make it through the barriers set by the bears.
However, the positive side of Bitcoin is that it came out of Thursday’s bottom of $16,793.53. Presently, Bitcoin is trading in the market with a tag price of $16,905.22.
There is also a second positive aspect which is that Bitcoin is trading above its instrumental support level of $16,800. This is the strong level where the bears may find it quite challenging to compete with the bulls.
Bitcoin gains have settled down and impetus seems to be lacking in them. This is perhaps due to the fact that its two-week relative strength index (RSI) couldn’t go beyond 46.72.
Supposing the RSI has gone past or even touched the 48.00 level then the Bitcoin market would have seen further gains. As the RSI keeps moving upward, things will keep on becoming more promising for the bulls.
On the darker side, if the RSI index edges below 45.00, then Bitcoin will surely go next level down under the bottom. This would mean that the market may happen to see Bitcoin trading either over or below $16,000.
In these circumstances, it seems very unlikely that Christmas would bring any gains for Bitcoin. The investors will have to wait for the market conditions to change before anything actually goes in favor of BTC.
Any Pre-Christmas Eve Gains For Ethereum?
Although Bitcoin’s analysis may have given the answer, it would be preposterous to jump to a conclusion without fair analysis.
Ethereum’s commencing of the weekend was rather more interesting than Bitcoin. The coin was already in the consolidation phase when it opened trading on Friday.
Though like Bitcoin, the value of Ethereum also went low on Thursday, it managed to hold a value above $1,216.34. This meant that the decline failed in pushing Ethereum to the bottom.
The bulls have managed to prove their resilience against the strong selling pressure of the bears.
Ethereum’s Tempting Attempt
So on the weekend, Thursday’s motivation helped Ethereum acquire rapid gains on Friday. Its value went as high as $1,227 in the earlier half of Friday’s trading sessions.
Ethereum seems to be in the mood to try a tempting attempt in taking down a crucial ceiling where $1,230 is the target.
Technically, and based on stats, the tempting attempt may not bear fruit because Ether’s RSI is below 47.12.
The attempt may have carried the punch if RSI was hovering on or above 47.50. Unfortunately, it is not and even Ethereum’s movement is indicative of bearish momentum.
So considering Ethereum’s present RSI level and the existence of bearish momentum, chances of the second-biggest coin taking down $1,230 seem remote.
However, as compared to Bitcoin, chances are that Christmas might have something for Ethereum.
All Ethereum needs is a solid attempt and a gentle push which would certainly bring pre-Christmas Eve gains at least for Ethereum.