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Head of Fixed Income Strategy
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Technical Update - Bitcoin to 100,000 ? Coinbase higher but mining companies under pressure
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: Bitcoin to USD 90,000-100,000? If taking out its previous all-time high there are indicators pointing to those levels
Ethereum taken out key resistance could reach its previous all-time high just below 5,000
Coinbase share price is benefitting from the surge in Bitcoin and could move higher
Despite the surge in Bitcoin prices, Bitcoin mining companies have not experienced significant benefits: Marathon, Riot and Cleanspark
Bitcoin (BTCUSD) is currently testing the all-time high around USD 69,000 but has faced rejection. A daily close above this level could trigger another buying spree, potentially propelling BTC towards the 1.382 projection at around USD 100,000.
While a short-term correction is possible, the absence of RSI divergence on both daily and weekly charts suggests that Bitcoin is likely to ascend to higher levels in the coming weeks and months.A close below USD 50,000 would demolish this picture
Another analytical tool; Linton Price Target, utilising Point & Figure charting and Fibonacci analysis, suggests even higher Bitcoin levels.
Developed by David Linton at Updata Analytics, this tool points to elevated price targets.
As illustrated in the chart below, Bitcoin has already met previous price targets, with a new target now activated at 90,353.
Whether this target will be attained remains uncertain.Please note: This is NOT a recommendation to buy Bitcoin, and achieving this price target is not guaranteed.
Additionally, this analysis does not address potential corrections; it solely provides a potential price target
Ethereum ETHUSD has broken above resistance at around 3,525 and looks destined to move higher to its all-time high at around 4,870. A short-term correction should be expected, however.
RSI is indicating overbought but with no divergence on both daily and weekly charts are drawing a picture of ETHUSD moving higher after a likely correctionThe magnitude of a correction is not easy to quantify until a top and reversal pattern is in place
Coinbase (COIN): In a previous Technical Update on Coinbase, a Cup with Handle pattern was identified. Technical analysis Bitcoin Ethereum coinbase Marathon Riot Cleanspark
Coinbase has reached 50% of the distance from the rim of the Cup (193.64) at 233.20 and nearly the full length of the Fibonacci Extension at 239.79.
Further upside potential is suggested by the RSI indicator, with a potential target of 272.77, representing the full distance from the bottom of the Cup to the Rim.
On the weekly chart, Coinbase has reached the 1.618 projection at 242.43, which aligns closely with resistance at around 231.77.
A close above this level could lead to further gains, potentially targeting the next resistance around 282.
Bitcoin Mining Companies: Despite the surge in Bitcoin prices, Bitcoin mining companies have not experienced significant benefits. This could be attributed to the increasing expenses associated with Bitcoin mining, potentially impacting profitability.
Marathon Digital (MARA) has struggled to maintain upside momentum, failing to close above resistance at around 31.07.
Confirmation of a bullish trend would require a close above this level, with potential targets around the 40 level.
Riot Platforms (RIOT) has failed to establish and confirm a bullish trend, resulting in a bearish outlook in the short term.
Support is at around 13.00, with a daily close below potentially intensifying selling pressure.
Confirmation of this scenario would occur if the RSI closes below the 40 threshold.
Cleanspark (CLSK) experienced a surge, reaching the 2.00 projection of the February correction at 23.46, only to face a significant pullback.
A daily close below 15.00 could see CLSK testing the GAP area between 13.02-10.50, with potential further decline below 13.
RSI indicates positive sentiment but also divergence, suggesting a probable move lower. Restoration of the bullish scenario would require a close back above 19.25 Author is holding a position in Marathin Digital
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