Analyses

Bitcoin's Taproot Upgrade Activated – Analysis, 15 Nov

Man Holding Bitcoin Coin Hand Fingers Ring Technical Analysis Bitvalex 15 November 2021

On November 14th, the long-awaited Bitcoin Taproot soft fork took place. This Bitcoin network upgrade is supposed to improve transaction efficiency, increase privacy and optimize scalability by reducing transaction size:

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Source: Twitter

Many experts view the Taproot upgrade as the biggest one since the activation of Segregated Witness (SegWit) in 2017:

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Source: Twitter

Because of the positive developments in Bitcoin's ecosystem, the key BTC maximalists continue to be bullish. For example, PlanB underlined that his price predictions remain in play. The Bitcoin bull expects the price to reach $98,000 in November and $135,000 in December, according to his Stock-to-Flow Model (S2F):

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Source: Twitter

Although the market sentiment among cryptocurrency enthusiasts has been very positive recently, the crypto market has undergone a small consolidation. The market neutrality continues on Monday as well. According to Coin360.com, one Bitcoin costs €57,054.23 (+1.61%), one Ethereum – €4,078.52 (+1.80%), one DOGE – €0.2196 (-4.11%), and one UNI – €21.50 (+0.96%): 

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Source: Coin360.com (Daily crypto market performance)

Now, let us look at the price charts of the leading cryptocurrencies against the euro in the most noteworthy time frames.

BTC/EUR

In the weekly chart (1W), BTC/EUR formed another small bullish candlestick with a local high and a local low above the previous ones:

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This sequence of candlesticks with ascending local highs and lows confirms the intensifying buying pressure.

It is worth remembering that, in the 4-hour chart, BTC/EUR has exited the Bullish Flag (common trend continuation pattern) and has resumed the uptrend:

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Moreover, in the 1-hour chart (1H), BTC/EUR is starting to build an Ascending channel (uptrend) as well:

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In a nutshell, all key time frames confirm the bullish sentiment and the continuation of the uptrend.

ETH/EUR

In our previous analyses, we talked about the Cup and Handle (C&H) technical pattern in the weekly time frame of ETH/EUR:

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According to the technical analysis theory, it is a typical bullish pattern. That's why today we would like to explain how to enter the market, based on this bullish formation. If the price of Ethereum pulls back and approaches the upper line of the C&H, a buy signal will occur in case of a rebound. That is what we will wait for to open a long position.

DOGE/EUR

In the weekly time frame (1W), DOGE/EUR has formed another Doji – a signal that the market is struggling to find direction:

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The daily time frame (1D) remains neutral as well – DOGE/EUR is consolidating at the 30-day Moving Average (MA 30) and the 90-day Moving Average (MA 90):

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We will stay away from the market and wait for a better opportunity as long as the sideways movement continues. 

UNI/EUR

In the weekly chart (1W), UNI/EUR formed another Spinning Top – a candlestick indicating that the market is consolidating:

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The daily chart (1D) is quite similar as well. UNI/EUR is moving sideways at the 30-day Moving Average (MA 30) and the 90-day Moving Average (MA 90):

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As we already mentioned in our previous analysis, as long as the price of Uniswap remains range-bound, we will abstain from entering the market.

Stay updated on everything Bitcoin-related with Bitvalex. Bitvalex is a licensed digital wallet and cryptocurrency exchange; learn more about us and blockchain technology and sign up to use our services.

The analysis is purely informational and does not constitute investment, financial, trading, or any other sort of advice and you should not treat any of Bitvalex's content as such. Bitvalex does not recommend that any cryptocurrency should be bought, sold, or held by you. You are solely responsible to conduct your own due diligence and consult an advisor before making any investment decisions.


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