Bitcoin and Ethereum are both setting up extremely well in cup and handle style bases. Let's take a look at Bitcoin first before we look at Ethereum. There are a few things I like about Bitcoin's base. First, the hammer action off the $30,000 level is a sign of consistent support. This was followed by Bitcoin clearing $37,500 on volume. The tight action recently is a sign that there is not much supply coming to market. I also like the fact that the 10-week and 40-week moving averages are below which are logical areas of support.
Ethereum is also showing really constructive action. I initially bought Ethereum off the 200-day moving average and added to it as it rallied above the 50-day moving average. Now, like Bitcoin, Ethereum has been consolidating extremely well over the past two weeks. Should Bitcoin and Ethereum clear recent resistance on volume, I will look to add to my position in both of these cryptocurrencies.
Full Disclosure: I currently own Ethereum and Bitcoin.
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