Hi Steemians! Let's have a look at the charts of Bitcoin and Ethereum. New all-time-highs were made yesterday for Bitcoin and meanwhile Ethereum is stealing the show as it is 'only' $10 billion away from the market cap of Bitcoin. Are we going to see a new leader in the cryptocurrencies space? I don't think Ethereum will overtake Bitcoin shortly, but you never know.

# Bitcoin
My first chart is an hourly chart of Bitcoin. It shows an ascending wedge with a tightening range and a clear break out to the down side. I expect some lower highs and lower lows and more prolonged consolidation to play out here. The $3000 level appears to be a strong resistance level. The price came down to $2500 and as you can see the bulls are buying the dip from here.

#### Bitcoin Hourly chart
![](https://steemitimages.com/DQmWiKZUtEQVYsBDhebWbt7aYix95eASQ4SUnhohGaR5FZF/image.png)

When you look at the volume you see the price went down on a lot of volume while it comes back up on normal volume. This means there were a lot people running to the door to sell yesterday. Many people took profit by closing their long positions when they saw the price coming down.

#### Bitcoin Weekly chart
![](https://steemitimages.com/DQmfTZX5sv9JconR8f49v3RnKbCXMckqTsWwXKU6VyRavic/image.png)

The weekly timeframe is the first red week we have seen since April. This week shows a bearish reversal candlestick. Let's see how this will play out over the rest of the week, but if we close this week anywhere below $2954 it is still a bearish reversal candlestick. I don't expect a close above this level this week, but we'll see.

# Ethereum
Ethereum is astounding. It made a high of over $400 dollar yesterday, but lost over a $100 dollar in just a few hours to make a low of $300 dollar yesterday. Thereafter, the bulls bought the dip and now we might see a consolidation between $300 and $400 for some time.
Don't forget that Ethereum was priced at around $8 at the beginning of this year. A surge like this in such a short time is not sustainable. We have seen the first pull back yesterday. I'm not going to try and time the top. There's plenty of trading opportunity on the way up, but I absolutely would not take a long position looking at the weekly chart below.
Nothing can go straight up like this without some profit taking in my opinion.

#### Ethereum Weekly chart
![](https://steemitimages.com/DQmV3Q3Ms83ktFDz1PLDNTcVoyEunEZJvZR3oSizeLNgtM6/image.png)

The RSI on the weekly chart stands at 98.5 and another interesting fact is that the volume is declining on the way up. This means that, although the price continues to rise, the number of buyers is declining. This indicates that a top is being formed.

Anyone who bought yesterday above $400 dollar saw a loss of over 20% in a matter of hours. It recovered a little bit, but if these people are still holding they still have a loss of over 10%. So be careful buying at these high levels.

![](https://steemitimages.com/DQmVaCmEmyW3ukXkbEvWpbe9MVp3U2MRe27faEup3HzmBwb/image.png)

> Ethereum is stealing the show as it is 'only' $10 billion away from the market cap of Bitcoin.


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