BLOCVERSE MARKET ANALYSIS- BTC/USD & ETH/USD (DAILY AND WEEKLY TIMEFRAMES)

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Market Analysis

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BTC/USD:

BTC has been in an uptrend for several weeks, with higher highs and lower lows indicating that the bulls are in charge.

BTC broke above the weekly 50 M.A, which was the 25k major resistance, and the weekly candle closed as a strong bullish candle.

The last time BTC crossed the weekly 50 M.A was in March 2022, when it broke below it to continue its downward trend.

This is a strong indication that BTC will continue to rise, at least until the 32k area, which is the next resistance zone on the Daily timeframe.

Chart showing performance of BTC/USD(on Daily Time Frame). Source: Trading View

Chart showing performance of BTC/USD(on Weekly Time Frame). Source: Trading View

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ETH/USD:

Like its big brother, ETH has been uptrending; on the weekly timeframe, it has broken above the 50 M. A indicates that the bulls are currently in control of the market; the last time price crossed the 50 MA was in April 2022, and the price has been trending downward until this year, when it appears to be reversing. 

Chart showing performance of ETH/USD(on a Weekly Time Frame). Source: Trading View

Chart showing performance of ETH/USD(on Daily Time Frame). Source: Trading View

ETH is currently heading for the $2000 resistance zone, and a pullback at this level is possible.

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Learn and stay accustomed to these basic trading abbreviations and terminologies here

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⚠️This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding.

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