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

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Market Analysis

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BTC/USD

BTC has been in an uptrend since the beginning of 2023, with a minor pullback at the 25k resistance zone that was later broken, converting it to a support zone. 

According to the daily timeframe, the price is heading for the next major resistance, which is in the 32k-33k range. 

What do we anticipate will occur? 

Personally, I speculate that the price will do what it always does when it reaches a resistance zone: sell for a while. 

So, if I were looking to sell, I’d probably wait for the price to react off that zone, then find an entry to short BTC to the next support zone, which appears to be at 25k.

Until invalidation, the overall trend remains bullish.

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

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ETH/USD:

On the weekly timeframe, ETH appears to have risen above the weekly 50 MA (blue line); the last time it fell below it, it was in the 3k range and dropped to nearly $800. 

The price is above it, indicating that the bulls are in command. Price is currently heading towards the $2k resistance zone, which could trigger a pullback to the $1400 – $1500 support zone. 

The overall trend remains bullish, implying that the price will likely continue to rise until invalidation.

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

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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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