Bitcoin hit the resistance level of $25,000, corresponding to our previous BTC analysis.
What exactly does this mean?
Two things could happen:
- Either the bulls don’t give up and push the price above 25k, hoping to reach 32k, flipping the resistance to support or
- The lurking bears take the upper hand and start a pullback to the 21k support zone, which, as we can see from the daily timeframe, is where the 50 and 200 MA appear to be intersecting and having a crossover, which usually favours the bulls and could be the reversal point for a pullback because it’s at 21k support, if that doesn’t hold, the price could potentially go lower to 18k support area or lower to 16k support area.
Chart showing performance of BTC/USDT(on a DAILY Time Frame). Source: Trading View
Ethereum price tapped the $1674 resistance and consolidated briefly before reversing to the $1500 zone.
Bulls pushed the price above the resistance, flipping it to support and aiming for the next resistance at $2K.
The bulls appear in control, as evidenced by the RSI being in the positive zone and the 50 and 200 MA crossing over to indicate an uptrend.
If the bulls continue to push, $2k isn’t far away.
Chart showing performance of ETH/USDT(on a DAILY Time Frame). Source: Trading View
Learn and stay accustomed to these basic trading abbreviations and terminologies here
⚠️This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding.