Bitcoin and Ethereum to start the week with resistance
Cyrptocurrencies have been having some hard time for quite a while long. Bitcoin and Ethereum especially have resistance.
Bitcoin, which has been in an uptrend for about a month, broke the rising trend with a sharp pullback on Friday and fell by around 6%. Trying to accumulate over the weekend, Bitcoin started pricing at $16700 in the morning. Breaking the rising trend and an important level shows that the risk for Bitcoin continues. It can be expected to accumulate for a while until the next US growth data on Thursday. In the upward movement, both the 50-day moving average and an important level of $ 17000 continue to appear as resistance. If this level is exceeded, it can be expected to be included in the rising trend again ($17775). On the downside, the $16500 and $15500 supports may come to the fore again.
Bitcoin and Ethereum to start the week with resistance
It broke the rising trend in Ethereum, which showed the same mobility as the leading cryptocurrency, and started to priced at $1180 in the morning with a pullback of close to 8%. The fact that Ethereum is supported by the Fibonacci 0.23 level, showing activity below the major falling trend shows that the bearish activity continues. The major downtrend and $1240, which coincides with the 50-day moving average, can be tested as the first resistance level in the upward movement, it is very critical to exceed this level for an uptrend.
On the downside, the Fibonacci level at $1155 can be tested again. If this level is broken, there is a sharp pullback and $1070, followed by $880 levels as important support levels.
