What awaits Bitcoin and Ethereum this week?
Bitcoin and Etheruem have been showing some poisitive signs. Here are all the details.
Although Bitcoin pulled back hard around 5% yesterday and tested the $28,500 levels, it is moving above the $29,000 levels this morning with the recovery.
Although it created fear with the decline, it did not spoil its positive outlook by continuing its activity in the rising channel. If the recovery continues as of the day, it will be important to break the $29,350 level and maintain it above. Then the moving average level of $29,880 and the middle band of the channel at $30,100 can be tested.
Bitcoin and Ethereum to move on a positive note
In a possible downward move, the lower band of the channel, $28,770, appears as an important support level. Once this level is broken, the $28,520 level and then the $28,280 levels can be expected to work as support.
Ethereum tested the $1923 levels yesterday with a sharper drop than Bitcoin's 8% pullback. After the recovery, it shows activity around 1960$ levels this morning.
Testing the minor rising trend like Bitcoin, Ethereum continues to support its positive outlook by continuing its movement above the trend. If the recovery continues, it can be expected that the first resistance level is $1985 and then $2000. If these levels are broken, $ 2050 appears as a very important resistance level.
In a possible downward move, both the fibonacci level and the 1950 level, which is the minor uptrend level, appear as a very critical support. If this level is broken, the $1923 levels can be tested again, and then the $1900 level may be the next support level.
