Bitcoin(BTC)- Following a downward correction, Bitcoin price found support at the $16,800 level. BTC continued to trade well and began a new uptrend over the $17,000 resistance level.
Even better, it crossed the $17,150 mark and ended up above the 100-hour SMA. The price moved beyond the 76.4% Fib retracement level of the bearish move from the swing high of $17,315 to the swing low of $16,784. Furthermore, on the hourly chart of the BTC, there was a break above a strong bearish trend line with resistance above $17,000.
It is now trading at $17,250. Near the $17,350 level, there is immediate resistance on the upside. The price may start another progressive climb if it rises above the first significant resistance, which is located close to the $17,450 level. In the aforementioned scenario, the price might move towards the $17,650 barrier. The downward movement from the swing high of $17,315 to the swing low of $16,784 is close to the 1.618 Fib extension level.
The price may try to advance into the $18,500 level in the short term if it can break through the next resistance, which is located close to $18,000. Additional drawbacks may occur if bitcoin is unable to break over the $17,350 resistance level. On the downside, there is immediate support at $17,150.
The 100 hourly simple moving average and the $17,000 zone are the next major supports. If the price falls below $17,000, it may move towards $16,750. In the near future, any more losses could need a test of the important $16,500 support level.
Ethereum(ETH)- Currently experiencing a modest dip, the price of Ethereum is stalling its current rebound phase. The cryptocurrency has fallen 3.5% from the $1,300 level and is likely to continue to collapse. The recent resistance level of $1,220, which was just breached as potential support, might be tested again if the selling pressure continues, but can the price hold above this level?
The Ethereum price rose 20% to $1,300 after a V-shaped rebound from the $1,100-$1,080 support level. Buyers were able to overcome some important resistance levels, including $1,160, $1,220, and $1,275, thanks to this bullish rally.
Additionally, over the last three days, buyers have attempted to maintain above the $1,275 support, but have failed completely since the price fell below it on December 3. As a result of the bearish engulfing candle, Ethereum’s continued rebound experiences a slight correction.
With an intraday change of 1.35%, the price of ETH is presently trading at $1,257. The long-wick rejection aligned to the daily candle, on the other hand, implies that the price will remain below $1,257.
If the cryptocurrency is continuously sold off, it might fall another 3% and retest the $1,220 support level. Further indication that the correction is just temporary comes from this decline, which is supported by falling volume. Thus, the $1,257 support level that aligns with the 0.382 Fibonacci retracement level forms a strong foundation to begin the previous recovery. On the other hand, the bullish assumption will be overshadowed if the daily candle closes below the $1,257 support.
The daily RSI slope failed to stay above the neutral line, showing market participants’ uncertainty. The sellers were able to lower prices from the $1,300 level with the help of the 50-day EMA. In addition, a general downtrend was intensified by the 100- and 200-day EMAs’ downward slope.
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DISCLAIMER:
Any opinions, news, research, analyses, prices, or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice.
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