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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