Bitcoin and Ethereum were showing signs of weakness, and the price increase was rather subdued, but recently, as both of them break through the key resistance levels, things look bullish. Bitcoin was moving in a downward pattern with lower highs and higher lows in the 15-minute time frame. On the other hand, Ethereum was facing insane resistance at $3,350, which the daily chart clearly shows. Let’s take a look at the charts and figure out what we can expect here.
As we can clearly see that the price of Bitcoin was moving down in a particular pattern. In fact, at $49.5k, it tried to break the pattern but was unable to sustain it. And after a lot of effort, the bulls finally broke the trendline and took the price near $50k again. At present, BTC is trading at $49,700 after making a high of $49,900. A little correction is okay till we see the $49,300 hold that was the resistance in the 2nd high (in the chart).
We should look at $50k-$50.5k very closely. If Bitcoin is able to break this resistance, we will soon make a new all-time high as there is going to be massive FOMO in the market. In fact, the paper hands that sold at $30k will start buying again (I hope you are not one of those XD). And in case you are planning to make an entry wait till Bitcoin breaks the resistance as we can go to $47k again if it doesn’t.
Ethereum’s chart is rather simple to decode. You just need to open the daily candlestick chart. The price was facing resistance at $3,350 even though Bitcoin was increasing at the time. And finally, 2 days back, it was able to break through and saw double-digit gains in 2 days. We are very near to the all-time high, and that will be a critical resistance. Before that, watch out for the $4,000 price level, as we could see a minor correction there. All this is in the context of the idea that Bitcoin doesn’t crash and continues to increase.
What are your thoughts on the market sentiment as Bitcoin and Ethereum break key resistance levels? And do you think Ethereum will make a new ATH this week? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.