Hello everyone and hope you had a good weekend in the markets! I for one wasn’t trading as that is a part of my trading playbook, I don’t trade on the weekends. But, for those of you who did, good for you if you caught some gains! I wanted to share my outlook with my Coin Logic family on Bitcoin and Ethereum for the week.
Bitcoin and Ethereum Technical Analysis
In the past few days, BTC has seen a strong rally, climbing back above $17,000 and reaching a 3-week high. This movement has come with an increase in volume, which is a bullish sign.
BTC has also managed to break above its 50-day moving average, which it has struggled to do in recent weeks. This is a positive development because it suggests that the bulls (buyers) are in control and that the uptrend (an upward trend in the price of an asset) is likely to continue.
On the chart, BTC is currently testing resistance at the $17,500 level. If it can break above this level, it could potentially set the stage for a move higher towards the $20,000 level. However, if it fails to break above $17,500, it could face some resistance and potentially pull back (move lower).
In the near term, it is important for BTC to hold above the $16,500 level, which has been serving as support (a level at which buyers are likely to enter the market and push the price higher). As long as it remains above this level, the uptrend is likely to continue.
ETH has also seen some strength in recent days, but it has not performed as well as BTC. ETH is currently trading around the $1320 level and is facing resistance. If it can break above this level, it could set the stage for a move higher. However, if it fails to break above the current level, it could encounter some resistance and potentially pull back.
Overall, the technicals (technical analysis) for both BTC and ETH are looking positive and the bulls appear to be in control. However, it is important for both cryptocurrencies to hold above key technical levels in order to maintain their uptrends.
We hope this technical analysis has been helpful to you. In the meantime, be sure to bookmark Coin Logic for the latest crypto news, analysis, education, and of course market data! Also you might want to give us a follow on LeoFinance and on Twitter!
Nothing said is financial advice.
This is for educational and recreational purposes only!
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