According to our last weekly update –
- Bitcoin dropped below 9200$, and Ethereum dropped below 220$.
- Last week, whole cryptocurrency market saw a major drop Last week’s altcoins picks – BAND, VET and DUSK failed to reach targets.
Let’s discuss what to expect from this week.
Bitcoin Technical Analysis – BTCUSD
Bitcoin recorded 15% price drop last week, Last week candle closed just above 8500$, holding 21MA support as of now on weekly timeframe.
On Daily time frame, Bitcoin is currently holding uptrend channel support at 8500$. As long bitcoin stays above 8500$, we could see bitcoin price above 9000$ again.
9200$ and 9500$ are two major reisstances now.
Looking at last week bearish price action, we could expect a rejection from 9200-9500$ area, and price could retest 8500$ support again,
If Bitcoin price fails to hold 8500$ support than we could expect price to drop further to 7700$ area.
Cup and Handle formation on Bitcoin chart could push the price higher
On positive note – Bitcoin Network Hashrate made new all time high yesterday, Price may follow the hashrate and we could see some positive price action in next few days.
Ethereum Technical Analysis – ETHUSD
Ethereum is currently trading at 220$, recorded 25% price drop last week.
On daily timeframe, ETHUSD is currently holding support above 50, 100MA. 21MA should act as a major resistance to break for ETHUSD.
We expect Ethereum to retest 240-250$ area soon. If Ethereum manage to break above 250$ then price could see 280$ this week. But in case of rejection, we could expect ethereum to drop below 200$ this week.
Altcoin Market update
Bitcoin dominance is currently valued at 65.3%. BTC.D Index has formed a symmetric triangle formation daily timeframe. Symmetric triangles are usually a continuations technical patterns, which could break out either way. If BTC.D breaks out from the current level than it could reach 67-68% this week – Which can invite more trouble to Altcoin/BTC Pairs. But If BTC.D Breaks down from current level, than we could expect a relief bounce across all altcoin/btc pairs.
Due to uncertainty of the overall altcoin market, we have decided not to provide any altcoin trade recommendations for this week.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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