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.
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.
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