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Monday, September 28, 2020

Weekly recap: Bitcoin (BTC) awaits breakthrough, Ethereum (ETH) tests key support level

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Another pioneering week was the pioneering cryptocurrency. Its price could have increased by more than 5% after the weekly opening, going from a minimum of $ 9,300 to a maximum of $ 9,800. But over the course of the week, Bitcoin cut all the gains it took to finish down 1.44% on Friday.

Just on June 24, BTC plunged 4.4% to a low of $ 9,210. A few hours before Wednesday’s close, however, it jumped 1% and ended the day at $ 9,310. The bears continued to fully control prices the next day, which saw Bitcoin clear $ 250 of its value in an hour.

Indeed, the flagship cryptocurrency dropped to $ 9,010 on June 25, but investors seem to have taken advantage of the low prices to return to the market. As buying pressure increased, Bitcoin was able to close on Thursday at $ 9,260.

Friday, June 26, prices have also dropped since the BTC fell to $ 9,055 in the first half of the day. But after 3:00 p.m. UTC, the bulls intervened and its price increased by 1.3% to close at $ 9,170.

Despite growing sales pressure, Bitcoin remains in a rising triangle on its 1-day chart. The hypotenuse of this model, as well as the Fibonacci retracement level of 23.6% at $ 8,900 (measured from the lowest on March 13 of $ 3,620 to the highest on June 1 of $ 10,500), currently provide strong support.

Exceeding this critical zone could trigger an 18.5% drop that sends Bitcoin to $ 7,700 or less. Meanwhile, an increase in demand around current price levels that allows the BTC to rebound on this barrier could push it up to $ 10,000.

Ethereum holds over key support for another week

Like Bitcoin, Ethereum also launched the week on the right foot. After opening Monday, June 22, the giant of smart contracts jumped nearly 8.5% to a peak of $ 247. But just a few hours before the end of the day, it fell 1.5% to $ 243.4.

Monday’s price action did not spill over the next day as the ether remained stagnant. Its price mainly traded between $ 245 and $ 242 and closed on June 23 at $ 243.50.

However, volatility rebounded on June 24, causing one of the wildest price movements of the week. Ethereum rose almost 3% to a peak of $ 250, but this resistance barrier was able to hold. The rejection dropped Ether by 6.20% and closed Wednesday at $ 234.80.

The next two days of the week were also characterized by a downward trend that closed Ethereum on Friday, June 26, 0.70% more than the weekly opening at $ 230.

As the support level of $ 225 continues to maintain, it weakens over time. Investors should pay close attention to this area of ​​support, as an increase in sell orders could allow Ether to fall below. If that were to happen, the second largest cryptocurrency by market capitalization could plunge to $ 200.

High volatility is underway

June 22-24 was a pretty big day for Bitcoin and Ethereum. Their prices may have risen earlier this week, but the bears then took control of the price action. Whatever the volatility, these cryptocurrencies have not provided a clear sign of what the future holds from a macro perspective.

For this reason, investors should remain patient while waiting for Bitcoin to break the $ 8,900 support or the $ 10,000 resistance level. A nearby daily candlestick below or above this area will determine the next BTC destination. For Ethereum, the critical area to watch is defined by the support of $ 225 and the resistance level of $ 250.


Konstantin Anissimov, executive director CEX.IO

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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors must exercise due diligence before investing in high-risk Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock / Willyam Bradberry

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