Bitcoin AIMS to Surge Past the 100-Day SMA at $8,000 Level; Ethereum Heads Toward Resistance
Bitcoin
Over the last couple of days, Bitcoin has risen by close to 5%. It broke the $7,000 resistance area against the USD. Now, the Bitcoin bulls are looking to test the $8,000 level- the 100 Simple Moving Average.
Bitcoin prices have been rising sharply of late. Just in March, prices were down at $3,932but the prices have rocketed since then.
Bitcoin has been gaining traction since it surpassed the $7,000 level against the USD. The price has risen by more than 80% from the $3,932 it reached in 2020.
Technicals
Here’s a very vital summary of what’s going brewing on the BTC/USD chart:
- The price sits above the 23.6% Fib retracement level now and is testing the 50% retracement level on the Fibonacci.
- A downward trend line is forming with the resistance near the $7,880 on the BTC/USD daily chart.
Our Conclusion
We expect that the bitcoin bulls will test the $8,000 resistance. There is a chance that the bitcoin might fall near this resistance area. If this rejection kicks in, the bitcoin could begin a downside correction toward initial support of the $6,800 level.
Here are some technical indicators you might want to look out for:
- Major Support Levels: $6,800; $6,500
- Major Resistance Levels: $7,500; $7,800; $8,000
- Daily MACD– The MACD is moving smoothly in the bullish zone.
- Daily RSI- The Relative Strength Index (RSI) is above the 50 levels.
Ethereum
Like the Bitcoin, Ethereum has also been surging higher over the last couple of days. The ETH/USD has risen by 20% and managed to climb above the $170 resistance level.
However, the Ethereum is struggling to gain momentum after rising above the 100SMA.
Technicals
Here’s a vital summary of what’s been happening in the ETH/USD market
- Ethereum surged by close to 20%. It broke the $155 and $165 key resistance levels against the USD.
- Ethereum prices have tested the 100-day simple moving average and the $175 resistance level.
- So far, the Ethereum has risen sharply against the USD. The price surged close to the 23.6% Fib retracement after its last massive decline to a $90 low.
- There is a crucial bearish line forming on the ETH/USD daily chart.
- The ETH/USD needs to surge past the $180 resistance and the 100-day SMA to move to a higher uptrend.
Our Conclusion
The prices of Ethereum have traded well above the $170 level but will face major resistance at the $175 level.
Most importantly, you want to watch out for the correction. If Ethereum fails to rise above the $182 level and gets rejected, it might mean a massive downward slip and correction.
Otherwise, Ethereum will continue its uptrend and rise even higher.
Here are some technical indicators you might want to look out for:
- Major Support Levels: $150
- Major Resistance Levels: $180
- Daily MACD- The MACD is steadily gaining momentum and moving smoothly in the bullish zone.
- Daily RSI- The Relative Strength Index (RSI) is also well above the 50 levels.
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