Bitcoin AIMS to Surge Past the 100-Day SMA at $8,000 Level; Ethereum Heads Toward Resistance

Published on April 7th, 2020 at 2:51 pm
By In-house Analyst

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 has risen by close to 5%. It broke the $7,000 resistance area against the USD.

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.
In-house Analyst
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