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November 23, 2020
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Guide & Analysis

Price analysis: Bitcoin (BTC) and Ethereum (ETH)

Bitcoin (BTC)

Bitcoin has seen a strong price increase of 13% in the last seven days, which allowed it to exceed the value of $ 13,000. In early October, Bitcoin managed to penetrate above a symmetrical triangular pattern, the first sign that a bullrun was about to form.

After the breakout, he managed to reach $ 11,600 before he stopped. Last Friday, Bitcoin was trading for about $ 11,200 as it rebounded and started to rise. It quickly reached the $ 12,000 level and broke here on Wednesday. The currency continued to rise until resistance was found at $ 13,000 – where it is currently traded.

Looking ahead, once buyers break $ 13,000, the first resistance level is at $ 13,200. Above that, resistance is at $ 13,416 (Fib extension 1414), $ 13,500, $ 13,600, $ 13,815 and $ 14,000.

On the other hand, the first level of support is at $ 12,550 (Fib retraction .236). Below that, support is at $ 12,400, $ 12,125 (0.362 Fib retracement), $ 12,000 and $ 11.800 (Fib 0.5 retraction).

BTC / USD daily chart. Source: TradingView

Ethereum (ETH)

Ethereum witnessed a sharp 10.5% price increase this week, rising above $ 400 to reach $ 418 today. Last Friday, Ethereum rebounded from the 2019 high of $ 264 and advanced to the short-term downtrend line.

Ethereum broke this trend line on Wednesday as it rose to $ 400. Yesterday, buyers pushed past $ 400 to hit resistance at $ 421.50 (Fib extension 1.414). Unfortunately, it was not possible to close the daily candlestick above the $ 416 lower resistance (0.618 bearish Fib retracement).

Moving on, if buyers break the resistance at $ 421.50, the highest resistance will be at $ 434 (Fib extension 1.618), $ 439 (August 2018 highs) and $ 445 (0.786 low Fib retracement) ). In addition to $ 450, the additional resistance is at $ 462 (low Fib retracement of 0.886) and $ 476.

On the other hand, the first level of support is at $ 410. This is followed by support at $ 400, $ 389 (0.382 Fib), $ 377 (0.5 Fib) and $ 364 (2019 high).

ethusd-oct23

ETH / USD daily chart. Source: TradingView

Against Bitcoin, Ethereum has been fighting this week. On Tuesday, the currency fell below a symmetrical triangle pattern as it fell below the 100-day EMA. It remained low during the week until it reached support at 0.0305 BTC on Wednesday.

It managed to recover from support at 0.0305 BTC, reaching 0.0321 BTC today (100 days MME).

Looking ahead, if bulls push higher, the first resistance level is found at 0.0327 BTC (bassist .236 Fib). Above that, resistance is at 0.0337 BTC (March 2019 support), 0.0341 BTC (.382 Fib bass), 0.035 BTC and 0.0353 (0.5 Fib bass).

On the other hand, the supports are found at 0.032 BTC, 0.0311 BTC, 0.031 BTC and 0.0305 BTC. Additional supports are found at 0.03 BTC and 0.0295 BTC (200-day EMA).

ethbtc-oct23

ETH / BTC daily chart. Source: TradingView

Source: CryptoPotato

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