Technical Analyst, Saxo Bank
Summary: Bitcoin spiked above key resistance around 25K only to close back below. Will it retrace from here?
Ethereum rejected at 1,790 resistance. Will it have another go at it?
Bitcoin BTCUSD spiked above resistance at around 25,054 only to close the day below. Trying again today and might be successful. RSI is back above the 60 threshold i.e., in positive sentiment and BTCUSD is above the cloud (Green shaded area) . A move to 28K is in the cards.
However, if BTC cannot manage to close above 25K and retraces back in to the cloud BTC could be range bound between 19,750 and 25K for quite some time
On the weekly time period the struggle BTC has with the 25K resistance is clear. 55 weekly Moving Average coming down and the 200 MA currently around 25,345 add to the resistance around 25K.
RSI has not yet broken back above the 60 threshold thus still in negative sentiment. A weekly close above 60 is needed for BTC to gain traction to 28K and 32K area.
Ethereum ETHUSD rebounded after finding support at the 200 daily Moving Average rallying higher only to be rejected at the resistance at around 1,790.
Hovering around 1,700 ETH seems indecisive but is above the cloud and RSI is above 60 threshold i.e., in bullish sentiment. ETH could have another go at the 1,790 resistance. If ETH does break above 1,790 there is room up to around 2K.
If ETH retraces back in to the cloud (green shaded area) downside pressure could resume. 200 daily Moving Average currently around 1,424 will offer support.
On the Weekly time period ETH is still below the 55 weekly Moving average and below cloud, and RSI is still showing negative sentiment. ETH needs to close the week above 1,790 to establish an uptrend for a move to 2K level.
A break above 2,032 will pave the way for medium-term strong uptrend towards 3K with some resistance at the 0.618 retracement at 2,550.
Support at around 1,350 if taken out ETH is likely to drop back to 1,100-900.
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