Bitcoin (BTC) Finds Its Sweet Spot While Ethereum (ETH) Fractal Complete
As the market turns green, Bitcoin moves up over 4 percent above $3,900 yet again. The overall market cap has gone to $132 billion as in tandem with BTC, Ethereum has gone up by about 7 percent with Litecoin and EOS leading the market.
The leading cryptocurrency is currently trading at $3,905 with 24-hours gains of 2.64 percent while managing the daily trading volume of over $10.4 billion, as per the data provided by Coinmarketcap.
Bitcoin Price Chart, Source: TradingView
Key Levels Need To Take Out
Last week Bitcoin has been stuck in a tight range, in fact, as economist and crypto trader Alex Kruger points out, “Since December, $BTC has been ranging in a $1050 range (4200-3150). At 3800, price is 38pp below the top of the range.”
Until both of these two ranges are broken, it is hard to actually see where exactly Bitcoin would go, to the $6k level or move towards the bottom near $3k. However, according to Kruger’s poll, people are expecting Bitcoin to take out $4,200 first.
Furthermore, crypto trader and investor Josh Rager says, Bitcoin is currently in a sweet spot where it isn’t moving below $3,600 or going above $4,200.
“BTC has found its sweet spot $3,600 to $4,200. Looking forward to when Bitcoin breaks out of this range.”
Meanwhile, Ethereum is up by over 7 percent currently trading at $139.84 and registering the daily trading volume of $5.3 billion. From here, we need to take out the key levels before either Bitcoin and Ethereum think of moving forward which as per crypto trader, Credible Crypto are basically the last “major hurdles” before Bitcoin continues to 4.3-4.5k.
“As expected, ETH retested the aforementioned region ($122) and BTC retested the high 3600’s. As I have been saying for weeks, these levels HAD to hold, and they did. ETH and BTC both saw a decent bounce overnight. KEY levels we need to take now are $139 for ETH and $3950 for BTC.”
But from here if both of these digital assets fail to break the resistance, we would be moving down. A retest of $3,600 region would be following and if that doesn’t hold as well, we will drop down to serious lows.
This is why many are shorting here crypto trader Hsaka says,
“Moved to stop to 128.6. MS shifting bullish on ETFs and 127 seems to have been flipped as support. Will look to reshort around 132-134 if we get up there.”
Despite the market going green, it is hard to go bullish as it is expected that bears would return, however, if we manage to get past the $3,950 level, “we would be golden.” Given the fact that we are very close to touching it, a ride to $4,500 might be coming this time.
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