A closely followed crypto analyst nicknamed Cred says that leading digital assets Bitcoin (BTC) and Ethereum (ETH) are showing bullish moves but are now facing critical resistance levels. On the other hand, according to Justin Bennett, a widely followed crypto analyst, the leading cryptocurrency Bitcoin (BTC) and the leading altcoin Ethereum (ETH) are preparing for exits. Details are on Kriptokoin.com.
Status on ETH and other altcoin projects
Cred says that Bitcoin could potentially pull back between $38,000 and $40,000 as it moves from support to resistance. Bitcoin/Dollar is approaching multi-timeframe resistance in the $40,000 mid-high area. Just as there is a lot of support overlap at the low-mid $30,000, there is resistance overlap at the mid-high $40,000. Specifically, $46,000-47,000 is the midpoint of the monthly range. Finally, all of the slow-moving trend metrics we’ve reviewed from time to time cluster around $50,000. As ETH retests the $3,050 to $3,310 level, Cred also gives potential price targets for when the crypto asset breaks out or bounces off this price point. Analyst says:
If ETH pulls back to $3,050-3,310, a reasonable high-low area can be found at $2,700 on the daily timeframe. But for such a retracement level to continue, the trend must be very strong. Otherwise, our eye will be drawn to the untested low of $1,900.
On the other hand, Bitcoin (BTC) and Ethereum (ETH) are poised for exit, according to analyst Bennett. The analyst says that Bitcoin is on the verge of a major reversal. “We now have the first step of shaping the reversal. I also want to talk about the volume here before I move on to the second step as the volume is starting to increase. “Today we see volume starting to break that trend,” he says. Bennett says that BTC’s breakout from the RSI trendline is a step up from Bitcoin’s upside breakout. Bennett also foresees an upcoming exit for the leading smart contract platform Ethereum. On the subject, the analyst said, “ETH is going out. A daily close above $3,256 is needed to confirm. Ethereum is currently trading at $3,210.89, just below Bennett’s close daily target for ETH.
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