Yesterday was a green day when Bitcoin, Ethereum and the overall market hit highs. Compared to last week, the gains of BTC and ETH reached 4.3% and 12.51% respectively, with BTC exceeding $39,000, while Ethereum touched $2,800. We have compiled the technical analysis of 3 expert crypto analysts for the next levels, Kriptokoin.com readers.
Is the return confirmed for Bitcoin and Ethereum?
Popular Twitter analyst Michaël van de Poppe says that for a reversal to be confirmed in the crypto market, Bitcoin must surpass the previous $41,500 support level. Although BTC has yet to reach its previous level of support, Poppe advised crypto traders to try short positions only for quick profits:
Good move today, the comeback has never been confirmed. It is still fighting resistance and is still below the previous support at $41.5K.
Consolidation in progress for ETH
Similarly, cryptocurrency analyst Justin Bennett said that Bitcoin’s RSI levels matched last week’s trendline. He added that it would be interesting to see how BTC’s RSI correlates with the $40,000 resistance area over the next few days:
BTC RSI respects the trendline mentioned last week. It will be interesting to see how this relates to the $40,000 resistance area in the coming days.
Bennett also weighed in on Ethereum (ETH), saying that the second-largest cryptocurrency by market cap is continuing its consolidation between $2,000 and $4,000:
I don’t think we’re heading towards a crypto winter. I think we are in a bear market and elongation cycles will apply for Bitcoin and Ethereum.
Recent analyst Altcoin Sherpa said that Bitcoin’s consolidation in the $30,000 to $40,000 range should provide solid support. The analyst is completely confident that Bitcoin will rise as high as $50,000 in the next six to eight weeks:
I am extremely confident that we will see the top $40 – low $50,000 in the next 6-8 weeks.
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