A popular cryptocurrency analyst says that leading digital assets Bitcoin (BTC) and Ethereum (ETH) are showing bullish moves but are now facing critical resistance levels.
Analyst Cred says Bitcoin could potentially pull back to $38,000 to $40,000 as it moves from support to resistance.
“BTC/USD is approaching multi-timeframe resistance in the $40,000 area. Just as there is a lot of support overlap at $30,000, there is resistance overlap at $40,000. Specifically, $46,000-47,000 is the midpoint of the monthly range. Finally, the slow-moving trend metrics we review from time to time (21-week moving average, 50-week moving average, and 200-day moving average) all cluster around $50,000.”
ETH retests $3050 to $3310, while Cred gives potential price targets. At the time of writing, Ethereum was trading at $3100.
“Above $3050-3310, there is a clear target at $4000. If it pulls back, a reasonable high-low area can be found at $2700 on the daily timeframe, but the trend would need to be very strong for such a retracement to continue. Otherwise, we will have our eye on the untested low of $1900.”
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