How is the cryptocurrency market, what are the support and resistance levels for Bitcoin and Ethereum?
When we look at Bitcoin over the weekend, we can say that it actually showed stable movements. In our Bitcoin price analysis on Friday, we showed the $ 20 thousand 950 level as the key resistance point, the leading cryptocurrency rose to the level of $ 20 thousand 632 at the weekend, but returned from here and showed stable movements at the levels of $ 19 thousand. When we look at the weekly closing of Bitcoin yesterday, we see that it completed the week under 20 thousand dollars. We can say that $20,000 is actually a critical support point for Bitcoin. So what will happen next, what kind of movements will we watch in Bitcoin? If Bitcoin continues to stay below $20,000, the next support points we will watch will be $18,460 and $17,600, as we said in our price analysis on Friday. The $ 17,600 level is really a critical support point for Bitcoin. If the leading cryptocurrency falls to this support point and cannot hold on to this support point, we can see decreases to the 14 thousand dollar band. If we look at the downtrend that Bitcoin is currently performing, it is not impossible for it to test the $ 18 thousand 460 support level. When we look at the leading crypto currency, we see that it is at the level of 19 thousand 421 dollars. If Bitcoin throws itself above the $ 20 thousand 950 resistance, we can expect it to rise to the levels of $ 22 thousand 500. When we look at the fear and greed index, we can say that this number has increased from 11 yesterday to 14 today.
So, how is the leading altcoin Ethereum, let’s take a look at what the data shows us.
When we look at Ethereum, we see that it is at the level of 1071 dollars with an increase of 0.94% in the last 24 hours. When we look at the weekly close, the data shows us that Ethereum closed below the support level of $ 1080 and $ 1100. The resistance point that we will follow for the rise of Ethereum is above $ 1150. The leading altcoin can move up to $ 1700 with a close above $ 1150. However, otherwise, the support points that we will follow for the closings below 1100 and 1150 dollars are also shown as 847 dollars and 700 dollars.
We talked about the support and resistance levels that we will watch for Bitcoin and Ethereum. In fact, the support and resistance points of these two assets are very important for us for the course of the crypto money market. If we take a look at other altcoins, we see that the BNB coin is priced at $221. XRP continues its sideways movement at $0.31. When we look at Cardano, it is also at the level we looked at in the price analysis on Friday, at the level of 0.45 dollars.
Of course, we also need good news for Bitcoin to rise. As one of these good news, Mexican Senator Indira Kempis presented a bill to the parliament that will make Bitcoin legal money in the country. Let’s see how the parliament will respond to this bill, how Bitcoin’s becoming a legal currency in Mexico will affect the crypto asset, and we will be following it during the week and in the coming days.
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