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Futures analysis: the bears retreated but did not give up

Futures analysis: the bears retreated but did not give up

Last week, bitcoin was in a narrow price range of $39,595 to $44,451. At the time of publication, the former cryptocurrency is trading in the $42,000 zone, with Ethereum at $3,100.

What to expect from the market this week? Let's analyze bitcoin and Ethereum price levels on the Bybit cryptocurrency exchange.

BTCUSD

After a short-term drawdown in bitcoin quotes below $40,000 on January 10, the bulls bought back the offer, but were unable to push the price well above that level. The weekly candle closed at $41,924.

Support and resistance levels on the daily chart of BTCUSD Perpetual Contract (Bybit). Data: TradingView.

At the time of publication, buyers are trying to keep BTCUSD above the uptrend line. However, bitcoin needs to break through resistance at $45,500 for a more solid recovery.

In case of resumption of selling, bears may sell the uptrend line and test the $40,000 level.

ETHUSD

The bulls in the ETHUSD did not manage to break through the resistance level at $3400.

Support and resistance levels on the ETHUSD Perpetual Contract (Bybit) daily chart. Data: TradingView.

If the downward trend in the market persists, the price of Ethereum may again test the psychological level of $3000. The next strong support zone is near $2650;

Conclusions

Last week, buyers were able to defend important support levels - $40,000 for bitcoin and $3000 for Ethereum. Nevertheless, the market is showing weak recovery, so bears may test these levels once again.

The growth may continue if the bulls break resistance at $45,500 in the BTCUSD market and $3400 in the ETHUSD market.

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