For Bitcoin;
Bitcoin price is recovering nicely above $ 55,000 against the US Dollar. If there is a close above the $ 57,000 daily resistance, BTC is likely to start a strong increase.
Bitcoin started a new rise above the $ 55,000 and $ 55,500 resistance levels.
The price is currently well above 55,000 and the 100 simple moving average.
There was a break above a major bearish trend line with resistance around $ 55,000 on the 4-hour chart of the BTC / USD pair.
If there is a close above the $ 57,000 resistance zone, the pair could rise to the $ 60,000 level.
Last week, bitcoin price tested the $ 50,500 support zone and started a new rise against the US dollar. The BTC / USD pair formed a support base of over $ 52,000 and recently started a new surge.
The price broke the $ 53,000 and $ 53,500 resistance levels to move into the positive zone. It opened the doors for a break above the $ 55,000 resistance zone. There was a break above the 50% Fib retracement level of the downside from the $ 57,235 high to the $ 50,400 low.
Also, there was a break above a major bearish trend line with resistance near $ 55,000 on the 4-hour chart of the BTC / USD pair. The pair is currently trading above the 76.4% Fib retracement level of the downward move from the $ 57,235 high to $ 50,400.
Instant resistance is near the $ 57,000 level and the 100 simple moving average (4 hours). A successful break and close above the $ 57,000 resistance zone could open the doors for a move towards the $ 60,000 resistance zone in the coming sessions.
New Drop in BTC?
If Bitcoin fails to break above the $ 57,000 resistance or the 100 simple moving average (4 hours), it risks a new decline. Initial support on the downside is near the $ 55,500 level.
Initial key support is near the broken trend line and is $ 55,000. A clear break below the $ 55,000 support could open the doors for another drop. In the stated situation, the price could drop to the $ 53,200 level or even to $ 53,000.
Technical Indicators
4-hour MACD - The MACD for BTC / USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) - The RSI for BTC / USD is currently moving well above the 50 level.
Major Support Level - $ 55,500
Major Resistance Level: $ 57,000
For Ethereum;
Ethereum is probably building a strong support base of over $ 1,580 against the US Dollar. The ETH price could get even better. However, it may face a strong resistance around $ 1,650.
Ethereum remained strong above $ 1,550 and started a decent recovery.
The price is still well below the $ 1,650 resistance and the 100 hourly simple moving average.
There is a key bearish trend line showing resistance near $ 1,660 on the hourly chart of ETH / USD.
The pair can correct at higher levels. However, it is likely to face a strong selling interest around $ 1,650 and $ 1,660.
Ethereum found support near the $ 1,550 zone and recently launched an upward correction unlike Bitcoin. A low was formed near the $ 1,545 level before the price moved above $ 1,600.
There was a break above the $ 1,605 and $ 1,610 levels. The price appears to be following a rising channel with resistance around $ 1,640 on the hourly chart.
The main resistance is still near the $ 1,650 level and the 100 hourly simple moving average. The same chart includes a key bearish trend line with resistance near $ 1,660.
A successful close above the $ 1,650 and $ 1,660 levels is essential for a strong increase in the near term. In the stated situation, the price is likely to rise further above the $ 1,680 and $ 1,700 levels. The next big hurdle is near the $ 1,740 level.
Will there be a New Drop in ETH?
If Ethereum fails to move above the $ 1,640 and $ 1,650 resistance levels, it could start a new decline. The first downside support is near the $ 1,600 level.
The first major support is near the $ 1,580 level and the channel's lower trend line. The main support is near the $ 1,550 level. A clear bearish break below the $ 1,550 support could push the price to the $ 1,500 level in the near term.
Technical indicators
Hourly MACD - The MACD for ETH / USD is gaining momentum in the bullish zone.
Hourly RSI - The RSI for ETH / USD is currently above the 50 level.
Major Support Level: $ 1,580
Major Resistance Level - $ 1,650
I will evaluate two or three different coins in my tomorrow's article.
I am waiting for your likes and comments
