Bitcoin And Ethereum Look Bullish, Despite Current Pullback | CryptoGazette
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There are all kinds of optimistic predictions despite the multiple pullbacks that we’ve been seeing in the crypto markets lately. Check out the latest reports about Ethereum and Bitcoin.
At the moment of writing this article, BTC and ETH are both trading in the red. BTC is trading just above $43k and ETH is trading below $3,200.
A popular crypto analyst says that the leading cryptos are showing bullish movements but now face critical resistance levels.
In the latest issue of the Technical Roundup newsletter, Cred says that Bitcoin could potentially pull back between $38,000 and $40,000 as the coin is moving from support to resistance.
“Bitcoin/Dollar is approaching multi-timeframe resistance in the mid-high $40,000 area. Just like there was a lot of support overlap in the low-mid $30,000s, there is resistance overlap in the mid-high $40,000s.”
He continued and explained that $46,000-$47,000 is the midpoint of the monthly range.
“It is also the weekly cluster and pre breakdown point. Finally, the slow-moving trend metrics we look at from time to time (21-week moving average, 50-week moving average, and 200-day moving average) are all clustered around $50,000.”
After that, he also had a few words to say about Ethereum as well.
“Above $3,050-$3,310, there is a clear target at $4,000.”
He explained that if $3,050-$3,310 pulls back, a plausible higher low area may be found at $2,700 on the daily time frame.
Huge amount of cash flows into crypto
Institutional money keeps coming into the crypto and the underlying tech of blockchain these days, and this is definitely boosting mass adoption. It’s important because this has been one of the most important goals that the crypto industry has set.
The chairman of investment strategy at JPMorgan has recently said that he was late in recognizing how big the crypto space would grow and is now taking a deep exploratory dive.
Stay tuned for more news.
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