After testing the $23,600 zone, the price of Bitcoin initiated a significant upswing. However, for BTC to transition into a positive zone, it is essential to surpass both the $24,500 resistance level and the 100 hourly SMA. ETH’s price has begun to surge from $1,600 against the US Dollar, and although it is currently rising, it needs to surpass $1,720 to initiate a new rally shortly
Following a strong resistance zone at $25,200, the Bitcoin price started to correct downwards, resulting in a steady decline below the crucial support zone at $24,500 and the 100 hourly simple moving average. Additionally, the price even went below the support zone at $24,000, and a low was established near $23,600. However, the price has recently started to make a fresh increase, which is encouraging for the Bitcoin bulls.
Furthermore, there was a noticeable move above the $23,800 and $24,000 levels, indicating a possible bullish trend reversal. The price has now climbed above the 23.6% Fib retracement level, which is calculated based on the downward move from the $25,250 swing high to the $23,600 low.
Furthermore, on the hourly chart of the BTC/USD pair, a crucial bearish trend line with resistance near $24,000 was breached. However, currently, the price of bitcoin is below the 100 hourly simples moving average and trading below $24,500.
In terms of potential upward movement, an immediate resistance level is situated around $24,500, followed by a significant resistance zone at around $24,600 or the 61.8% Fib retracement level, which is between the $25,250 swing high and $23,600 low. A decisive move above the $24,600 resistance level could trigger a rise in the price toward the key resistance zone of $25,000.
If the price of the asset manages to exceed the resistance level of $25,000 and closes higher than that mark, it could potentially trigger a renewed bullish momentum in the market. This would then set the stage for a fresh rally, where the price of the asset may surge and reach new heights.
If this scenario were to materialize, there is a possibility that the price could rise even further toward the $26,200 level, indicating a strong upward trend and potentially attracting more buyers to the market.
The Ethereum price underwent a downward correction, breaching the $1,640 support and dropping below the $1,620 level to test $1,600. After reaching a low point of around $1,596, the price rebounded and started to rise again, following a similar pattern to Bitcoin. The resistance levels of $1,635 and $1,640 were surpassed, and a major declining channel with resistance at $1,635 was broken on the hourly chart of ETH/USD.
Furthermore, Ether’s price managed to clear the 50% Fib retracement level from its previous swing high of $1,720 to the low of $1,596 and is currently trading just above $1,650 and the 100 hourly simple moving average. Despite this positive momentum, the price faces resistance around the $1,670 level, which is near the 61.8% Fib retracement level from the aforementioned swing high to low. The first significant resistance zone is at around $1,700, followed by the $1,720 zone.
If the market price of a particular asset makes a decisive upward movement beyond the significant resistance zone of $1,720, it would likely trigger a consistent rise toward the $1,780 level. In such a scenario, investors might witness sustained buying momentum, resulting in the asset’s valuation reaching the $1,850 level or even beyond it.
This upward movement in price is a positive sign, as it suggests that buyers are stepping in and pushing the price higher. However, it is important to note that the price may face other resistance zones along the way, and any negative market sentiments could potentially limit the asset’s upward momentum.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.