Bitcoin saw a small 2.6% price increase from where it was trading seven days ago. However, it had dropped substantially throughout the week. The cryptocurrency fell beneath support at the rising trend line to find additional support at the $6,447 level (short term .618 Fib Retracement).
From here, Bitcoin rebounded yesterday to climb back above the $7,000 level where it currently trades.
Looking ahead, the first level of resistance lies at $7,200 (bearish .5 Fib Retracement). Above this, strong resistance lies at $7,400, which had caused problems during early April 2020. If the bulls can break $7,400, resistance lies at $7,600 (100-days EMA), $7,700, and $8,000 (bearish .618 Fib Retracement & 200-days EMA).
On the other side, if the sellers break $7,000 again, support lies at $6,800, $6,660 (.5 Fib Retracement), and $6,450 (.618 Fib Retracement).
Ethereum saw a 7.6% price increase from where it was trading seven days ago as it reaches the $170 level.
The cryptocurrency had rolled over from resistance at the 100-days EMA to drop as low as $150 (.5 Fib retracement) during the week. It has since rebounded from here to reach as high as $175 as it now battles with the 100-days EMA resistance again.
From above, the first level of resistance lies at $175. Above this, resistance lies at $180 (200-days EMA), $190 (bearish .5 Fib Retracement), $195, and $200. Beyond $200, added resistance lies at $211 (bearish .618 Fib Retracement).
On the other hand, if the sellers push lower, the first level of support lies at $165. Beneath this, support lies at $155 (.382 Fib Retracement), $150 (.5 Fib Retracement), and $140.
Against Bitcoin, Ethereum managed to hold strong at the previously highlighted support at 0.0229 BTC (short term .236 Fib Retracement). It rebounded from here yesterday to reach as high as 0.0247 BTC, which is resistance provided by a bearish .618 Fib Retracement.
ETH has dropped slightly…