Bitcoin is up by a small 2% this week after suffering a major setback when it dropped by 5.5% in today’s trading session. The cryptocurrency had surged from the $6,800 level last Friday to reach as high as $6,400 at the start of this week.
However, in today’s trading, Bitcoin fell by over 5% to drop back into the $6,800 support level. It also found added support at the previous rising trend line.
If Bitcoin drops back beneath $6,800, additional support lies at $6,600, $6,400, $6,200, and $6,000.
On the other side, if it can rebound from $6,800, resistance lies at $7,000, $7,200 (bearish .5 Fib Retracement), and $7,400. Beyond $7,400, added resistance lies at $7,700 (100-days EMA) and $8,000 (200-days EMA & bearish .618 Fib Retracement).
Ethereum managed to break above the previous $145 resistance level this week as it surged by a total of 23% to reach the resistance at $175, which is provided by the 100-days EMA.
It struggled to break this resistance and since dropped by 7.2% today to reach the current trading level at $158. This brings the total 7-day price movement to +10.5%.
From below, the first level of support lies at $155 (short term .382 Fib Retracement). Beneath this, added support is located at $150 (.5 Fib Retracement), $144 (.618 Fib Retracement), and $140. The support at $140 is further bolstered by a rising support trend line.
Alternatively, if the bulls rebound from $155, resistance is located at $165 (bearish .382 Fib Retracement), $175 (100-days EMA), and $180.
Against Bitcoin, ETH also surged by a total of 12% as it managed to break above the previous 0.021 BTC resistance to climb as high as 0.0235 BTC before reversing. It has since dropped lower but is resting at support at 0.0229 BTC provided by a .236 Fib Retracement.
If the sellers push lower, support lies at 0.0225 (.382 Fib Retracement), 0.022 BTC, and 0.0215 BTC (.618 Fib Retracement).
On the other side, if they can push…