Helin Çelik, ICRYPEX Treasury Expert; He commented on the technical outlook for Bitcoin, Ethereum, Litecoin and XRP.
Bitcoin: BTC / USD
On April 16, 2020, BTCUSD 7328 resisted the upward movement by testing the 6550 support. BTCUSD, which has retreated with the impact of sales pressure in the financial markets, is currently pricing below the 6970 level. It is thought that if the volume increases in short positions continue, the cryptocurrency can be withdrawn up to the 6550 support it has tested during the week. Breaking the 6550 support may accelerate the selling pressure and transition to the downstream expansion phase. In the downside scenario, 6258 and 6000 levels can be considered after 6550 support. In case the 6000 level is broken, it is beneficial for the investor to follow the support levels up to date.
On the other hand, pricing above 6970 resistance in the cryptocurrency, which draws attention to its proximity to the balance level, may increase the purchases. If the cryptocurrency gains momentum upwards and especially above 6970 resistance, acceleration may be experienced up to 7700 and later 8107 resistance. At this point, it is thought that 7328 should be followed carefully as a buffer zone. Failure to provide permanence on this region, where it is periodically tested and withdrawn, may appear as a downward scenario that can be repeated in upward mobility. A positive outflow from the area will increase the importance of the resistors.
Resistance Levels; 6970 – 7328 – 7700 – 8107
Support Levels; 6550 – 6258 – 6000 – 5441
Ethereum: ETH / USD
With the support of 153, the acceleration of buyers dominated and ETHUSD tested the 191 level that we focused on by breaking the 172 resistance. The cryptocurrency, which faced sales pressure in its area on April 18, 2020, is trying to hold above 172 support. Acceleration up to 191 resistance in the cryptocurrency is thought to be possible if it provides persistence on the support. For continuity,…