Bitcoin (BTC) Technical Analysis – Next Targets?
After the rapid dump of Bitcoin from $4190 to $3700, the crypto market is quite silent. On 24 Feb Bitcoin losses $500 and $15 billion vanished in just 30 minutes.
Bitcoin is stable in a tight range of $3700-$3850. The total marketcap is waving around $130 Billion. We may see a quick big move soon.
The positive news for the community is that Bitcoin (BTC) is trading above the 100 MA (Moving Average). This shows that the bears are now tired and bulls are ready to take the control. The biggest resistance for Bitcoin is $4250 and $4450. If Bitcoin is able to maintain above $4450 levels then a double bottom is confirmed and the next target should be $5200.
The Feb monthly candle was closed above $3800 that was a little relief for the bulls. Bitcoin will face heavy resistance at 200 MA (Moving Average) that is now around $5070. The biggest resistance for the next rally is $6000 many traders want to short on these levels.
The 50 MA will soon cross the 100 MA this is known as bullish crossover and the market trend will change upward.
Ethereum follows Bitcoin steps and drops on 24 Feb. Ethereum is facing heavy resistance at $160-$165 range. Ethereum is now trading at $134.
Ethereum is trading above the 100 MA and shows good strength. The Constantinople hardfork fuels the price. Ethereum made a new all-time low of $82 after the massive bull run of 2017.
Ethereum will face heavy resistance around the 200 MA that is now $175. The 100 MA is flatten showing the market is now neutral.
Ethereum Constantinople hardfork is successful. The block per reward is reduced from 3 Eth to 2 Eth. This will short the supply and will fuels the next rally in Ethereum.
The cryptocurrency market will make a quick move in next couple of weeks. The bears are losing control and bulls are ready to take the control and ride the waves.
