Bitcoin and Ethereum weekly analysis: What should be our next move?
Bitcoin and Ethereum have been showing some positive signs ever since 2023 has come. Here is the weekly analysis.
Bitcoin, which broke the ascending channel with a sharp movement and has been moving in a horizontal band for several days, started the day at $ 28,390 with a 4% recovery last night.
For Bitcoin, which has surpassed an important resistance level and is above the 50-day moving average, it will be important for Bitcoin to make daily closes above $28,280 and $28,370 for the upside to continue. If it provides permanence, it can be expected to be included in the ascending channel again. In this process, the first important resistance level is $29,350, while the second level of resistance can be met at $29,890.
Bitcoin and Ethereum weekly analysis
In the negative scenario, if it fails to hold the $28,280 level, it can be retested first at $27,760 and then at $27,140. If these levels are broken, the $26,760 level appears as a very important support level.
The rise in Ethereum was limited to 1.3%, despite the 3% rise in Bitcoin yesterday. Ethereum, which has been testing the 1885 level, which is a very important resistance level, for 4 days, seems to be unable to break it even though it has retested this morning and shows activity at the 1860 levels.
Starting the day with a red candle, it will be important for Ethereum to break the $ 1885 level and make daily closes above it in a possible upward move. Then, the $150 level may again act as an important resistance level. Breaking these levels can bring rapid rises.
In a possible downside move, $1840 and $1820 levels can be expected to act as support. If these levels are broken, a pullback to $ 1785 can be seen.
