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Disclaimer: Forecasts of financial markets are the private opinions of their authors. The current analysis does not constitute a recommendation, trading guide, or investment research. ForkLog and Bybit are not responsible for the results of work that may arise when using this material to make trading decisions.
Bitcoin started the week with an impulse decline to a low of $ 45,555. Ethereum followed and fell to $ 3,670. At the time of publication, they are trading at $ 48,400 and $ 3800, respectively.
Will the market recovery continue? We analyze the price levels of Bitcoin and Ethereum on the Bybit crypto exchange.
BTCUSD
After the retest of the uptrend line on December 7, the bitcoin price tried several times to gain a foothold above $ 50,000, but faced strong selling pressure.
An uptrend line and resistance and support levels on the BTCUSD Perpetual Contract (Bybit) daily chart. Data: TradingView.
If the downward impulse continues, the price of BTCUSD may decline to support in the $ 42,000 zone. Consolidation near this mark may become the basis for a new uptrend.
ETHUSD
The impulse decline on December 13 led to a breakout of the $ 3900 level, which has acted as a strong support since November 26.
Support levels on the daily chart ETHUSD Perpetual Contract (Bybit). Data: TradingView.
If the price of ETHUSD cannot quickly overcome $ 3900, we should expect a decline to $ 3400, followed by consolidation near this mark.
conclusions
The downward impulse movement on December 13 canceled the market recovery that began last week.
Cryptocurrencies are looking for strong support levels to resume the uptrend. Perhaps they will be $ 42,000 for Bitcoin and $ 3400 for Ethereum.
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