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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.
Last week, the price of bitcoin rose by 8% and surpassed the $ 50,000 level. Ethereum gained 3% and also closed the week above the psychological $ 4000 mark.
However, on December 28, sellers increased pressure on the market. At the time of publication, Bitcoin is trading at $ 49,000 and Ethereum at $ 3900.
When will the current correction stop? We analyze the price levels of Bitcoin and Ethereum on the Bybit cryptocurrency exchange.
On December 23, bitcoin overcame the level of $ 50,000, but the bulls could not push the asset above $ 52,147 – after reaching a local maximum at this mark, the price per day dropped below $ 50,000.
Support and resistance levels on the daily BTCUSD Perpetual Contract (Bybit) chart. Data: TradingView.
If the daily candle closes below $ 50,000, BTCUSD may continue to decline to support in the $ 45,500 zone.
However, if the bulls hold $ 50,000 by the close of the monthly candle, then the next year the leading cryptocurrency may start with the resumption of the uptrend from this level.
At press time, ETHUSD has also dropped below the $ 4000 mark.
Support levels on the daily chart ETHUSD Perpetual Contract (Bybit). Data: TradingView.
If the bitcoin price fails to gain a foothold above $ 50,000, we should expect Ethereum to decline to support in the $ 3,700 zone.
The bears again managed to push Bitcoin and Ethereum below $ 50,000 and $ 4,000. If the bulls do not protect these levels by the close of the monthly candle, then 2022 assets may start in a downtrend.
Anchoring cryptocurrencies above these levels will be the basis for the continuation of the upward trend in the new year.
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