Disclaimer: financial market forecasts are the private opinion of their authors. The current analysis does not constitute a recommendation, trading guide or investment research. ForkLog and Bybit are not responsible for any results that may arise from the use of this material to make trading decisions.
Last week, Bitcoin was in a narrow price range from $39,595 to $44,451. At the time of publication, the first cryptocurrency is trading in the $42,000 zone, while Ethereum is trading at $3,100.
What to expect from the market this week? We analyze the price levels of Bitcoin and Ethereum on the Bybit cryptocurrency exchange.
After a short-term drawdown of bitcoin quotes below $40,000 on January 10, the bulls bought the offer, but were unable to push the price significantly above this level. The weekly candlestick closed at $41,924.
Support and resistance levels on the BTCUSD Perpetual Contract (Bybit) daily chart. Data: Trading View.
At press time, buyers are trying to keep BTCUSD above the uptrend line. However, for a more confident recovery, Bitcoin needs to break through the resistance at around $45,500.
In the event of resumption of sales, the bears can push through the uptrend line and test the $40,000 level.
The bulls in the ETHUSD market have not been able to overcome the resistance level at around $3400.
Support and resistance levels on the daily ETHUSD Perpetual Contract (Bybit) chart. Data: Trading View.
If the downward dynamics in the market continues, the price of Ethereum may again test the psychological level of $3,000. The next strong support zone is around $2650.
Last week, buyers were able to defend important support levels of $40,000 for Bitcoin and $3,000 for Ethereum. Nevertheless, the market shows a weak recovery, so the bears can test these marks again.
Growth may continue if the bulls break through the resistance at $45,500 in the BTCUSD market and $3,400 in the ETHUSD market.
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