Critical Levels Required For The Expected Rally In Bitcoin And Ethereum!
What are the levels required for the rally that investors are eagerly waiting for in Bitcoin (BTC) and Ethereum (ETH)? Will the Bitcoin price rise?
The overall cryptocurrency market has been through a tough time, with the leading cryptocurrency Bitcoin (BTC) breaking the $20,000 psychological price level for investors. With the start of the new week, the decline was replaced by a small-scale rise. What kind of pricing awaits in Ethereum (ETH) and Bitcoin in the future. Here are the price predictions!
Bitcoin (BTC)
Bitcoin closed below an important region at $20,000 on August 28. However, the bears were unable to maintain their advantage. Buyers pushed the price of the cryptocurrency above $20,000 on August 29. This purchase shows strong demand for Bitcoin at lower levels.
However, the BTC/USDT pair could rise to the 20-day exponential moving average (EMA), which is an important level to watch out for and in pricing. The bearish momentum could weaken if the bulls manage to push the price of the cryptocurrency above this resistance. A break and close above the moving average could open the doors for a possible rally to the $25,211 level.
Besides, if Bitcoin's price dips below the downtrend line or moving average, it could be a sign that the bears are selling on every small rise. Should the possible bearish scenario materialize, the pair could drop into the strong support zone between $18,910 and $18,626. Also, the bulls are expected to defend the stated area with all their might because if the support is broken, the pair could slide back to the June low of $17,622.
Ethereum (ETH)
Ethereum bounced back from the 20-day EMA of $1,638 on August 26 and broke below the neckline in the head and shoulders pattern. The situation shows that sellers dominate the cryptocurrency . However, the bears that dominate the markets have not been able to keep the price of the cryptocurrency below the neckline, and the dips in this case indicate buying. The bulls are attempting to push the price above the neckline and sustain it in the indicated area, then push it higher towards the overhead resistance area of $1,700. If the bulls are successful in this attempt, the ETH/USDT pair could rise to the psychological level of $2,000.
Contrary to a bullish scenario, if the price drops from the current level or moving average, it indicates that bears are active at higher price levels. If the price of the cryptocurrency declines below the neckline on the charts, the pair could drop to $1,280 and then as low as $1,050.
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