Bitcoin is more or less trading at the same level it was last week around the same time. The cryptocurrency had dropped as low as $43,000 on Sunday, but it quickly bounded higher to close the daily candle above $44,750.
On Monday, Bitcoin started to show some promise as it surged higher from $44,750 to reach as high as $49,600. Over the following three days, the cryptocurrency managed to spike back above the $50,000 level. However, it met resistance at $52,480 (bearish .618 Fib) and ended up closing the daily candle beneath $50,655 (bearish .5 Fib).
It has since rolled over from this resistance, spiking as low as $46,294 today. It has recovered slightly as it trades at the $47,200 (.382 Fib) support.
Moving forward, the first level of support beneath $47,200 lies at $46,000. This is followed by $4,750, $43,745 (.5 Fib), $42,760 (downside 1.414 Fib Extension), and $42,000 (previous ATH).
On the other side, the first level of resistance lies at $50,000. This is closely followed by $50,655 (bearish .5 Fib), $52,480 (bearish .618 Fib), $54,000, and $455,080 (bearish .786 Fib).
BTC/USD Daily Chart. Source: TradingViewEthereum
Ethereum is also trading near the same price level it was at last week. The cryptocurrency had managed to find support at $1425 over the weekend, after spiking as low as $1300. It started to rebound from there on Monday but could not close a daily candle above resistance at $1580 (bearish .382 Fib) during the week.
It rolled over from this resistance yesterday and dropped by a total of 8.5% today to reach the current support at $1465 (.382 Fib).
Looking ahead, if the bears push beneath $1465, the first level of support lies at $1425 ( …
Story continues on Crypto Potato