The Bitcoin bulls are back in force this week, as Bitcoin cruises through resistance levels without any effort. We’ve seen whales jumping back into Bitcoin, with one buy order worth a whopping 1,192 BTC placed on Binance. If Bitcoin carries on this upwards trend, we could see it pass through the $13,800 resistance with pushback and make its way into the $14,000 region. It’s not just Bitcoin that’s looking promising at the moment. Ethereum (ETH) is starting to pick up momentum on the back of a bumper Bitcoin week. We could see Ethereum head to a fresh yearly high if it can carry on its current trend.
Bitcoin Close to Breaking Past $14,000
Bitcoin has been recovering nicely since its very brief visit to the $9,000 region. Last time Bitcoin tried to pass the $13,800 mark, it was met with a huge amount of resistance that led to it falling below $10,000. As Bitcoin was approaching $13,800, both Binance and Coinbase crashed – leaving crypto traders without the ability to trade. It’s unclear whether it was in response to a huge whale selling a vast amount of tokens on the open market or a simple glitch caused by huge volumes, but it played its role in stripping $2,000 from Bitcoin’s value in a matter of minutes.
There is a tentative support level around $12,440, so as long as Bitcoin can hold this support level, it’s primed for a push above $14,000 for the first time since 2017. There has been an uptick in volume and current trend analysis is pointing towards $14,000 before the weekend is out. If you’re buying in now, set stop losses around the $12,100 mark as the next support level down is $10,800. Prepare to take profits as Bitcoin climbs towards the $14,000 mark, paying careful attention to the $13,800 resistance level.
Ethereum Looking Strong
ETH fell harder than most cryptos following the 2017 bull market, touching $80 at one point. Since then, ETH has built itself a strong foundation and it’s continuing to build upon this as Bitcoin goes parabolic. There is a nice ascending wedge developing on the monthly charts, hinting that we could be heading for a higher highs and higher lows cycle. It also looks like ETH has found support around the $300 mark, giving it plenty of protection for retracement and another push towards $400. This support level developing at $300 is looking strong and will take a lot of downwards momentum to break it.
Crypto markets are coming back to life and most major cryptos are enjoying sitting in the green. We could see Bitcoin break through $14,000 before the weekend is out, so keep your eyes on the charts and get ready to make those trades.
