- Bitcoin pushed past yearly open and tapped resistance, as expected
- Further retest of $7,800 likely in the coming days
- ETH, ADA, and EOS all looking strong for a push up
Bitcoin is looking to retest its $7,800 resistance in the coming days, and doing so is the key to breaching higher levels, according to FullyCrypro’s technical analyst Will of Crypto Day Traders. Ethereum also continues to look bullish, with the potential to hit $220 should its recent breakout continue.
Bitcoin Pushes Past Yearly Open
As Will predicted Wednesday, Bitcoin pushed past the yearly open of $7,200 and then some, topping out right at the anticipated resistance level of $7,800. It has since retraced to $7,500, potentially setting itself for another attempt at the $8,000 level and beyond, although it may make for a liquidity grab first:
Should Bitcoin continue to swell with bullish momentum, a pre-halving Bitcoin price of $9,000 may be on the cards, which would likely precipitate a large fall after the event on May 12.
Ethereum and Alts Look Bullish Too
The future also looks bright for Ethereum holders, as Vitalik’s brainchild continues to look strong, particularly against its Bitcoin pairing:
A continuation of this pattern could easily see Ethereum hitting $210-$220, which would see it closing in on a 2x since the market crashed early in March:
Other majors are also looking strong in their Bitcoin pairings, including Cardano (ADA) and Stellar (XLM), with EOS and XRP likely not far behind. ADA in particular looks ready to pop, should it reclaim its current level:
EOS looks good for an imminent move up, once again depending on a reclaim of the following level:
Despite these majors potentially being on the move thanks to Bitcoin’s upward trajectory, this likely won’t trigger an all out alt season. The reason for this is because by the time Bitcoin has topped out and the majors have had their turn, there likely won’t be much time for the mid and small caps to run before the halving occurs and Bitcoin performs its typical swallow dive.
We will therefore need to make the most of what we can get in terms of alts while we have the opportunity.