It’s been more than 50 days, Bitcoin has been consolidating in a range of $30,000 – $31,000. Bitcoin tried multiple times to break the $40,000 mark, but couldn’t do so. The market is full of bullish news but sentiments are strongly bearish.
BTCUSDT
Bitcoin is trading below 20 period EMA (Exponential Moving Average) in daily TF (Timeframe), which seems to be bearish. After multiple tries, the price also failed to break above the strong resistance level of $35,000.
If Bitcoin flips above $35,000 -$36,000, it’s a sign that bulls are trying to push the market. If we look at RSI (Relative Strength Index), which is running around 45 – 46, there’s a bullish divergence, which indicates there can be potential bullish moves coming. Overall, Bullrun continuation will begin after the break of $40,000
ETHUSDT
Ethereum also trading below 20 and 50 period EMA (Exponential Moving Average), which seems to bearish sign. Currently, price respected the flip level of $2,040 – $2,060. $2,200 – $2,250 is the heavy resistance zone.
Price tried multiples times to sustain above the level but it quickly fell below the zone, after breaking it. Fundamentally, Ethereum already looks bullish, but alternatively, if Bitcoin dumps to its major level of support of $30,000 – $31,000, Ethereum can also test its major support zone of $1,860 – $1,920.
XRPUSDT
XRP is near its Strong resistance level, bouncing along the zone of $0.6283 – $0.6747. Price also respecting trend line confluence with that resistance level. Currently, price is building a ledge around the resistance level. Prices sustaining near that level may result in sell-off up to $0.394 – $0.417.
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