Bitcoin And Ethereum Are Moving Towards Make-or-Break Area, Says Cred

According to a top crypto market analyst and trader known as Cred, the two largest crypto assets by market cap are currently drifting at make-or-break area in the after math of a correction that wiped out $400 billion off the market.

Bitcoin (BTC)

Cred writes in the latest TechnicalRoundUp newsletter, that if Bitcoin falls under the $55.8K level and closes the week there, he thinks bearish sentiment for BTC would follow.

“This weekly range high is a compelling line in the sand for directional bias. If the breakout turns into a failed breakout, which would be strongly implied by a weekly close below $55800, then our bias would shift bearish.”

According to the analyst says that BTC bulls could gain back confidence after a successful reclaim of the $60K level or try a “do-or-die” trade at $50K.

Ethereum (ETH)

Cred is also looking into Ethereum (ETH), which just fell behind from its daily upward trend, and might be in danger of losing its strength on the higher time frames also. A plunge below the $4K level, specifically $3,952, would flip the sentiment bearish for the medium term, according to the analyst.

“Similar to Bitcoin/Dollar, the weekly range high is an inflection point. $4000 is support and it’s intact until proven otherwise. If it’s lost, our bias will be bearish in the short to medium term. This daily trend shift is worth taking seriously. It’s the first significant daily lower low since the bottom in September. Ethereum’s seamless march has seemingly been interrupted. In other words, the market is still above weekly support at $4000 (good) but daily trend just broke down (less good).”