Cred Looks Into Bitcoin And Ethereum As They Hit Key Resistance Levels
According to a prominent crypto analyst and trader known as Cred, Bitcoin (BTC) and Ethereum (ETH) are flashing bullish signs, but are currently facing critical resistance levels.
Bitcoin (BTC)
In the recent Technical Roundup newsletter, the pseudonymous crypto analyst, Cred warns that Bitcoin could potentially retrace down to $38,000 – $40,000 levels, as it moved up to face resistance.
“Bitcoin/Dollar is approaching multi-timeframe resistance in the mid-high $40,000 area. Just like there was a lot of support overlap in the low-mid $30,000s, there is resistance overlap in the mid-high $40,000s.
Specifically, $46,000-$47,000 is the midpoint of the monthly range. It is also the weekly cluster and pre breakdown point. Finally, the slow-moving trend metrics we look at from time to time (21-week moving average, 50-week moving average, and 200-day moving average) are all clustered around $50,000.”
Regarding the second largest crypto asset, Ethereum, the analyst notes that as ETH is retesting the $3,050 to $3,310 level. He lays out the targets for both ways, depending if ETH breaks out or pulls back from the analyst’s key range.
“Above $3,050-$3,310, there is a clear target at $4,000.
If $3,050-$3,310 pulls back, a plausible higher low area may be found at $2,700 on the daily time frame, but the trend would have to be very strong for a pullback level like that to hold. Otherwise, our eye is drawn towards the untested range low at $1,900.”
