Analysts at the Decentrader trading platform believe that Bitcoin should quickly regain $ 37,500 and Ethereum should be able to maintain support at $ 2,300 to avoid a bear market.
to the the report The Bitcoin Telegraph continues to fall sharply, coinciding with Memorial Day in the United States on Monday, when traders go on holiday and futures and controlled markets such as the Chicago Mercantile Exchange (CME) are closed until the weekend.
Market data show that after a brief attempt by buyers to push bitcoins to above $ 37,000 in the early hours of Saturday morning, insufficient support to raise prices pushed Bitcoin back below $ 34,000.
Ethereum’s price movements were almost identical to those of Bitcoin, with attempts to break the $ 25.00 level met with strong resistance and the ether price fell to $ 2,300.
Or $ 37,000 or fall
The bitcoin price fluctuation, which is still well below the 20-week moving average, is a major source of market confusion, according to dissenter founder Philbfilb. The 20-week moving average is usually the border between the Bitcoin and Bear markets, which means that the downtrend scenario for Bitcoin is still valid.
The analyst went on to say that if Bitcoin could have strong support at the bottom of the $ 30,000 channel, the 20-week moving average could become a key resistance area in any attempt to raise prices.
Philip Philip said:
A fall below this would likely turn the $ 20,000 or 78.6% Fibonacci retracement level into a potential target. On this account, price changes during this week will be of particular importance.
A $ 37,500 withdrawal is critical for Bitcoin to be able to prevent its weekly support from reset, according to Philby.
The analyst also said that if Bitcoin could make an uptrend and cross the $ 40,000 level, the next resistance area that the digital currency should cross is the same support / resistance area as before at 45,500 to 46. , Will be $ 500.
Critical level of $ 2,300 for Ethereum
Ether performed better than Bitcoin at the 20-week moving average after falling as a result of 61.8% correction as a result of massive sales to Fibonacci, but eventually rebounded at the 3,000-day moving average and the uptrend disappeared. .
Philip Philip considered $ 2,300 as an important area of support for Ether, which if buyers want to try to climb above $ 3,000 and retest for $ 3,300, they must maintain that level, but this scenario is too strong. It depends on Coin.
He said he expects Ether to perform better in uptrends and at least in line with bitcoin performance in downtrends.
Philip Philip added:
Eyes are currently on Bitcoin to see if the floors will be maintained over the weekend, and special attention is being paid to the 200-day moving average, which is currently the red line for buyers.