Bitcoin (BTC) and Ethereum (ETH) took a big hit yesterday. In a broader sell-off on the financial markets, prices have taken a significant dive. As a result, the large increase from the day before has been partly canceled out.
According to technical analyst Ivo Melchers of Newsbit, prices are now at an important level. Today could well be a decisive day to determine the further direction.
BTC price is hanging by a thread
Then we mainly look at Bitcoin, which is the largest cryptocurrency that is leading the market.
The four-hour chart clearly shows how the Bitcoin price managed to break out upwards on Wednesday. That day, the price shot up more than 9 percent to a peak of $74,000, the highest since February 4.
Then the price fell back again. And big too. This morning, a low of $70,150 was set, which is more than 5 percent lower than Wednesday’s high.
The $71,000 is now within reach again and that means that the green support is still doing its job. But if Bitcoin falls below $70,000, we should look at the white trendline which is now around $69,000.
The bulls have to give everything there. If the price doesn’t bounce here, it could go back to $63,000 or even $60,000.
The February jobs report will be published in the United States this afternoon and that could cause a big movement. You can read more in this article.
Ethereum price has been rejected
Then Ethereum, the largest altcoin on the market. There we see that the price has been rejected for the time being at its own resistance level above $ 2,100.
This has led to a large decline in recent weeks. And then it could even go back to $1,800, which would represent a decline of 13 percent from the current level of $2,075.
If Ethereum manages to climb above the resistance, which is largely dependent on Bitcoin, then we can look at the next hurdle around $ 2,400.
Source: https://newsbit.nl/newsbit-analist-bitcoin-en-ethereum-hebben-iets-te-bewijzen-vandaag/
