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The crypto market closed the trading day bullish today as the price of both Bitcoin and Ethereum are surging higher as we speak.
We also saw positive fundamentals pushing the Bitcoin price higher as Paypal announces its plan to lunch an all crypto app soon PayPal to Launch Its “Super App” For Crypto Soon this is very positive for both Bitcoin and the crypto market in general as it increases crypto adoption across the world and points to more demand and growth in the coming years.
Bitcoin Breaking Out Right Now!
Bitcoin just broke through the flag pattern it was forming in the 15 min timeframe. This is very bullish for Bitcoin and points to more price rallies in the coming days with our bullish target around the $44k price level.
For a full breakdown of the key levels we are watching as well as our bullish prediction for Bitcoin, read our previous analysis Bitcoin Ready To Rally Again! Watch This Pattern. Price To $44k?
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Ethereum About To Start A New Alt-Season!
The Ethereum price is also bullish as the price just broke through a key resistance on the 4-hour timeframe, pushing the Ethereum price into bullish territory.
This is very good for the Ethereum price and the Altcoin market in general. It points to a coming Alt-season lead by Ethereum soon but for that to happen, one key level must be respected on the 4-hour timeframe.
Key Levels To Watch
The key level to watch is the $1,720 support level. This price level has served as strong support for the ETH prie on numerous occasions and held.
As far as ETH continues to trade above this support, we will remain very bullish on the price. So we will not panic if we see Ethereum retrace a bit in the future as it gathers more momentum to continue pushing higher.
However, a break of this support only invalidates our bullish prediction on ETH and points to a more bearish sell-off in the coming days. This makes it very important for the ETH bulls to hold this $1,720 at all costs!
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