The crypto market ended the trading week very bullish as the Bitcoin and Ethereum prices continued to rally, breaking through key levels and surging to new highs.
However, both Bitcoin and Ethereum are currently at a critical level. And the way they interact with this level in the coming days can have a huge impact on the trend the crypto market will follow.
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The Bitcoin $46k Support Level!
For Bitcoin, the key level we are watching is the $46k support. This support is a key level on the 4-hour timeframe and has a critical role to play on the Bitcoin bullish trend.
If this support level holds, we can expect to see Bitcoin find support and rally higher in the coming days.
This is very bullish for Bitcoin and points to the continuation of the bullish trend come next week! But for this to happen, Bitcoin needs to break through this $46k key region.
However, if Bitcoin fails to hold the $46k support, we can expect to see the Bitcoin price fall through and crash back down in the coming day.
This makes the $46k key level the most important level to watch for Bitcoin come next week. Can Bitcoin hold this $46k level?
Until Bitcoin breaks through this key level, we might continue to see the Bitcoin market continue to range sideways.
ETH Rally Far From Over!
The ETH rally is far from over and we might see this bullish run continue into next week. But for this to happen, Ethereum needs to continue to trade above the $2,836 key support on the 4-hour timeframe.
If this 4-hour support continues to hold, there is a very high probability that we might see the Ethereum rally to previous ATHs continue.
For our full analysis on Ethereum read our previous analysis Warning: Watch This Key Resistance Forming On ETH. Price Dump?
How Will This Affect Altcoins?
The Ethereum rally from last week was a big boost for the Altcoin market. And if ETH continues to rally next week, we can expect to see the Altcoin boom continue as well.
Cardano One Of The Biggest Gainers
This week we saw Altcoins like ADA surge more than 47% in gains after finding support at the $1 horizontal level on the 4-hour timeframe
The next key level we are watching is the $2 previous ATHs. If ADA can break through this key resistance, we can expect to see the altcoin continue to rally come next week.
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This week’s Cryptocurrency Performance by Market Cap
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