This week was very bearish for the crypto market, there was a massive sell-off across the board as cryptocurrencies extended their bearish trend into a new week. However, that bearish trend might just be over soon.
We are currently seeing the Bitcoin price and Ethereum price rally back up, but is this the start of the bullish rally for the crypto market, or can we expect to see more sell-off occur in the coming days.
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As The Bitcoin Rally Started?
Bitcoin just saw a massive rally in price. However, the price is still trading well below the $35,518 resistance we pointed all through last week as the line in the sand for the Bitcoin bulls to break.
This means is still bearish and there is still a possibility that we might see another sell-off in the coming days if this resistance level holds.
Bitcoin Bullish Prediction!
For the Bitcoin bullish prediction for next week, we want to keep an eye on the $33,518 resistance region. This level has served as a key level for Bitcoin on the 1-hour timeframe on numerous occasions and might do so again.
However, if Bitcoin can break through this level, there is a high probability that we can expect to see the Bitcoin price rally higher next week. And the first target to aim for would be the $41,000 previous highs.
One thing to note is that Bitcoin is that the Bitcoin trend is still undecided and ranging. That range might continue next week except the price can make up its mind and break through the $41,000 resistance.
One thing to note going into next week is that the Bitcoin trend is still undecided and ranging!
This resistance stands at the top of the range and a break above could signify the end of the bearish trend for Bitcoin for now!
Is There a Possibility For Bitcoin To Sell-Off?
Yes, there is a possibility for the Bitcoin price to sell off, but we are seeing a lot of bullish divergences play out on the Bitcoin MACD indicator. This bullish divergence signifies the slowing momentum in the Bitcoin bearish trend.
So yes, Bitcoin might continue to sell but it won’t sell fast or that far before finally losing steam and reversing. This makes it better to only look for buying opportunities right now.
Is Ethereum Ready To Rally?
The Ethereum price is still ranging and waiting on Bitcoin to make a move. If Bitcoin can break through the $33,518 resistance the price is currently testing on the 1-hour timeframe, we can expect to see the Ethereum price follow it.
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Key Level To Watch For On Ethereum
The key level to watch is the $2,049 minor resistance on the Ethereum 1-hour chart.
The Ethereum price has tried to break through this minor resistance twice no and failed. And right now, it is attempting to do so again. If this level holds we can expect to see Ethereum remain bearish or ranging for next week.
However, if we see a price breakthrough there is a very high probability that we might see the Ethereum price rally higher in the coming days.
The first target we will be aiming for would be the $2,649 resistance level. A price break of the $2,049 resistance Etheeum is testing right bow will see us rallying to these $2,649 regions next week!
This week’s Cryptocurrency Performance by Market Cap
|Name||7 Days Return||30 Days Return|
What Should We Expect For The Altcoin Market?
Altcoins are naturally correlated to the movement of both Bitcoin and Ethereum. And right now, most of the Altcoins are still generally bearish both losing that momentum to the downside. If Ethereum rallies, we can expect to see the Altcoin market rally with it.
Below we will be talking about 3 Altcoins we will be watching for next week.
- Cardano Looking Very Bullish!
Cardano is currently testing support on the 4-hour timeframe. If this support holds, this would be very bullish for Cardano. How this plays out next week will probably depend on Ethereum moves in the coming days.
The key level to watch for is the $1.8615 region. This region has served as resistance before and might just be the perfect target for for a small rally.
2. Link Trading Within A Channel
ChainLink is currently trading within a descending channel. The Altcoin price movement is slow and we can expect to see a price break above or below the channel depending on what Ethereum does next week.
However, if Ethereum breaks lower, there is a probability Chainlink will just keep on trading within the descending channel. This means we will have to keep on waiting for that breakout.
- XRP Testing Key Support
The XRP price is looking bullish currently testing key support on the 4-hour timeframe. If this support holds, there is a very high probability that we might see a massive rally soon.
The first bullish target to aim for would be the $1,664 resistance. But for the price to get to these highs, we need to see the XRP bulls step back into the market.
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