The new week begins with bitcoin and ethereum performing mixed but more consistently than the rest of the industry. “Bitcoin was trading between $28,000 and $31,000 last week, but has now returned to the $30,150 level where it was the prior week,” said Simon Peters, cryptoasset analyst at eToro.
As a result, analysts wonder if the world’s two largest cryptocurrencies will be able to complete the week with a profit after seven weeks of losses.
According to Javier Molina, eToro’s representative in Spain:
“from a technical standpoint, we remain in a crucial zone for BTC, between 29,000 and 30,000 dollars.”
“Pessimism prevails, notwithstanding some consolidation and a minor shift in attitude in the derivatives market.” The zone is currently the first key level for BTC; below that, the 20,000 mark is the second crucial level. However, if we manage to hit 34,000, the scenario may change and we can anticipate increases toward $38,000″,
Meanwhile, Ethereum has stayed reasonably stable, trading at about $2,000, around $100 lower than last week.
ETH, like BTC, has fallen for seven weeks in a row, and the favorable indicators at the start of the week are giving investors some hope, even if they remain cautious. “The major news continue to generate the impacts of the UST/USD decoupling from the dollar and the accompanying decrease in value of Luna,” Simon Peters explains.
Techniques for tracking the Bitcoin price
A quick glance at the Bitcoin weekly graph reveals that the negative dynamic has already calmed down during the last week. The inside bar resembles a doji, indicating market uncertainty among market participants who have not been able to settle on one of two directions.
A very positive indication would be not just a weekly gain, but also a weekly closing price above the Fibo retracement level of 23.6% of 31.621 dollars. If successful, the bond might be extended to the 38.2% Fibonacci retracement of 34,789 dollars.
In the event of a failure, one must wait for a continuation of the consolidation or a new test of the most recent lowest level 26,800.