A closely followed crypto analyst says the top two digital assets by market cap are currently hovering at decisive levels after a correction that wiped nearly $ 400 billion off the market.
In the latest TechnicalRoundUp newsletter, pseudonymous analyst Cred says that if Bitcoin dips below the $ 55,800 range and closes the week there, it would switch to a bearish outlook on BTC.
âThis higher of the weekly range is a compelling line in the sand for directional bias. If the breakout turns into a failed breakout, which would be heavily implied by a weekly close below $ 55,800, then our bias would turn bearish. “
Cred says BTC bulls can gain confidence after a convincing recovery from the $ 60,000 level or try a $ 50,000 “do-or-die” exchange.
Looking at Etheruem, the analyst says that ETH has just broken its daily uptrend and could also risk losing strength over longer time frames. He says a break below the $ 4,000 level, particularly $ 3,952, would push it lower in the medium term.
âSimilar to Bitcoin / Dollar, the top of the weekly range is an inflection point. $ 4000 is support and is intact until proven otherwise. If lost, our bias will be bearish in the short and medium This daily trend change deserves to be taken seriously. It is the first significant daily low since the September low. Ethereum’s continued march has apparently been halted. In other words, the market is still above the weekly support at $ 4000 (good) but the daily trend has just collapsed (worse).
At the time of writing, BTC is trading at $ 60,511, while ETH is priced at $ 4,244.
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