Bitcoin price may test $57,000 resistance soon
Bitcoin price received a sudden boost that needed an hour since the market plunged into the Chinese FUD. The dominant cipher broke through the parallel channel and jumped north two days ago. However, BTC price appears to be in a very good position for the near term with ATH above $64,000.
The asset was trending inside a “W” pattern and it recently broke through the neckline. The price has now broken the neckline and is heading towards the next resistance above $52,000. Once the price rises above these levels, the possibility of a new ATH formation is very soon.
Also Read: Minimize Illusion!! Find out when the next Bitcoin (BTC) price is bullish!
Ethereum price following BTC trend
A similar movement was seen with the second most favored cryptocurrency, Ethereum. With the start of trading in the last quarter of the year, most crypto assets have reversed the September downtrend. By a significant margin, ETH price broke the strong resistance at $3,370 and is heading towards the next levels.
The price is currently trying hard to break the symmetrical triangle. However, to complete the pattern, the price needs to consolidate a bit more. Hence accumulation in these ranges can be very possible. Conversely, if the asset breaks the pattern and advances towards the south, then the support levels can be retested before pulling the next stage higher.
Also Read: Ethereum Stabilizes to $3,500! Here is when the range from $4,000 to $5,000 is achieved
Collectively, the 2 most important origins go hand in hand and thus can reach their destination if they keep the same pace. Bitcoin (BTC) and Ethereum (ETH) price seem to be preparing for the next resistance high quickly and heading towards their ATH.
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