Cryptomarket keeps the bullish sentiment of investors, which keeps the price of Bitcoin and Altcoins up on Wednesday. Thus, Bitcoin appreciated today with more than 1%, to the key resistance level of 4,000 USD.
The support of 3,830 USD prevented losses and the price rose, breaking the last peak and traded slightly above the 4,000 USD resistance.
Most of the other cryptocurrencies also appreciated with Ethereum adding 0.3% to 148.69 USD, Bitcoin Cash appreciating by 0.38% to 148.39 USD and Stellar rising by 1.15% to 0.091 USD.
The biggest increase during the day was registered by EOS and Litecoin which rose by 7.35% and 6.98%, respectively.
The total market value of the cryptomarket is 136.168 billion USD.
Bitcoin price analysis
Yesterday there was a strong rally over the resistance of 3,750 USD in the price of Bitcoin. The cryptocurrency rose to 3,950 USD and later adjusted to a lower level.
The support of 3,830 USD prevented losses and the price bounced, breaking the last peak and traded close to the 4,000 USD resistance.
The price tested the 4,000 USD barrier, but still the resistance there is significant, due to sellers cashing out the profits. There was a new downward correction.
Bitcoin price registered a breakthrough the 23.6% Fibo rate on the last increase from 3,684 USD to 3,973 USD. More importantly, there seems to be a short-term breakthrough model with 3,875 USD support. If there is a breakdown, the Bitcoin can test the next key support at 3,830 USD. It matches the 50% Fibo rate on the last increase from 3,684 USD to 3,973 USD.
If the price fails to hold the support of 3,830 USD, it can test the next basic support of 3,800 USD in the near future.
On the upside, the price should break the resistance levels of 3,925 USD and 3,950 USD to revise 3,975 USD. The main resistance for buyers is close to a level of 4,000 USD, over which there are chances for further profits.
Bitcoin price seems to be preparing for a breakthrough of over 3,925 USD or a breakdown below 3,875 USD.
Ethereum price analysis
In the last few days, the price of Ethereum has climbed higher and tested resistances at 135 USD and 140 USD. The cryptocurrency even reached the 150 USD resistance area, where sellers appeared.
The peak was formed slightly below the level of 150 USD, and later the price started correcting down. It dropped under 146 USD and the 23.6% Fibo rate on the last increase from 135 USD to 150 USD. This opened the doors for more profits and the price dropped to the 140 USD support area.
Moreover, there was a breakthrough under a key upside trend line of 146 USD. The Ethereum fell below the level of 50% Fiber Retreat at 50% Fibo rate on the last increase from 135 USD to 150 USD.
However, there is strong support on the levels of 141 USD, 140 USD, and 136 USD. The main support is close to the level of 138 USD. It coincides with the 76.4% Fibo rate on the last increase from 135 USD to 150 USD. In addition, the 100-hour simple moving average (SMA) is positioned close to the 136 USD level, acting as strong support. Therefore, if the price continues to fall, the 138 USD and 136 USD levels are likely to prevent losses.
If there are interruption and closure below the 100-hour SMA, the price may fall further to the 130 USD level. On the other hand, if the price finds support close to 138 USD, it could start a new upward move.