Bitcoin price appreciated slightly during the weekend, defending the positions above 4,107 USD. However, the Alcoins have mixed performance with Ethereum and XRP, retreating slightly to 141.40 USD and 0.3096 USD, respectively, while EOS and Litecoin are slightly up by 0.4% each.
For the second time, the US SEC is putting off their decision on whether Bitwise Bitcoin ETF application meets their requirement and ready for investors. By doing so, the asset management firm joins a long list of applicants including VanEck, SolidX, and CBoE a joint application which the community says stand a change of getting the green lights from the US regulator.
Thus, the expected boost for the cryptocurrencies was postponed one again.
The total value of the cryptocurrency market is 144.35 billion USD.
Bitcoin price analysis
Last week there was a strong rise over the resistance of 4,000 USD in Bitcoin’s price. Later, the cryptocurrency formed a base to support levels of 3,980 USD and 4,000 USD.
Finally, there was a sharp rise above 4,040 USD. The price rose and tested the resistance area at about 4,100 USD. A new monthly peak was formed at the price of 4,132 USD before a downward adjustment began.
The Bitcoin was traded below 4,080 USD but remained well above 100 SMA. There was a break below the 50% Fibo rate of the last increase from 3,995 USD to 4,132 USD. Support levels of 4,040 USD and 4,050 USD have acted as a strong buy-in area.
Additionally, the 61.8% Fibo rate of the last increase from 3,995 USD to 4,132 USD acted as a solid buy-in area. There is also a big upside-down channel with the support of 4,070 USD.
If there is a break under the support of the channel, the price may return to the 4,040 USD support zone. While the price is above the 4,040 USD support area, there are chances for a new upside-over 4,100 USD and 4,150 USD. The next key resistance above 4,150 USD is close to 4,200 USD. The main target of the bulls in the coming days could be 4,400 USD.
Ethereum price analysis
Last week, the price of Ethereum formed a solid base of support close to 137 USD. The cryptocurrency started a steady upward move and traded above resistance levels of 139 USD and 142 USD.
There was a successful closing above the level of 139 USD and 100 SMA. It paved the way for more profits and the price traded above the resistance range of 144 USD. Ethereum was traded close to the resistance level of 146 USD and later commenced a significant downward correction.
The price was traded below the 142 USD level and the fiber refund rate of 50% for the last wave of 137 USD to 145 USD. However, Ethereum found a strong buyer interest over the key 139 USD.
In addition, there was a large upward channel with the support of 140 USD. Support has also been the 61.8% Fibo retracement rate of the last increase from 137 USD to 145 USD. The price has recovered, but the 142 USD area is an obstacle.
It seems that the Ethereum price may fall below 140 USD. However, the 139 USD support zone is likely to act as a key buy-in area. While there is no daily closing below 139 USD, the price is likely to rebound in the near future.
The Ethereum price is clearly on the upside trend, but the bulls should prevent a drop to the 139 USD support zone. Upwards, a break above the 142 USD and 144 USD levels for more profits is needed. The next key resistance is close to 146 USD, over which the price is likely to test the resistance level at 150 USD.