The price of Bitcoin defended the position of 4,042 USD during the Sunday trading session. The cryptocurrency conquered the key resistance level fo 4,000 USD during the weekend and continue its uptrend on Sunday.
Following a spike to 4,068 USD from the low 3,900 USD region, the Bitcoin price has experienced a slight pullback to 4,000 USD. While the price of bitcoin slightly differs from region to region, on average, Bitcoin is currently being traded at 4,042 USD.
Following a 3% increase in the price of bitcoin, several traders expected the dominant cryptocurrency to undergo a minor pullback. For over three months, bitcoin has remained in a relatively tight range between 3,700 USD to 4,000 USD, breaking out of the 4,000 USD resistance on two occasions year-to-date. As such, when bitcoin initially climbed beyond $4,000 USD an achieved 4,056 USD, some traders foresaw the asset facing some resistance in the 4,000 USD region.
However, according to Satoshi, MBA, a cryptocurrency technical analyst, the 15-month correction of the cryptocurrency market is approaching its final phase and with bitcoin down about 80% from its all-time high, a gradual accumulation phase could be next.
Other cryptocurrencies are also trading in narrow ranges with Ethereum slightly decreasing to 141.05 USD and XPR decreasing to 0.3184 USD. However, Litecoin is rising slightly to 61.60 USD.
The total value of the cryptocurrency market is 140.209 billion USD.
Bitcoin price analysis
Last week, there were several bearish reactions below the 3,850 USD level of the Bitcoin. The cryptocurrency rose to 3,800 USD twise, but buyers protected from further losses.
Finally, the price started a good upward movement and broke the resistance levels of 3,850 USD and 3,900 USD. This paved the way for more profits over 3,900 USD and the price was over 100 SMA. During the promotion, the price broke the main sword trend line with a resistance of 3,890 USD and moved to the bearish zone.
Buyers take control and the price rises above 4,000 USD. The cryptocurrency was trading around 4,041 USD before the buyers appeared. Later, the downward adjustment started under 4,000 USD.
Sellers pushed the price under the 23.6% Fibo of the latest increase from 3,847 USD to 4,041 USD. The price dropped sharply and tested the previous resistance (now support) at 3,950 USD. Additionally, the 50% Fibo of the latest increase from 3,847 USD to 4,041 USD currently acts as support.
More importantly, a major bearish trend line with 3,900 USD is being formed. Therefore, if the price continues to fall, it can find strong support above the 3,900 USD level.
On the upside, the initial resistance is 4,000 USD, over which the price is likely to repeat the swing of 4,040 USD. The price of Bitcoin moved to a bullish area of over 3,900 USD. In the short run, there may be some fluctuations to 3,920 USD or 3,900 USD, but the price is likely to find a strong buyer interest. Sooner or later, there are high chances for a new upward move above the 4,000 USD and 4,040 USD levels.
Ethereum price analysis
Last week the price of Ethereum stepped back from 128 USD, Later, the pair formed solid support close to the 129 USD and 130 USD levels.
Finally, the buyers broke the resistance zone around 132 USD to move to a positive area. The upward movement was strong as the price even ran the level of 134 USD and 100 simple moving averages. The price action was constructive, giving rise to higher values above the 134 USD level.
Moreover, there was a breakthrough over a major triangle with a resistance of 133 USD. The pair rose above the resistance level of 140 USD.
Ethereum is trading near the resistance zone of 144 USD. Peak was formed just under 144 USD, and later the price began a downward correction.
Ethereum sampled at 23.6% Fibo rate of the last increase from 128 USD to 144 USD. Downward, the cryptocurrency has strong support close to the level of 135 USD and 100 SMA.
Additionally, the 50% Fibo rate of the last increase from 128 USD to 144 USD is also close to 135 USD and acts as support. Therefore, if the price continues to fall, it can find strong support close to a level of 134 USD. If there is a break below 134 USD, the price may return to a bearish area.
The Ethereum price has made a good upward movement above the barriers of 134 USD and 140 USD. There are many bullish signs above the level of 135 USD and 100 SMA. In the short term, there may be a consolidation phase of over 135 USD before the next move. On the upside, the main obstacles close to 142 USD, 144 USD and 145 USD levels.