Bitcoin And Ethereum Daily Price Forecast – Breakout Unlikely Despite Crypto Bulls StabilityBulls continue to sustain positive price action but lack of speculative bets has resulted in range-bound price action.
Cryptocurrency market today saw major cryptos move to test critical support but rebound to test psychological resistance levels. Major crypto coins are seeing bulls exhibit a high level of stability in price action over the recent past. Despite multiple attempts by bears to make a breakout, bulls have managed to keep the rally at most in an extent of a corrective rally. Bitcoin and legacy crypto coins saw bulls always managing to reclaim lost ground at the earliest opportunity. That is the scenario is market today. Having found short term support, bulls are aiming to push Bitcoin and legacy crypto coins on the next leg of the upside move. Post falling sharply, cryptocurrency market being decentralized in nature is struggling to see a sharp upside move.
Retail Activity’s Stagnation Prevents Market From Moving Higher
While the fall was nearly instantaneous the same cannot be said for recovery rally. As price action is determined by investor sentiment and trading volume in a market that lacks one clear factor that will always provide fundamental support, news and events are factors have influence a major change in price action. Further, the market will need to see investors reacting to said events and updates. The recovery rally has been a long and hard struggle for crypto bulls. At each stage and at every single critical resistance levels, major assets struggle hard to find a footing and rise above. As of writing this article, BTCUSD pair is trading at $3934.5 up by 0.41% on the day while ETHUSD pair is trading at $133.91 up by 0.94% on the day. Both Bitcoin and Ethereum have finally managed to find strong foothold above $3500 & $130 handle and are now on the path to recover hold above next key resistance level that will allow hurdle free fast move to the upside.
For bitcoin, the pair needs to break above immediate resistance at $4000 followed by $4200 to aim for $5000 mark while for Ethereum, the pair needs to find stability above $135 & $140 handles before aiming for $150 mark. However, retail traders who play a key role in pushing the market to the next leg are hesitating to place speculative bets. Only when the price reaches above a certain threshold will market see an inflow of funds from huge investors and corporate entities who can break the market on its next leg of price action towards reclaiming losses from last year. But retail traders and mid-level investors are currently only aiming at short term profit opportunities which suggests that bulls may retain positive price action but a breakout looms so far away.
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