Bitcoin And Ethereum Daily Price Forecast – Crypto Bulls Finally Managed To Crack Hurdles To The Upside

Bitcoin and Ethereum cracked a key resistance but it remains to be seen if its a dead cat bounce or not.
Colin First
Bitcoin 1

Cryptocurrency market is finally seeing Bitcoin and major legacy cryptocurrencies managing to move above major hurdles to the upside. Crypto bulls have for quite a while now struggled and suffered multiple dead cat bounce on key resistance hurdles to the upside as they aim for long term goals on next leg of upside price action. Today, bulls have managed to crack one such resistance levels and this is clear a sign of improving risk appetite and demand in the cryptocurrency market. However, investors still remain wary of upside move on the possibility of today’s breakout being yet another dead cat bounce with bulls just reaching higher than usual and this has resulted in traders holding back from placing major bets.

Investors Await To See If Gains Will Hold Out Across The Weekend

Considering price action from recent past, it,s the habit of bulls to scale new heights and stabilize above key resistance levels after multiple dead cat bounce scenarios. However, it remains to be seen if Bitcoin and Ethereum have managed to find such a solid foothold above $4000 and $135 mark as a support level. If Bitcoin and Ethereum have indeed found support at above-mentioned price levels then the ongoing rally could in fact be a move pushing forward with the aim to reach further heights. However, news has hit market that CBOE is terminating its Bitcoin futures at the end of this month and that is the cause of concern for crypto investors across the globe.

Investors wait to see if crypto bulls would be capable of withstanding the termination of Bitcoin futures which will see hundreds of millions pulled out in a short while. Such a large withdrawal would usually result in major crypto coins including Bitcoin and Ethereum seeing sharp declines. However, both mining activity and cryptocurrency price have gone up and this could make people at CBOE change their minds which as of yet remains to be a highly unlikely scenario. Bitcoin and Ethereum today have climbed above key resistance at $4085 & 140 handles respectively. But moving forward, the price action needs to hold steady above the mentioned price levels across the weekend and well into Monday’s trading session regardless of profit booking activity for Ongoing price rally to see solid gains and upside price action in long term.

Please feel free to let us know what you think in the comments below. 


Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.