Bitcoin And Ethereum Daily Price Forecast – Market On Path For Yet Another Dead Cat Bound

Cryptocurrency market is seeing the history of price action from recent past currently dominating the market in a loop. One day price goes down and next day price moves up – this is the history of price action in the simplest terms. But it’s not that simple as price action is determined by the sensitivity of traders to price action and their willingness to make speculative bets. There are some trading sessions when bulls resonate with positive headlines resulting in the price of Bitcoin and legacy crypto coins moving above key resistance levels. However, there are also days when bears make significant headway.

BTC & ETH Are Yet to Breach All Critical Resistance Handles To Establish Bull’s Dominance

After seven trading sessions of seeing sharp declines, Bitcoin and legacy crypto coins today saw price action recover a most of the loss and find some stability near intra-day highs. Headlines hit the market of Wabit cryptocurrency wall going live, Wabit has managed to facilitate integrating crypto wallet to mainstream social media chat app such as Telegram and Whats app which could potentially push the cryptocurrency market forward to great extent and facilitate more adoption of bitcoin in the real world. Following yesterday’s consolidative price action Bitcoin has managed to move back above $4000 handle once again.  As of writing this article, BTCUSD pair is trading at $4033 up by 2.57% on the day while ETHUSD pair is trading at $138.97 up by 3.97% on the day.

While bitcoin has managed to breach above psychological resistance of $4000 mark, it is yet to breach resistance at $4085 handle. This price level has been capping Bitcoin from seeing further upside action creating a strong hurdle ahead of $4200 handle which needs to be breached for BTC to move on next leg of positive price action aiming for $5000 handle. Meanwhile, despite positive price action ETH failed to scale above $140 handle. The $140 mark serves as next big hurdle in the path for Ethereum which needs to scale $150 handle to prepare for next leg of positive price action targetting $200 handle. Unless resistance levels mentioned above are breached, Bitcoin and Ethereum will continue to see repeated dead cat bounce scenarios.

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