- Bitcoin (BTC) may see uptrend if prices cross $11600. Can drop if $11000 fails.
- Ethereum (ETH) can touch $800 if prices cross $380. Can drop to $180 if $250 support breaks.
Pranjal Sharma’s technical analysis for BTC and ETH is already live on our youtube channel, and the video is in Hindi. Hence this article is pretty much a translation of the same.
BTC/USD – Neutral
On a weekly timeframe we can see a ~25% dump just yesterday. We reached the last week target of $13500. This was an inevitable correction.
There is good support above $11000, if market can break $11600, levels of $13000 will be cakewalk. However, breaking $11000 would mean the price falling below to $9500. Market is highly volatile and have to wait until weekly end. A weekly candle ending around $11000 would mean a bear market for the next couple months.
Indicators show a bit of reversal. RSI is going up from 40 levels. EMA weekly is holding the current levels well. For daily EMA, $11000 is the price to watch.
ETH/USD – Neutral
A similar to Bitcoin fall was witnessed on ETH/USD market as well on Thursday. Major Resistance is between $350 and $380, the wick dropped from those levels as well. $380 is an important mark to break for ETH to fly to $800.
If the price falls below $250, which is a good support, we may see it going further down to $180.
MACD has no crossover, RSI is above 60 indicating bullish trend. A small resistance at $300 needs to break to go up or else we can see ETH slumping to $270 or $250 in short term.
Cryptocurrency price is India is trading at various premium rates across multiple exchanges. Currently only a handful of exchanges offer INR based trading service, you can find the list here.
To get more insights into the price analysis, please watch our video below:
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