Bitcoin and Ethereum Analysis

Bitcoin broke to alltime new high

Bitcoin finally managed to break $2900 resistance zone and make all time new high. Smooth blockchain split and a Segwit lock in helped the move. Today Bitcoin hit all time high at $3,550.

Level $2,900 now is turned into a support, but the move to the upside was too powerful making very unlikely to be tested the next following days. The other support is the area around $3,200.

Ethereum in need just for of a catalyst

The downtrend is over. Ethereum is sitting at an important resistant, 61.8% fibonacci retracement and also 61.8 Fib extension. When Fib lines match up will usually provide a strong support or resistance.

Looking forward, Ethereum needs just some catalyst to push it to new highs. Probably an announcement for Metropolis date will be the event. Looking forward, two levels where higher resistance lies can be 100% Fib extension at $420 then 161.8% extension around $600 level. Midterm support is around $240.

Chart source: Tradingview

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Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.