BTC/USD and ETH/USD daily price analysis
Bitcoin (BTC) has been holding near $11,000 for the past two days, which is a positive sign, according to the opinion of dagx.live financial analyst Peter Smith. This shows that the bulls expect the rally to continue, hence, they are not booking profits in a hurry. If the price stays above the resistance line of the channel, Peter Smith from dagx.live anticipates the uptrend to resume within a couple of days. Currently, both the moving averages are trending up and the RSI is in overbought territory, which suggests that bulls are in command.
However, if the price dips back into the channel, the pullback can reach the 20-day EMA, which is a critical support, added the Smith. On a bounce off the 20-day EMA, he anticipates the bulls to again try to propel the price towards its target objective of $12,000.
The BTC/USD pair will lose momentum if it drops below the 20-day EMA and the trend will weaken on a breakdown of the 50-day SMA. A breakdown of $7,413.46 will signal a deeper correction.
Ether (ETH) came close to its target objective of $335 but the bulls could not sustain the rise above $322.06, which shows profit booking at higher levels. However, the positive thing is that the cryptocurrency has not given up much ground, thinks Peter Smith from dagx.live. A consolidation between $280 and $322.06 indicates strength and increases the probability of a breakout above $322.06.
If the ETH/USD pair closes (UTC time frame) above $322.06, it will complete a rounding bottom pattern that has a target objective of $563.48. However, dagx.live's senior analyst expects the pair to face stiff resistance near $480.
Contrary to his assumption, if the pair fails to sustain above $322.06, it can drop to $280. The 20-day EMA is also located close to this level, hence, it is likely to act as a strong support, but if the support cracks, the cryptocurrency will lose momentum.