After the moving hours in the markets, how will Bitcoin (BTC) and Ethereum (ETH) follow the price movement? Here is the price analysis of crypto currency giants with graphs!
Bitcoin rose from $15,995 on November 28 and climbed above the descending triangle pattern that developed on November 30. This is said to have nullified the bearish trend and may have attracted the buying of bulls who are trying to push the price above the 20-day exponential moving average. A close above the 20-day EMA may be the first sign that the bears have lost control. Then the BTC/USDT pair can rise to $ 17,622, and then to $ 18,434, which is the 50-day simple moving average. Sellers can be expected to defend the specified territory with importance.
If the price of the cryptocurrency falls at its current position and experiences a reversal from the 20-day EMA, it can be said that the bulls are buying Bitcoin from low levels. This situation can take Bitcoin to $ 20,000 with a possible rally and then to $ 21,500. Another possibility is that the price will drop from $ 17,622. If the possible Deceleration occurs, the pair may consolidate between $ 15,476 and $ 17,622 for a while longer.
Ethereum fell from the 20-day EMA level of $1,234 on November 26. However, the bulls stopped the decline to $1,151 on November 28. This situation can be considered a sign that there may be a revival in demand for crypto currency and sentiment may turn positive.
Buyers of the cryptocurrency have pushed the price above the 20-day EMA and may try to break above the 50-day SMA level of $1,335 as the next move. If they succeed in their attempts, the ETH/USDT pair may rise to the resistance line of the descending channel. The indicated level can attract strong sales by bears, since a break above the channel may indicate a possible trend change. In order to override the stated bullish view, the bears may need to defend the 50-day SMA and pull the price below $1,051. In a possible bearish scenario, the pair may fall to the channel’s support line.
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