Scroll Top

Bitcoin Aiming for 39,000? BTC/USD & ETH/USD Price Setups

Bitcoin, BTC/USD, Ethereum, ETH/USD – Outlook:

  • Bitcoin and Ethereum have cleared above minor resistance.
  • Important for BTC/USD and ETH/USD to sustain gains if the rebound is for real.
  • What is the outlook and what are the key levels to watch?

Cryptocurrencies have surged on hopes that the US could soon approve a bitcoin exchange-traded fund. Technical charts suggest there is room for further rise.

BITCOIN: Cracks above the key barrier

Bitcoin has broken above a crucial hurdle at the July high of 31800, triggering a double bottom (the June and September 2023 lows), potentially opening the way toward 39,000. The surge in momentum follows a rise above another vital barrier on the 200-day moving average, roughly coinciding with the end-August high of 28150. The move on the daily charts coincides with a rise out of the bearish Ichimoku cloud on the weekly charts – BTC/USD was last above the cloud back in 2021.

BTC/USD Weekly Chart


Chart Created by Manish Jaradi Using TradingView

Signs of upward momentum emerged last month after a rebound from strong support at the June low of 24750, which kept intact the higher-top-higher-bottom formation since the end of 2022. Importantly, this keeps alive the possibility of an extended recovery given the 2021-2022 decline, reinforcing the bullish medium-term trajectory, first highlighted earlier this year – see “Bitcoin Technical Outlook: BTC/USD Turns Bullish”, published January 18.

BTC/USD Daily Chart


Chart Created by Manish Jaradi Using TradingView

Dips could be limited for now, with immediate support on the 10-hour moving average (now at about 33,000), and stronger support on the 30-hour moving average (now at about 31600).

ETHEREUM: Holds above vital support

Ethereum has been attempting to break above a key hurdle on the upper edge of a sideways channel since August (that comes in at about 1745). A decisive break above could open the door toward 1970, the price objective of the pattern.

ETH/USD Weekly Chart


Chart Created by Manish Jaradi Using TradingView

The bullish momentum started after ETH/USD at a key cushion on the lower edge of the channel at about 1550, not too far from the lower edge of a downtrend channel since April. On the weekly charts, ETH/USD has held above the 200-week moving average, an uptrend line from last year, around the lower edge of the Ichimoku cloud.

ETH/USD Daily Chart


Chart Created by Manish Jaradi Using TradingView

Having said that, for the recovery to continue, ETH/USD would eventually need to cross above the April high of 2145, raising the odds of an extended rebound toward 2400 (the 38.2% retracement of the 2021-2022 decline).

— Written by Manish Jaradi, Strategist for

— Contact and follow Jaradi on Twitter: @JaradiManish

Source link

Recent News
Related News
About Cookies
When you visit our website, it may store information through your browser from specific services, usually in form of cookies to impact your experience on our website and the services we offer.