Last week was the onslaught of the bears, however, closer to the weekend, the bulls retook the position, and the price entered a sideways trend with a range of $6600 to$6200.
How can behave the bitcoin price in the future, as well as a little about Ethereum will tell the CEO of the service cryptorg.net and regular contributor ForkLog Andrey Podolyan.
The weekly candle has a bullish doji form. Starting in April, there were two similar candle on the weekly time frame and the next few weeks, this was accompanied by the growth. Therefore, the signal is estimated as positive. With high probability this week the price will continue to rise.
BTC/USD weekly chart
In the last issue, the analysts mentioned that every previous peak prices this year below the previous one. If the trend continues, then I suppose that the next peak can happen to a top of $7000-$7300 (the blue rectangle on the chart). When one of the local extrema will be overcome – it would mean that the trend unfolds. At the moment the closest local extremum is at $8500.
Support has not changed and is still located in the neighborhood of $6000-$5700. The $5700 is critical and when it is broken, the price will tend to $5000-$4500.
BTC/USD daily chart
Ethereum
Ethereum very quickly realized the forecast last week when it was suggested that with high probability the price Ethereum will seek around $250.
It is assumed that a panic sale was organized by major ICO-projects which decided to withdraw from Ethereum and lock in profits. Then there was the headline that brought buyers 20-30% of income.
To go up from these levels will be difficult, the configuration of the patterns on the daily and weekly time frame does not inspire positive. This week, with high probability we are waiting for the flat.
ETH/USD weekly chart
Source
