Most of the cryptocurrency assets have not had the best of times in the past couple of months. The market hiccups have even affected top coins such as Bitcoin and Ethereum. Here is the technical analysis for Bitcoin and Ethereum; the two leading crypto coins as of 8th of December 2019.
Bitcoin’s Full Analysis
Earlier today, in the Asian session, Bitcoin weakened as its main market price slid. The pair of Bitcoin and the US Dollar declined steadily from 7643.00 (the price during yesterday’s Asian session) to the low level of 7453.38.
Traders have continued to keenly observe the attempts of the market to keep the pair trading above the price level of 7039.45. This particular level represents a retracement of 61.8% of the price range of 6256.00 to 7870.10. Recently, the pair traded below and above the price area of 7198.05, which represents 50% retracement of the similar range.
Upside Momentum For The Bulls
The Bitcoin and US Dollar bulls can now extend certain upside momentum. This has catapulted the pair higher from the recent low around the price area of 6526.00. The levels that the traders need to pay attention to include the 7884.76, 8723.78, as well as 8304.27.
If the bears of Bitcoin and the US Dollar are able to resume their recent downside momentum, then the traders will have to focus on the downside price targets that range between 4738 to 6653.
The Technical Indicators
The current price activity is close to the 4-hourly 50-bar MA at 7,395.55 and the 4-hourly 50-bar MA at 7,469.36. The main technical support is expected around the price ranges of 6323.42, 6653.57, as well as 6775.47, and the Stops are expected below. The main technical resistance is expected to be around the price of 8338.78, 8062.04, as well as 7870.10.
Focus On Ethereum
The pair of Ethereum and the US Dollar came off early in the Asian session of today’s morning. After being capped in the region of 149.88 in the previous’ day’s Asian session, the pair later depreciated to the price area of 149.88.
Crypto chart experts are closely monitoring the activity of the market to check if the traders can keep the pair above the price area of 144.77. This will represent a 50% retracement of the price range of 157.73 and 131.80.
Bulls Back To Upside Momentum
The bulls of the pair of Ethereum and the US Dollar can now get back to the upside buying activity. The main price areas that will be monitored are 160.15 and 161.39. These will be the main upside price objective targets, and there are certain Stops in the mentioned price levels.
If the bears of Ethereum and USD continue to push the market with the downside selling action, then the other area that will be closely watched is the 137.92 area.