After weeks of uncertainty, major crypto coin Bitcoin and Ethereum have kicked off the week on a high note following a bullish weekend amidst fears of a second wave of the coronavirus. Bitcoin was trading at $9, 375 on Sunday and has since gained 0.78% to trade at $ 9,778 at the time of writing.
Ethereum has gone up by 0.18%, breaking the $240 resistance level to now trade at $243.22 at the time of writing. It’s also a positive start to the week in regards to major altcoins, including Litecoin, Stellar’s Lumen, Bitcoin Cash, Binance Coin, and Tron’s TRX, which have all recorded a significant price increase.
Bitcoin Breaks the $9600 Resistance Level
Following a week without a significant price increase, Bitcoin has consolidated past the $9600 resistance level following increased buying activities, particularly during the Asian trading session. After breaking the USD 9600 resistance level, Bitcoin now eyes the $10, 100 resistance level with the possibility of the price rallying upwards towards the $11, 600 area once this resistance area is broken.
However, Bitcoin analysts are predicting a short-term bullish trend with increased volatility, which could mean doom for most intraday traders. The coin may experience a hard time rising as signaled by the intraday RSI, which is flat close to the overbought area. Nonetheless, with a leveraged futures option, investors can cushion themselves from intense volatility.
All in all, this week will be a crucial moment for Bitcoin to establish a clear price trend and avert sideways consolidation. As of now, the upward resistance zone is between $10, 500 and $11,000. There is also a huge chance of an upward price consolidation near the resistance zone ending with an upward break-just like it did this time.
Ethereum Bulls
Ethereum ended last week on a bearish trend and fell by 0.43% on Sunday before ending the week down by 1.53% to $227.81. Ethereum started the day on a bullish trend recording an early morning intraday of $235.29. The price then slid to a late intraday low of $232.00 before rising again to $244.22 at the time of writing.
After breaking the $240 resistance level, Ethereum is now eyeing the $250 and $255 resistance zone. If the trend continues as witnessed today, Ethereum could easily hit $250 by the end of this week.
As Ethereum and Bitcoin price surge, altcoins have also taken a similar trend with Litecoin, Stellar’s Lumen, TRX, BCH, BNB, and EOS all on a bearish trend. As the week commences, the crypto market seems to be gathering an upward momentum pointing at good things to come.