After consolidating in a tight range between $22500 and $24500, Bitcoin may finally be ready for a breakout. Traders should keep an eye out for a close above $25000 on the 4-hour time frame as it could mark the start of a strong rally.
However, traders must be patient and wait for a close above the zone before taking any positions as the resistance has proven to be very strong in the past few weeks. This is why there is a chance of a false breakout being seen too which is why stop-losses should be maintained.
If a breakout is seen in the coming week, expect a strong move towards the previous consolidation zone at $30000! This view is only valid if we see a breakout above the zone at $24500, moreover, this could lead to a strong move in numerous coins too. There has been an increase in volumes too near the breakout zone which is signaling a strong breakout and that the breakout will be sustained by the price. Bitcoin also has increased support at the moment with global markets performing well as they have started recovering from their lows!
Ethereum to hit $2000 soon?
Ethereum seems to be on track to hit the $2000 mark once again after it recently broke the resistance at $1700. ETH should not face any hurdles in the coming weeks and the strong uptrend is expected to continue. This comes after rumors suggest that Ethereum’s big proof-of-stake blockchain switch could be seen as early as September 15th!
It is not looking like Ethereum will stop at $2000 and could continue its rally in the coming months. However, traders should always maintain caution to avoid getting caught in sharp sell-offs such as the one seen earlier in June.
ETH has also broken out of the down-trending channel which is indicating that this is just the start of a rally and that there is more to come! Traders can set a target of $2200 once Ethereum hits $2000.
It is really important for a trader to follow these price changes and plan his/her execution properly. Here on CoinPanel, we would like to help you with using your research and knowledge towards a profitable trading experience!