With the agreement of the US government to provide help to its citizens infected with COVID-19 with a huge stimulus of $2 trillion, Changpeng Zhao, the CEO of Binance has predicted that BTC will bull to $100,000. CZ considers that a tiny part of the stimulus would definitely be used to purchase BTC and other cryptocurrencies.
While the US and several other countries are working on stimulus actions to counter the effect of the COVID-19 pandemic on the economy, China is on the verge of implementing its central bank digital currency. It was reported that the CBDC development is complete and regulations are now being drafted.
BTC/USD
BTC may be going bearish because the price is trying to go over the 20-day EMA but without much success.
BTC USD daily chart. Source: Tradingview
Right now, the bulls are trying to drive the BTC/USD trading pair over the $6435 resistance but the bears are also supporting the $7000 resistance. RSI is a little bit under the midpoint and the 20-day EMA is leveling out. These actions indicate a form of balance between the BTC sellers and buyers.
BTC could possibly push to $8343 the 200-day SMA only if the bulls manage to push the price over $7000.
But if the price goes lower than $6435, it might possibly fall to $5660. If this happens, the next resistance is $5000. We advise traders to buy, stop-loss should be at $5600 on long positions.
ETH/USD
ETH is presently shuffling near the midpoint between $117.090 - $155.612. The bears are expected to forcefully secure the 20-day EMA level at the $152.1 resistance.
ETH USD daily chart. Source: Tradingview
If ETH goes lower than $155.612, we should expect a range-bound action for some days. But if the bulls manage to surpass the $155.612 resistance, ETH might likely begin another uptrend.
But if ETH price goes down beyond the present levels to under $117.090, then it is most likely to further fall to $100.
Note: This post is culled from an original article by cointelegraph
