Bitcoin has surpassed the former high recorded in March 2018. This is an indication that some parts of the stimulus package being supplied by several nations to improve the economy is flowing into the crypto market.
As crypto traders, we focus more on price. It is however very encouraging that blockchain is being used by countries and organizations to combat the COVID-19 pandemic. As much as this great for the propagation of the blockchain, we are also very pleased to see the crypto community doing its best globally to assist during these trying times.
At the moment, Bitcoin Dominance is at 66%, this begs the question: Is cryptocurrency about to begin a persistent uptrend? Let's check out the charts.
BTC/USD
The inability of BTC to push past the $7000 overhead resistance has incited its sale by some Hodlers. As a result of this sale, the price of BTC fell below the $6435 support but because of the demand at lower levels, the bears couldn't push below the $5660.47 resistance.
BTC USD daily chart. Source: Tradingview
Presently, the bulls are making an effort to push the price past $6435. If this move succeeds, BTC might retest the $7000 resistance. If the bulls could push the price above $7000, it might move to $7985 and possibly to $9000.
On the opposite side, if the bears succeed in pushing the price below $5660.47, then the next resistance is at $5000. We advise BTC traders to secure their positions with the use of stop-loss at $5600.
ETH/USD
ETH remains in between $117.090 and $155.612. Indications point to the bears being the stronger side as the RSI is in the negative and the EMA is dipping.
ETH USD daily chart. Source: Tradingview
If ETH falls below the current range of $117.090, the price might keep falling to $100 and possibly below $84.250. If the ETH/USD pair bounces off the resistance range, ETH might consolidate for a couple more days.
A break above the $155.612 resistance could see ETH move further up to $198 on the 50-day SMA.
Note: This post is culled from an original article by cointelegraph
