Bobbly Lee, founder, and CEO of Ballet anticipates Bitcoin going up to $10,000 during the halving which is scheduled to occur in a few weeks. He believes that governments of nations will keep on printing lots of money to boost the economy and the abundance of money would, in turn, cause inflationary pressures. As a result, more investors would opt for Bitcoin and this would cause the price of Bitcoin to surge to $25,000.
Currently, the crypto market capitalization has increased to about $200 billion. This begs the question: will there be an uptrend for major cryptocurrencies since the market cap is increased? Let's examine the charts.
BTC/USD
The bears are definitely not going down without a fight as BTC is still struggling to get past the 50-day SMA. But if the price can be retained above the 20-day EMA for some days, this will be a sign of strength.
Source: Tradingview
If BTC bounces of the$6782 support, this simply shows that traders are strongly buying the dip. This might cause the price to go over the $7413 resistance and then possibly move on to $8000 which at this point might be met with aggressive resistance. If BTC gets to $800, then there's a good chance it will continue upward to $9000.
This bullish view would be invalidated if BTC/USD goes down under the 20-day EMA from its present position. If this happens, it'll be a sign of weakness.
Traders should retain their positions, stop-loss at $5600 which can be increased once the price moves above $7500.
ETH/USD
After the sharp uptrend in the price of ETH on the 6th of April, a resistance is presently being encountered at the $178 on the 50-day SMA.
Source: Tradingview
ETH/USD may struggle to break out of the $155.62 level and if it succeeds, it could break the 50-day SMA and go as high as $208.50 and possibly $250.
But if ETH goes below the $155.612 level and then the $148 (20-day EMA), then this is a sign of weakness. We advise traders to retain their long positions, stop-loss at $135.
Note: This post is culled from an original article by cointelegraph
