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Bitcoin And Ethereum Daily Price Forecast – Crypto Bulls Finally Managed To Crack Hurdles To The Upside

Colin First
Updated

Cryptocurrency market is finally seeing Bitcoin and major legacy cryptocurrencies managing to move above major hurdles to the upside. Crypto bulls have for quite a while now struggled and suffered multiple dead cat bounce on key resistance hurdles to the upside as they aim for long term goals on next leg of upside price action. Today, bulls have managed to crack one such resistance levels and this is clear a sign of improving risk appetite and demand in the cryptocurrency market. However, investors still remain wary of upside move on the possibility of today’s breakout being yet another dead cat bounce with bulls just reaching higher than usual and this has resulted in traders holding back from placing major bets.

Investors Await To See If Gains Will Hold Out Across The Weekend

Considering price action from recent past, it,s the habit of bulls to scale new heights and stabilize above key resistance levels after multiple dead cat bounce scenarios. However, it remains to be seen if Bitcoin and Ethereum have managed to find such a solid foothold above $4000 and $135 mark as a support level. If Bitcoin and Ethereum have indeed found support at above-mentioned price levels then the ongoing rally could in fact be a move pushing forward with the aim to reach further heights. However, news has hit market that CBOE is terminating its Bitcoin futures at the end of this month and that is the cause of concern for crypto investors across the globe.

Investors wait to see if crypto bulls would be capable of withstanding the termination of Bitcoin futures which will see hundreds of millions pulled out in a short while. Such a large withdrawal would usually result in major crypto coins including Bitcoin and Ethereum seeing sharp declines. However, both mining activity and cryptocurrency price have gone up and this could make people at CBOE change their minds which as of yet remains to be a highly unlikely scenario. Bitcoin and Ethereum today have climbed above key resistance at $4085 & 140 handles respectively. But moving forward, the price action needs to hold steady above the mentioned price levels across the weekend and well into Monday’s trading session regardless of profit booking activity for Ongoing price rally to see solid gains and upside price action in long term.

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This article was originally posted on FX Empire

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