Futures analysis: sellers fail to breach key support levels

At the start of last week, Bitcoin quotes rose above $19,600. By Friday the price of the first cryptocurrency briefly fell below $19,000, but over the weekend it posted a weekly high at $19,708.

At the time of publication, Bitcoin was trading around $19,200, Ethereum above $1,300. Is a renewed uptrend possible? We analyse price levels of cryptocurrencies on the Bybit exchange Bybit.

BTCUSD

Despite bears’ attempts to breach the $19,000 support, buyers managed to keep Bitcoin above this level.

To renew the upside, BTCUSD bulls must hold above $20,000. If $19,000 is breached again, bears’ targets lie below $18,000.

ETHUSD

Ethereum briefly fell to a local low of $1,250 last Thursday and regained the $1,300 support.

To renew the upside, ETHUSD must overcome resistance in the $1,370 area. If Bitcoin cannot hold above $20,000, a test of the $1,300 support may occur again.

Conclusions

Bitcoin and Ethereum continue to trade in a sideways trend following bears’ failed attempts to breach the $19,000 and $1,300 support levels, respectively.

If buyers of the first cryptocurrency manage to clear the $20,000 level, prospects for a renewed uptrend remain. Otherwise, Bitcoin and Ethereum will continue to post new lows.

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