Futures analysis: Bulls fail to hold key support levels

In the early part of last week, the price of Bitcoin rebounded above the $20,000 mark, and Ethereum approached the $1,400 level. However buyers were unable to hold these levels. At the time of publication, the first cryptocurrency was trading around $19,900 and the second below $1,350.

What to expect from the market this week? We analyse the price levels of Bitcoin and Ethereum on the crypto exchange Bybit.

BTCUSD

After two failed attempts to hold the $20,000 level last week, the price BTCUSD found support around $19,000. The bulls did not abandon attempts to break the resistance and continue to push the quotes toward $20,000.

This week, a retest of $20,000 is expected. If bulls again fail to clear this level, the asset could make new lows below $18,000.

ETHUSD

Last week buyers failed to sustain above $1,400, and Ethereum price again declined to the support at $1,300.

If the upward momentum on the Bitcoin market persists, ETHUSD could retest $1,400. If Bitcoin cannot hold above $20,000, Ethereum could fall to the $1,000 level.

Conclusions

Following the September 13 correction, Bitcoin and Ethereum have traded in a sideways range. If bulls in the Bitcoin market manage to clear the resistance at $20,000, the prospects for resuming an uptrend remain.

Otherwise, Bitcoin and Ethereum will continue making new lows below $18,000 and $1,200 respectively.

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