On October 25, Bitcoin broke through the $20,000 level after a prolonged flat. The next day prices tested the $21,000 mark but could not hold it.
At the time of publication, Bitcoin is trading around $20,300, Ethereum above $1,500. Is a continuation of the uptrend possible? We analyse the price levels of cryptocurrencies on the Bybit exchange.
BTCUSD
On October 29, Bitcoin reached a local high of around $21,088, but could not hold the $21,000 level.
For the continuation of the uptrend, ETHUSD bulls need a consolidation above $20 000. If this psychological level is breached, Bitcoin could fall to the $19 000 support.
ETHUSD
On October 25, Ethereum overcame resistance at $1400 and reached a local high of $1663 by the end of the week.
For the continuation of the uptrend, ETHUSD needs to overcome resistance in the $1650 zone. If Bitcoin cannot sustain above $20 000, a retest of the $1400 support is possible.
Conclusions
Bitcoin and Ethereum are attempting to break the downtrend and hold the $20,000 and $1,500 levels, respectively.
A firm hold above these levels could lay the groundwork for a renewed uptrend.
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