A very theoretical price range for BTC/USD may be expected between $31360 and $65000.
Bitcoin broke through the key mark of $50000 very recently, and this should not be forgotten.The “hold on and do not sell” phase still prevails in the market.
However, last week has also produced a decline of nearly $15000 for BTC/USD and this cannot be ruled out.
A support area could be established at the $45000 mark. If this price fails then $39700 level could prove the next target.
Resistance near $48000 should be monitored, if it prevails then a push towards $50000 is possible. However, this recent low at $44,000 got tested again and we bounced up, which means that we’re probably going to get buy pressure from this entire green zone here.
Undoubtedly bitcoin made a headline when the month of February began but the journey has been violent and cryptocurrency continues to prove it has the ability to reverse quickly and change the dynamics.
In a new video, Van de Poppe tells his 35,800 YouTube subscribers that Bitcoin (BTC) may have hit a local low and is poised to ignite a bounce above $50,000.
According to Popper:
Now we get into the critical part. After this rejection (around $48,000), what you want to see is acceleration towards this level here ($38,000). However, this recent low at $44,000 got tested again and we bounced up, which means that we’re probably going to get buy pressure from this entire green zone here. So we might be getting into a temporary low phase in which we construct such a pattern.
I would not be surprised if we get a run towards somewhere in $54,000 in the coming weeks, chop around a little bit, get another drop-down, and then we continue moving.”
If we can’t hold this level that we just discussed, we can’t break up, and we can’t hold $45,000, I’m going to look at $37,000 to $40,000.”
The trader says, Ethereum status stands worse than bitcoin but also states that it can bounce back to the current level.
You want to see more strength on this one. In that perspective, critical resistance zone ($1,500) failure. If we flip $1,400 (as support), we are ready to trigger continuation and then I’m assuming we’re going to watch $1,700 to $1,800.”