Despite all the retracement and positive announcements from corporations buying bitcoin, most cryptocurrencies are still trading way below their pivot points. Will the deadlock break today?
Here is the market outlook for today.
The most robust resistance for the past three days now is the $50,900 resistance level. For bitcoin to flip and stay above the $50.9k, traders must defend the $50,500 support level, and afterwards, the $50.9k mark once it flips.
At this time, on-chain data shows more bulls compared to yesterday. The current amount of bulls in the market may be enough to see prices close at or close to the $53,850 pivot point. However, there is not much whalish activity going on at this time.
As the bears keep taunting Ether with a more extended stay, the $1,600 support level has emerged as the strongest to break. Yesterday, both the bears and bulls were locked in a battle that saw the bulls edging.
The bears also had their fair share as they brought prices from as high as $1,692 to test the $1,555 support. Despite all the bears’ efforts to see prices recede to how low it was two days ago, the bears defended the $1,555 support.
At the time of writing, on-chain data shows a reprisal attack by the bulls after ether experienced a strong sell. With a strong buy-in view, Ether may break the $1,700 resistance today.
The weakest resistance so far is $0.477. The $0.477 will possibly break today, and traders must defend it when it flips so that prices will test the $0.48 resistance.
On-chain data shows more traders buying the digital asset with little or no resistance to the current bullish crusade. Traders will put more effort into seeing prices close above the $0.48 mark.
One sure way to know that a cryptocurrency is bullish is seeing it trade above the pivot point. With every passing surge, Polkadot (DOT) edges closer to the $35 pivot point.
The bulls must defend the $33 support to prevent further price fall and to secure a push towards the $35 mark.
Neither the bears nor bulls are satisfied with the current market performance as there is no clear victor among the two. Let’s see how today plays out.
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