BTC is currently correcting higher after the bulls gained momentum to break above the $10,800 resistance zone. BTC traded as low as $10,524 before starting a sharp uptick that has taken it to $10,934 at the time of this publication.
BTCUSD chart by Tradingview
This upside breakout comes after the BTCUSD pair dropped following news that US President Donald Trump had rejected a proposal from the House of Representatives for another round of stimulus.
Indeed, the BTC price has shown resilience in the past week in the wake of bad news in the crypto space that would have sent prices plunging in a bear market. However, the support at $10,500 has held strong.
Traders are now watching to see if the bulls will generate enough momentum to push prices back beyond $11K.
Decisive Move is Coming For BTC
According to one momentum “algo” analyst, the trading range for BTC is tightening as volatility levels drop. This price action points to an imminent breakout move that will set the trend for “coming weeks.”
Mohit Sorout, a founding partner at Bitazu Capital, tweeted these remarks while sharing the chart below. The analysis demonstrates the two levels that BTC must breakthrough in either direction to set the coming trend.
BTC Breakout To Set Trend For “Weeks” by Sorout |Source TradingView
According to Sorout’s chart, the breakout range for confirmation of trend change stems from $10.2K to $11.2K. A break to the upside would begin a new bull market, while a breakdown below $10.2K could push the BTC price to the unknown.
ETH Price Consolidates Near $350
The ETHUSD pair started a fresh decline on Thursday after rejection at the $355 resistance level. The altcoin traded as low as $333 before the bulls gained momentum to push the ETH price higher.
ETH is currently consolidating losses near the $350 pivotal support and needs to close above this level to avert a decline.The second-largest cryptocurrency is trading just below the $350 support at its current price of $349.
ETHUSD chart by Tradingview
In the coming sessions, the ETH price could nosedive if it continues to struggle below the $350 resistance level. There also seems to be a connecting bearish trend line forming with resistance near $345.
