Bitcoin and Ethereum Price Analysis Against USD

News / 07.04.2020

BTC/USD Pair Price Analysis

The BTC/USD pair was able to secure traction yesterday thereby surging above two barrier levels ($6,980 and $7k). Currently, the pair is trading well over $6.5k and $7k barrier levels.

A look at the pair’s hourly chart shows that a remarkable barrier waits close to $8k and 100-day SMA on the way to the upside. Likewise, on the same chart, there is the formation of a major declining trend line with barrier close to $7,880.

The buyers’ ability to take the pair over the $8k barrier and the 100-day simple moving average may initiate a medium-term uptrend. The immediate major barrier is close to $8.8k and $9k, over which the pair could rise to attain $9.5k.

The possibility of the pair to decline close to the $8k barrier zone is likewise high. If it is rejected close to $8k or $7,880, the pair might begin a downside retracement.

The first support is close to $6.8k and the level is the latest breakout area. Currently, the key support is close to $6.5k, where the buyers could contend. Any additional declines could take the pair towards $5.5k.

ETH/USD Pair Price Analysis

Over the previous few sessions, the ETH/USD pair rose sharply over the $150 barrier. The pair incurred an upsurge that led to price levels over the $165 barrier. While it was rising, it was able to surge over the $155 barrier.

It continued over $170 price level, but a powerful barrier appears to be on the way close to $175 and the 100-day SMA. A look at the pair’s hourly chart shows the formation of a critical declining trend line with barrier close to $182. If the ETH/USD pair is able to surge past $175 and $182 barriers, it may attain a medium-term uptrend.

The immediate major barrier is close to $190, over which the buyers could focus on testing the $200 hurdle. Any additional upsides might take the pair towards $220 in the near term.

The pair’s failure to surge above barriers at $175 and $180 could make it to retrace lower. There is a first support on the downside close to $160.

The initial key support is currently close to $150 and a connecting buying trend line. If the pair closes beneath $150 support level, it might begin another dip. The immediate major support is observed close to $124.

Source: Cryptopress.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.