BTC/USD Pair: 100 SMA May Prompt Fresh Upsurge; ETH/USD Pair: A Critical Support May Prompt a Steep Fall

News / 05.04.2020

BTC/USD Pair Analysis

BTC/USD is striving to obtain momentum over the major $7k barrier. A look at the pair’s 4-hour chart shows the likelihood of a move over $7k if it remains over $6.4k price level and the 100 simple moving average.

Last week, the pair was able to surge past the $7k barrier and established price levels over the 100 SMA thereby attaining $7,273. Later, it retraced to the downside and established levels under $7k. The pair visited the $6.6k support zone and it is now into consolidation within a range.

On the same chart, there is the formation of a major bullish trend line with support at $6,425. Another important observation is the position of 100 SMA close to the trend line and the $6.4k support.

The pair’s failure to remain over the $6.4k support as well as the 100 simple moving average poses the risk of a remarkable fall. The immediate major support is close to $6k, under which the pair might visit the $5.8k support zone.

The pair’s buyers must protect the support at $6.4k and the 100 simple moving average for a new upsurge. A look at the upside shows the first resistance close to $7k.

If the pair surges over the $7k barrier, it may prompt a robust upsurge over $7.2k and $7,270. The immediate key barrier is close to $7.5k, over which there is likelihood of a visit to $7,880.

ETH/USD Price Analysis

The ETH/USD pair is striving to secure bullish momentum over $145 barrier. The pair needs to remain over the $140 support zone for a sustained uptrend.

Last week, the pair surged over the barriers at $130 and $135, as well as $145 resistance, thereby settling over the 100 SMA. It visited the $150 barrier zone where the sellers took a stand. In recent times, the pair moved under $145 but maintained price levels over the $140 support zone.

A look at the pair’s 4-hour chart shows that the 100 SMA is close to $140 support zone for protection against downside break. An important observation is the formation of a key contracting triangle with barrier close to $145.

A downside break under the $140 support zone as well as the 100 simple moving average could strengthen the sellers. The immediate major support is close to $133, under which the sellers could focus on testing the $124 support.

A sustained price levels over the $140 support as well as the 100 SMA could lead to more upside. The initial major barrier is close to $145, and then $150. If the pair closes over the $150 barrier, it could prompt a robust upsurge towards $160 and $164 soon.

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.