Bitcoin (BTC) price is leading the bullish momentum ter the market with slight gains. The largest cryptocurrency by market capitalization made an incredible, albeit epistel recovery on Thursday afternoon gaining overheen $200 ter less than 30 minutes. BTC/USD is forming a bullish flag pattern around $7,500 pending another upside momentum with the next target at $7,700,
Retracement levels will offerande resistance spil the price corrects higher. The 61.8% Fibo with the previous sway high of $9,898 and a low $6,450 is a major hurdle towards $8,000. The moving averages signal that the bulls are regaining control. Besides, the Relative Strength Index on the 4-hour chart is recovering from the oversold region. Another indicator, the MACD is deep te the negative region to signal that the bulls lack enough momentum to retrace towards $7,600 before the closing of the session today. An instantaneous support has bot formed at $7,500, however, $7,400 will act spil a stronger support. Further down, the next support targets are at $7,330 and $7,300.
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Top industry analyst, Tom Lee has said that he is still certain that Bitcoin (BTC) will kasstuk $25,000 by the end of the year. He says that institutional investors have bot paying attention to cryptocurrencies and that their meaty investments act spil a catalyst for price gains. Another experienced, MacAfee wrote on his Twitter account that the top ten cryptocurrencies will lead the Bull Run te the market. He also mentioned the idea of institutional clients leading to a price surge spil well.
Ethereum (ETH) price analysis
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Ethereum (ETH) price extended the declines below $600 and even tested $550 before the brief bullish momentum kicked ter. ETH/USD spiked shortly, but the upside movement lacked the momentum to attack $600. At the ogenblik, Ethereum price is facing resistance from the 50% Fib retracement level with the previous sway high of $825 and a low of $364. It is exchanging mitts at $587 but the bulls are psychologically eyeing $600.
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Indicators on the 4-hour timeframe chart are displaying signals of a slow but consistent bullish movement. The RSI is still ter the oversold levels but it is pointing upwards. On the downside, the declines will be stopped above $550, however, the 61.8% Fib retracement level will zekering further movement towards $530.
Binance Coin (BNB) price traded below $12.00 before surging te price to test the key resistance level at $15.Five. The druppel ter price across the market did not spare BNB/USD which descended violating past several key support zones at $14.Five and $14.00. The crypto extended the declines during the trading on Thursday 24 smashing its way through the major support level at $13.00 but the declines were stopped above $12.00.
There is a bullish trend across the houtvezelplaat te the market and Binance Coin (BNB) is loving the slight recovery which will soon test the resistance at $13.00. The gap inbetween the 50 SMA and the 100 SMA is narrowing signalling the buyers are regaining control. Moreover, the RSI has moved from the oversold levels and is now at the 40 mark. The instant support rests at $12.00, but more declines will be stopped at $11.Five. Binance Coin price has bot on an upward trend since last week. The bullish trend could lead to another breakout that couls see binance attack $20.00.