Pentoshi, a closely followed crypto strategist and trader, outlines what he expects for Bitcoin (BTC) and Ethereum (ETH) as the recovery in the crypto markets begins to slow. As Kriptokoin.com, we are looking at the details.
What’s up for Bitcoin and Ethereum?
Nicknamed analyst Pentoshi tells his 434,900 Twitter followers that Bitcoin is currently trading in a wide range between $32,000 and $58,000. Analyst, “BTC [üç günlük] I didn’t realize how clear the chart was. Greater higher timeframe. Upper limits: $58,000. Medium: $45,000. Low: $32,000.
With the middle of the trading range acting as support, Pentoshi looks at the four-hour chart and says that Bitcoin’s rise now depends on how the bulls react when BTC retraces $53,000. “The bears want to defend the $53,000 area but are willing to make concessions up to this level (low-high),” the analyst says.
According to the crypto strategist, a $53,000 rejection means the bulls must defend the around $49,000 support and print higher lows. However, Pentoshi states that a move below $49,000 puts BTC at risk of revisiting support at $45,000.
As for Ethereum, Pentoshi says that the area between $4,400 and $4,500 is a critical level for the leading smart contract platform. According to Pentoshi, a move above this price area will push Ethereum to its all-time high (ATH). However, the crypto strategist warns that a stalled ETH rally puts the second-largest crypto at risk of uptrend reversal. He says to the analyst:
ETH Macro. $4,400 – $4,500 = New ATHs. $3,940-4,000 is key for defense at the moment. I would like to see a push up and some momentum in this round bottom. We want to sell between $4,400 and $4,500.
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