If the last week passed on the crypto market under a clear bearish sign, then the events of the past five days are far from being so unambiguous. For almost the entire week, Bitcoin tried to reach the $44,000 level and on Thursday it still managed to “realize its plan”. True, the main cryptocurrency lasted at a peak of $44,400 for the whole day, after which its price corrected to the traditional $42,500 for the beginning of 2022. Some experts, including the CEO of the Swiss bank SEBA, Guido Buehler, noted bullish sentiment in the market, but in fact about this can only be said in the long term. The market continues to stagnate, capitalization remains at the level of $2 billion, and only Dogecoin "turns green" against the background of the red tickers of its "brothers". However, many forecasts suggest that very soon the situation will become more definite and it will become clear where to redirect assets to compensate for losses.
Unlike last week, Bitcoin price forecasts have become more neutral. The asset has consolidated in the $40,000 — $44,000 range and does not seem to be going to make “sharp moves”. However, according to the indicators of the moving average (MA 50), which is confidently directed to cross below the moving average (MA 200), the BTC chart is coming close to the “Death Cross” pattern. The only thing missing to implement this pattern and keep the downtrend stable is a powerful break below $40,000.
On the other hand, the $45,000 level could be the first major hurdle for bulls in the reverse scenario. If they can break it, the next target is likely to be the resistance zone around $48,000, where a break above could test the $50,000 psychological level. According to crypto analyst Lark Davis, a supporter of the “death cross” scenario, there have been eight such figures in the history of BTC, four of which indicated the bottom and four foreshadowed sales in the range from 30% to 65%. But, the crypto-gold chart also remembers “false crosses”. For example, in October 2019, one of these was triggered by a 42% pump the previous day, and the consolidation after the “Death Cross” in June 2021 led to a new bullish move. That is, such a figure is not the most unambiguous signal to sell, but in the longer term it can become a sufficient reason to buy an asset.
On Thursday, Ethereum reversed in the upside direction and broke through two powerful resistances at $3,320 and $3,400, crossing the 100 hourly simple moving average. But the upward movement of momentum was not followed, so the price of the asset corrected below $3300, rebounding from the high at $3412. Then, in the downtrend, there was a break below the 23.6% Fibonacci retracement level of the key uptrend from the phase's low at $2,931. On top of that, the hourly ETH/USD has broken below the main bullish trendline with support near the $3300 position.
Right now, crypto silver is trading just above $3,250 and the 100 hourly simple moving average. The nearest resistance is near the $3,300 level, and the first major resistance is near the $3,320 mark. A clear move above this position in the near future could start a new rally to $3,400 and above. However, experts say that in order to continue the upward movement, ETH must close the trading week above $3250. And it looks like that's where it all goes.
Another fixation of the "Mask effect" occurred after the "Father of electric cars" tweeted about the listing of DOGE as a means of payment for purchases of Tesla's merchandise, after which the price of the main meme-crypto soared by 16%, reaching a weekly high at $0.200369. But there is a nuance here. The fact is that for goods paid for by Dogecoin, the company will not return the money to the buyer if he decided to return the purchase. And, perhaps, this influenced the price of the asset, which later corrected below $0.2.
True, after a low at $0.192, the coin has already risen to $0.199 in just a few hours. Therefore, it is very likely that the price of DOGE will break the resistance at $0.2 again and continue trading at November prices in the near future, which we all hope for.