The post Crypto Market Analysis: What’s Next For Bitcoin And Ethereum? appeared first on Coinpedia Fintech News
Crypto analyst and influential YouTuber Chris, a.k.a Satoshi Stacker, recently delivered his projections for the future movements of Bitcoin and Ethereum.
Keep on reading to benefit from his insights.
Bitcoin’s Range-Bound Movement
After a notable drop followed by a subsequent rise, Bitcoin is currently trading within a range, showcasing its acknowledgment of established support and resistance levels. Chris highlighted that the market is currently in an indecisive phase, leaving market participants uncertain about the next directional move.
Price Volatility Amid Bullish Sentiment
Despite an overall bullish sentiment, ongoing comments from Federal officials and events unfolding in the traditional markets contribute to price volatility. Chris believes that, on balance, Bitcoin may experience some upward pressure. He does, however, acknowledge a recent rejection at a key resistance level of $27,000, which, although not a particularly positive sign, does not deter him due to his robust trading strategies.
Also Read: ‘Rich Dad Poor Dad’ Urges You to Buy Bitcoin, Warns of a Devastating Crash – Coinpedia Fintech News
Ethereum: Levels To Watch
Analyzing Ethereum, Chris emphasized the altcoin’s ability to maintain its position above a crucial support level of $1,805. He suggests that if the Ethereum price continues to trend downward, this level could serve as the next line of defense. Additionally, he emphasized the significance of a key resistance level in the traditional markets, often corresponding to the peak of a bear market rally.
Bot Trading and Adaptive Strategies
Chris incorporates bot trading into his strategy, which has proven profitable thus far. Anticipating a decisive move in the market, he plans to react accordingly, adjusting his bot positions in response to significant upward or downward shifts.
In addition to his direct trading insights, Chris pointed out an interesting trend: Bitcoin prices tend to drop during the Bitcoin Miami conference. He advises traders to keep a vigilant eye on this pattern as the 2023 conference unfolds.
At the time of writing, Bitcoin was trading at $26,905, while Ether was valued at $1,814.