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The crypto market rally continued today but now with lower volatility for Bitcoin as the cryptocurrency price entered into a tighter range today as the price gets ready to break out of the converging pattern on the 4-hour timeframe.
The Ethereum price on the other hand skyrocketed more than 4% in gains today. This ETH rally also had an immediate effect on the Altcoin market, causing a small intraday rally for Altcoins.
Can we expect this crypto rally to extend into tomorrow? Continue reading to find out the key levels we are watching.
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Bitcoin Bullish Mementum Fadding!
The Bitcoin price was barely able to close the treading day green with only a gain of 1%. This low volatility in the Bitcoin price points to a fading bullish momentum in the Bitcoin price as it enters into the last phase of ranging within the converging pattern on the 4-hour timeframe before it breaks out!
The key level we are still watching is the $28k support. As far as Bitcoin continues to trade above this daily support we will remain bullish on the price.
If this bullish prediction plays out, we might see Bitcoin surge to around the $50k region soon. However, a break of the $28k support could indicate more sell-off for Bitcoin.
ETH AT $20k Resistance!
The Ethereum price is still trading within the flag pattern we have been monitoring all week. Within the pattern, the ETH price is currently trading at a key resistance level on the 4-hour time frame. This price level was tested throughout today by ETH but was unable to break through it.
If this level holds, there is a very high probability that we might see a sell-off back down for ETH soon!
However, if ETH manages to break through that $20k key horizontal level, the bulls will still be faced with the descending channel for the flag pattern we are currently trading in.
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