This week was undoubtedly bullish in the cryptocurrency market. The major coins saw serious increases. The same is true for small-cap cryptocurrencies, as the notion of a booming altcoin season is strengthening.
Bitcoin is up by a strong 15.8% this week as the cryptocurrency starts to push back toward the $60,000 level. It found support at the 50-day MA last week, at around $50,200, and started to rebound.
Throughout the course of the week, Bitcoin managed to push higher as it broke above $55,000 and the 50-day MA on Monday. It continued increasing until reaching as high as $60,100 today. It has since dropped slightly as it trades around $59,550.
Looking ahead, once Bitcoin reclaims $60,000, the first level of resistance will be located at the ATH price of $61,780. Beyond the ATH, resistance lies at $62,400 (1.272 Fib Extension), $63,766 (1.414 Fib Extension), $65,000, and $65,720 (1.618 Fib Extension).
On the other side, the first support lies at $58,355. This is followed by $57,500, $56,600 (20-day MA), $54,675 (.382 Fib), and $52,470 (.5 Fib).
Ethereum saw a stronger 26.3% price hike this week as it makes its way back toward $2000. The cryptocurrency was trading inside a short-term symmetrical triangle pattern at the beginning of the week as it rebounded from the lower boundary at around $1600.
On Monday, ETH managed to push above the 50-day MA to reach the upper boundary of the triangle. It was finally penetrated on Wednesday, and ETH continued above the March highs of $1944 yesterday. Today, it increased beyond $1960 to breach $2000, where it currently trades.
Looking ahead, the first level of resistance lies at the ATH price of $2056. This is closely followed by $2060 (1.414 Fib Extension – blue), $2100, and $2140 (1.272 Fib Extension). Added resistance lies at $2210 (1.414 Fib Extension) and $2300 (1.618 Fib Extension).
On the other side, the first level of support lies at $1960. This is followed by $1900, $1830 (.382 Fib), $1740 (50-day MA), and $1650.
Ethereum also started to perform well against Bitcoin. For the majority of the month, ETH had been struggling against BTC but managed to find support at 0.03 BTC, forming the floor of a descending triangle pattern.
This triangle was penetrated on Wednesday when Ethereum managed to break past the December 2020 highs at 0.0318 BTC. Since then, ETH crept higher to reach the current resistance around 0.0337 BTC, provided by the November 2020 highs.
Looking ahead, once the buyers break 0.0337 BTC, the first level of resistance lies at 0.035 BTC (March 2021 resistance). This is followed by 0.0361 BTC (March 2019 highs), 0.0385 BTC (bearish .5 Fib Retracement), and 0.0396 BTC (Feb 2019 Highs).
On the other side, the first support lies at 0.033 BTC. This is followed by 0.0318 BTC (December 2020 Highs), 0.03 BTC, and 0.0295 BTC.
BNB is up by a whopping total of 48.2% over the past week as it currently battles the $348.66 resistance. It created a fresh ATH price today of $357 but seems is showing some weakness at a 1.414 Fib Extension, where it currently trades.
The coin rebounded from $235 at the start of the week and had been pushing higher ever since. It managed to create a fresh high-day closing price on Tuesday and continued upward from there to make the new ATH today.
Looking ahead, once the buyers break $348 and $350, the first level of strong resistance lies at $380 (1.618 Fib Extension – blue). This is followed by $400, $410, $425, and $440 (1.414 Fib Extension).
On the other side, the first support lies at $326. This is followed by $300 (.236 Fib), $263 (.382 Fib), $250, and $236.65 (.5 Fib).
Binance Coin is also performing well against Bitcoin but is still yet to create fresh ATHs. At the start of the week, BNB was…