Forex analysis review

Forex analysis review

Ethereum rejected at resistance

Posted: 28 Mar 2021 12:05 PM PDT

Ethereum has risen from $1,544 to $1,731 level in 3 sessions. Price has respected the upward sloping trend line support but got rejected at the horizontal resistance at $1,700-$1,720. What was once support it is now resistance after the break down.

analytics6060d3205f7e3.jpg

Red rectangle -resistance

Blue line- bearish divergence

Black line - support

Ethereum is still in bullish medium-term trend as long as price is above the black trend line support. Bulls need to recapture the $1,700-$1,720 level. The rejection we are witnessing today is not a good sign for bulls. If followed by a break below the black trend line support then we could see more selling pressures push price towards $1.400-$1.370.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of BTC/USD for March 28, 2021

Posted: 28 Mar 2021 02:41 AM PDT

analytics60604f131ff51.jpg

Trading BTC/USD : Bitcoin

Closing above the Pivot Point ($55,205) could assure that BTC/USD will move higher towards cooling new highs.

The bulls must break through $56 k in order to resume the up trend.

Note :

As we know that :

  • 1 BTC ---> $ 55,900 approximately
  • 1 ETH ---> $ 1,709 approximately
  • So, 1 ETH ---> 0.03057245 BTC.

For that one Ethereum is only worth 0.03057245 Bitcoin (March 28, 2021).

BTC/USD is at an all-time high against the dollar around the spot of $ 55 k - $56 k.

BTC/USD is inside in upward channel. Closing above the major support ($ 55,205) could assure that BTC/USD will move higher towards cooling new highs.

BTC/USD is continuing rising by market cap at a range between $1000 and $2500.

BTC/USD is trading at $ 55,900 after it reached $56,356 earlier. BTC/USD has been set above the strong support at the price of $ $55,205, which coincides with the 50% Fibonacci retracement level.

This support has been rejected three times confirming the veracity of an uptrend. The market is likely to show signs of a bullish trend around the spot of $55,205.

Buy orders are recommended above the area of $ $55,205 with the first target at the price of $ 56,356; and continue towards $57,000 in order to test the last bullish wave.

On the other hand , if the BTC/USD fails to break through the resistance price of $ 57,937 today, the market will decline further to $ 55,205 (return to pivot).

The material has been provided by InstaForex Company - www.instaforex.com

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