Analyst Crypto Rover discussed Bitcoin and Ethereum in a YouTube video on Wednesday. He focused on Bitcoin’s present pattern following the bearish divergence. Based on the analysis, Bitcoin has shifted to the previous resistance level, meaning it can break through. According to the analyst, this is the current critical phase, indicating that the price may surge in the next few weeks.
Bitcoin’s Resistance Levels
Bitcoin’s price reached a resistance level of nearly $20,000 in November 2020 before rallying to the next level. Rover’s outlook remains unchanged, with Bitcoin struggling to trade near the $100,000 mark. In an X post, he clarified that this level does not represent major resistance for Bitcoin, with the real resistance lying at $110,000.
Rover also pointed out that the bearish divergence he predicted had played out, with Bitcoin holding steady at a crucial level that was previously resistant. This support coincides with an upward trending support line and a horizontal level, which Bitcoin has just broken.
Another pattern that caught Rover’s attention is the hidden bullish divergence in momentum. As the price of Bitcoin is making higher lows, the RSI is making lower lows. This divergence indicates that the market may be getting ready to reverse from the bearish pattern it has seen recently.
Ethereum’s Potential Breakout
Rover also explained Bitcoin’s Dominance at the beginning of the rising wedge breakdown. This could mark the start of an altcoin season, as defined by the long-held Bitcoin dominance trend line. As of press time, Bitcoin is trading at $93,839, with a 1.35% gain in the last 24 hours, while Ethereum, at $3,450, is up 3.81%.
Bitcoin Nears $100K and ETFs Sees Record $3.38B Weekly Inflows
In a recent X post, analyst Jelle shared his thoughts on Ethereum, suggesting that the coin is quietly gearing up for a breakout. He emphasized that Ethereum’s current downtrend is likely to end soon, which could lead to a surge in price. Once Ethereum escapes this downward momentum, Jelle expects it to enter a phase of strong price action.
Bitcoin may still be in the consolidation process, and its future remains uncertain, while Ethereum is likely to break the current trend. Investors, in particular, should pay attention to the support and resistance levels when these changes occur.
