A closely watched crypto trader and strategist is outlining what awaits Bitcoin (BTC) and Ethereum (ETH) as the recovery in the crypto markets begins to slow.
Pseudonymous analyst Pentoshi tells his 434,900 Twitter followers that Bitcoin is currently trading within a wide range between $ 32,000 and $ 58,000.
"I didn't realize how clean the BTC [three-day] graphic is. Greater high time frame range. Upper limits: $ 58,000. Medium: $ 45,000. Low: $ 32,000 โ.
With the middle of the trading range acting as support, Pentoshi looks at the four-hour chart and says that the rise of Bitcoin now depends on how the bulls will react once BTC recovers $ 53,000.
โThe bears want to defend that $ 53,000 area but are willing to give up to that level (lowest high).
According to the crypto strategist, a rejection at $ 53,000 means that the bulls should defend the support around $ 49,000 and print a lower setup, which would indicate that buyers are willing to step in at higher prices.
However, Pentoshi notes that a move below $ 49,000 puts BTC at risk of checking support for $ 45,000.
At the time of publication, Bitcoin it is changing hands at $ 50,970, less than 1% in the last 24 hours.
As for Ethereum, Pentoshi says that the area between $ 4,400 and $ 4,500 is a critical level for the leading smart contract platform. A move above that price zone would push Ethereum to a new all-time high (ATH), according to Pentoshi.
However, the crypto strategist warns that a stalled ETH rally puts the second largest crypto at risk of reversing its uptrend.
โETH Macro.
Reject at a lower high and probably new reverse Uno card lows.
Above $ 4,400 - $ 4,500 = New ATHs.
$ 3,940- $ 4,000 has been the key place for the defense now. Currently long. I'd like to see an upward push and some momentum on this rounded bottom. Looking to sell $ 4,400 - $ 4,500 ".
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