Bitcoin (BTC/USD), Ethereum (ETH/USD) Forecasts: Pause Or Pullback?

Crypto markets continue to come back with both Bitcoin and Ethereum having recently punched up to fresh two-month-highs. Each is working with a bit of resistance that’s held those advances at bay, at least for now, but it does beg the question as to whether we’re at the forefront of another strong topside run.

Close Up of Bitcoins

Image Source: Pexels

Starting with Bitcoin: The cryptocurrency caught a very strong bid on the back of the Elon Musk-Jack Dorsey discussion on the topic. The most essential takeaway, at least in my opinion, is how both seemed to take on a bullish tone while alluding to the fact that they’re not planning on selling any of their holdings. Dorsey has already said that Bitcoin is the most important thing that he thinks he will ever work on, and that’s a big statement for a person that’s currently the CEO at two publicly traded companies.

That’s helped Bitcoin to continue its recovery after testing below the 30k handle just two weeks ago. Prices have continued to rally up to fresh two-month-highs, eventually running into resistance as taken from a bearish trendline produced by swing-highs in April and May of this year.

Bitcoin Daily Price Chart

Bitcoin (BTC/USD), Ethereum (ETH/USD) Forecasts: Pause or Pullback?

Chart prepared by James StanleyBitcoin on Tradingview

Bitcoin: The Look For Support

The big question now is whether buyers will step in to offer support, which could keep the door open for bullish scenarios, looking for prices to push up to yet another fresh two-month-high. There’s a prior spot of resistance-turned-support nearby, plotted around 36,623; and below that is another prior swing that could offer support potential at 34,635, which lines up very near the 35k psychological level. A bit lower brings 32,101 into view, and this could be looked at as an ‘s3’ area of support for longer-term, bigger picture outlooks in Bitcoin.

Bitcoin Four-Hour Price Chart

Bitcoin (BTC/USD), Ethereum (ETH/USD) Forecasts: Pause or Pullback?

Chart prepared by James StanleyBitcoin on Tradingview

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