In the day, bitcoin (BTC) has made a rebound, as investors anticipate that the CBOE could get approval to launch a bitcoin ETF. In the last 12 hours, bitcoin (BTC) has been trading along the 21-day moving average, having rejected the intra-day low of $6078.
Given that Bitcoin (BTC) has in the recent past bounced back off this price level, it could mean that it is a long-term support level, one that could mark the beginning of a long-term bull rally. The confirmation of this level as a major support level will come from an acceptance of the request by the SEC of CBOE’s request. A possible bull run can also be confirmed in the day charts, where volumes have rose slightly, indicating that buyers are slowly coming back into bitcoin (BTC). However, if in weekend trading bitcoin fails to break above $6700, which is a major resistance level at the 55-day moving average, then it could possibly reverse. That’s because it could lead to market weakness since volumes tend to market declines in the market. This could push it down to around $ 6200, and range there all through the weekend.
Ethereum is up by over 3% in the day, having pushed up from a low of $418 to its current price around $437- $438. This is largely being pushed by bitcoin (BTC)’s rise in intra-day trading. Going into the weekend, Ethereum could test the 55-day moving average, at around $469.This is the first resistance level to the upside. If volumes increase and it breaks above it, it could easily rise to test $500, which would mark the beginning of a short-term bull rally. However, in the scenario that bitcoin declines in value, and overall market volumes decline too, its value could drop to $428, which is a major support level. In essence, trading Ethereum (ETH) over the weekend is very much a volumes game. If volumes rise, Ethereum could rise. The reverse also holds true.. Any news coming up over the weekend could have an impact on the value of this price too.
Like the rest of the market, NEO (NEO) has performed quite well in the day, jumping up 4% to its current price of $33. NEO (NEO)’s rise has not been driven by any of NEO (NEO)’s fundamentals, but by the rise of Bitcoin (BTC), which has pushed up the value of the rest of the market. Nevertheless, even after this rise, NEO (NEO) is still trading below a major resistance level, the 55-day moving average at $35.
This could be a sign of weakness in the value of NEO (NEO). As such, if volumes decline over the weekend, NEO (NEO) could possibly drop back to the $29 – $30 price level, which is a major support level to the downside. However, if it breaks above $35 then it could head higher and test $40 over the weekend.