As Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) traded higher as of Wednesday evening, four analysts and expert traders shared their thoughts on the two largest cryptocurrencies by market capitalization.
What Happened: Cryptocurrency analyst Benjamin Cowen provided an update on the Bitcoin support band on his YouTube channel.
He believes that Bitcoin has to move above both the 21-week EMA (Exponential Moving Average) as well as the 20-week Simple Moving Average (SMA) and hold them as support for bullish sentiment to prevail.
The 20-week SMA is currently at $51,000, while the 21-week EMA is currently at $46,800, Cowen noted.
Pseudonymous analyst Credible Crypto said that Bitcoin can see resistance between $45,000 and $47,000, and further consolidation under this resistance will enable it to form a stronger base for a move higher.
$BTC holding up well here but we are still up against monthly resistance and the "focal point" of that resistance is between 45-47k. Further consolidation/chop under this resistance to form a stronger "base" is healthier for future "up only" action. pic.twitter.com/aEpiR0uyDj
— Credible Crypto (@CredibleCrypto) February 9, 2022
See Also: How To Buy Bitcoin (BTC)
Amsterdam-based cryptocurrency analyst Michael Van De Poppe said that Ethereum’s next focus area will be the $4,000 range if it breaks through a weekly order block that could provide resistance.
For #Ethereum, the same principle lines up here as with #Bitcoin.
— Michaël van de Poppe (@CryptoMichNL) February 9, 2022
Looking at a weekly order block providing resistance, most likely.
If that rejects, we'll be seeing some more consolidation.
Breaking through the weekly block -> next area $4.000 zone. pic.twitter.com/JHZQJthJHS
Cryptocurrency analyst Justin Bennett noted that Ethereum’s entire price action below the support level was a false break. He added that a false break to one side of a pattern usually results in an extended move in the opposite direction.
All of that PA below support ended up being a false break.
— Justin Bennett (@JustinBennettFX) February 9, 2022
False breaks to one side of a pattern usually trigger an extended move in the opposite direction.
pic.twitter.com/JVLOprb2I8
Price Action: Bitcoin is up 1.1% during the past 24 hours, trading at $44,054.14 at press time. Ethereum is up 2.9% during the period to $3,183.06.
