Crypto Market Outlook: Around Key Resistance Levels, Will Bitcoin Continue To 48K This Week?

Author: Rizqie Atsir Fadhlullah, Busdev Tokenomy

Bitcoin and other crypto assets are currently trading at a key resistance level. If the bullish movement continues, crypto assets will possibly move positively in the remainder of the 3rd quarter of 2021.

  • Bitcoin is in the determination area

Last week, Bitcoin finally reached its key resistance level and experienced a fakeout. Now BTC is stuck between the 200 Moving Average and the key resistance level, so there are 2 possible moves. First, BTC could retest up to $40,900 and form a head and shoulder pattern, or retest to a key resistance level and form a double top pattern, then drop back down to the $29,000 support level. Second, BTC could also break through the key resistance level and continue growing to $48,000.

  • Ethereum heading towards key resistance level

Ethereum has finally broken through $2,400 and is now heading towards the key resistance level at $2,900. For those of you who were late last week to take a Buy position, it’s better to wait until the price reaches the key resistance level. If there is a rejection, then the price will return to the $2,400 support level. However, if ETH surpasses the key resistance level, the next target will be $3,500. And this movement also signals the start of a bullish market on ETH.

  • Ripple awaits price confirmation

After reaching the resistance area, XRP is now waiting for confirmation of the next movement. The above analysis indicates a little volatility in the resistance area where the price had rejected at the resistance level, but was still restrained by the Moving Average 200. With this condition, if XRP dips below the Moving Average, the price will move back down towards the $0.50 support level. However, if XRP breaks through the key resistance level, then the next move will be towards $1.09.

  • Litecoin prepares for breakout

LTC is now trading around the resistance level. Similarly to XRP, after a rejection occurred, the price is still being held back by the 200 Moving Average. If LTC drops below the Moving Average, it will return to the $105 support level. However, if LTC breaks through its resistance level, it will begin to approach $180.

  • AAVE gets ready to move towards $408

After testing the resistance level twice, AAVE is still stuck at the resistance level and waiting for the confirmation of the next move. As seen in the analysis above, the 200 Moving Average is the support for AAVE’s minor bullish movement. If the price dips below the 200 MA area, it will move down again towards the trendline support around $240. However, if the price manages to break through this strong resistance level, then it will approach the $408 resistance level.

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