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Bitcoin Price Volatility Analysis - What Expected In Upcoming Weekend?
2021-05-30 | Selina Mathew
“A drop lower would likely make the low $20k or the 78.6% retracement a possible target. As such, price action over a subsequent week is especially important.”At now, consistent with filbfilb, it's crucial for BTC to reclaim $37,500 “to avoid a retest of weekly support.” Should Bitcoin manage to stage a rally and break over $40k, filbfilb identified the previous support/resistance zone at $45,500 USD to $46,500 USD AS the next area of resistance that will have to be overcome. While talking on the other part, Ethereum performed slightly better than BTC after it sold off back to the 61.8% retracement as the price was able to recover above the 20 WMA, but was ultimately rejected at the “critical pivot price” of $3k as the recovery momentum faded. Filbfilb identified $2,300 USD as a crucial area of support for Ether that might need to be held if bulls wanted to collect momentum for an effort to interrupt above the $3k level and retest $3,300 USD, with this scenario be highly “dependent upon the strength of Bitcoin.” Overall, the analyst expects that Ether will outperform BTC in any upside move and “at least match any bearish movement.” He concluded,
“For now, eyes are on Bitcoin to ascertain if the lows are often held going into the weekend, with particular attention being around the 200 DMA which is presently the road within the sand for the bulls.”
