Bitcoin Looking Set for $14K Breakout and ETH is Looking Strong

The Bitcoin bulls are back in force this week, as Bitcoin cruises through resistance levels without any effort. We’ve seen whales jumping back into Bitcoin, with one buy order worth a whopping 1,192 BTC placed on Binance. If Bitcoin carries on this upwards trend, we could see it pass through the $13,800 resistance with pushback and make its way into the $14,000 region. It’s not just Bitcoin that’s looking promising at the moment. Ethereum (ETH) is starting to pick up momentum on the back of a bumper Bitcoin week. We could see Ethereum head to a fresh yearly high if it can carry on its current trend.

Bitcoin Close to Breaking Past $14,000

Bitcoin has been recovering nicely since its very brief visit to the $9,000 region. Last time Bitcoin tried to pass the $13,800 mark, it was met with a huge amount of resistance that led to it falling below $10,000. As Bitcoin was approaching $13,800, both Binance and Coinbase crashed – leaving crypto traders without the ability to trade. It’s unclear whether it was in response to a huge whale selling a vast amount of tokens on the open market or a simple glitch caused by huge volumes, but it played its role in stripping $2,000 from Bitcoin’s value in a matter of minutes.

There is a tentative support level around $12,440, so as long as Bitcoin can hold this support level, it’s primed for a push above $14,000 for the first time since 2017. There has been an uptick in volume and current trend analysis is pointing towards $14,000 before the weekend is out. If you’re buying in now, set stop losses around the $12,100 mark as the next support level down is $10,800. Prepare to take profits as Bitcoin climbs towards the $14,000 mark, paying careful attention to the $13,800 resistance level.

Ethereum Looking Strong

ETH fell harder than most cryptos following the 2017 bull market, touching $80 at one point. Since then, ETH has built itself a strong foundation and it’s continuing to build upon this as Bitcoin goes parabolic. There is a nice ascending wedge developing on the monthly charts, hinting that we could be heading for a higher highs and higher lows cycle. It also looks like ETH has found support around the $300 mark, giving it plenty of protection for retracement and another push towards $400. This support level developing at $300 is looking strong and will take a lot of downwards momentum to break it.

Crypto markets are coming back to life and most major cryptos are enjoying sitting in the green. We could see Bitcoin break through $14,000 before the weekend is out, so keep your eyes on the charts and get ready to make those trades.

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