Bitcoin’s price has started to fall again after a brief period of stability near $44,800. A breach below the $42,000 support level occurred. Ethereum followed a similar pattern and began a new downward trend from the $3,185 resistance level.
A well-known analyst is arguing for an enterprise-grade altcoin that focuses on security and regulatory compliance (HBAR) while keeping an eye on the main cryptocurrency Bitcoin (BTC).
With a chart showcasing the weekly demand for HBAR in sequences of three “drives” dating back to March of last year, pseudonymous trader Credible Crypto informs his 309,500 Twitter followers that he’s bullish on Hedera (HBAR).
When prodded for more information by a follower, Credible clarifies that he anticipates demand to outstrip supply, causing Hedera’s price to rise.
“Multiple sweeps of key HTF [high time frame] swing lows into the same region indicate buyers are stepping in to buy the dip in that region and when demand exceeds supply during a correction we get a reversal.”
Between August and late November last year, the coin was in a strong bullish pattern. The coin is currently trading at a resistance level of $ 0.35 and a long-term support level of $ 0.15. On the hourly chart, the coin is currently challenging resistance at $ 0.26. It remains to be seen whether the coin can break through the barrier or if it will remain in the present trading range.
Moving on to Bitcoin, Credible responds to a Monday tweet on the cryptocurrency’s sideways price behaviour. According to the analyst, Bitcoin is on track to break through $45,000 in the near future. BTC is expected to rise to $45-47k from here, according to him.
The 24-hour data for Bitcoin shows a loss of 7.32%, which has taken its price to the $40,810.23 range. On the upside, an initial resistance is near the $41,000 level. A clear move above the $42,250 resistance zone might start a decent increase. The next major resistance is near $42,750, above which the price might rise towards the $43,200 level.
If bitcoin fails to start a recovery wave above the $41,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $40,350 zone.
The next major support is seen near the $40,000 level. If there is a downside break below the $40,000 support zone, the price might gain bearish momentum for a move to $38,800.