After a downturn at the start of the week with prices of Bitcoin and the major altcoins returning to test the lows of late November, the market reacted by recovering last week’s prices.
This trend confirmed the prediction written on Monday and explained during the last CryptoFocus live video broadcast on Monday.
In fact, the two sub-cycles that ended between Monday and yesterday, Thursday, 22 December, mark higher lows and higher highs, opening the space for a further extension in the coming days.
If so, despite the still ominous clouds, in the short term there are flashes of sunshine on the charts and the possibility of returning to assess the resistance levels identified before the recent declines of the recent weekend.
The coming weekend coincides with the Holy Nativity, a period usually characterized by thin trades.
It is necessary to maintain the levels of these hours to return to revisit a positive weekly close required to boost confidence currently unchanged from Monday’s levels. This a sign that traders have also begun to react emotionally to the disappointments of the past two months.
Bitcoin price predictions
It is necessary to recover and maintain $17k, a level touched a few hours after sinking below $16,300 for the first time since late November.
A dive that lasted a few hours, probably due to a test of supports accompanied by short-term bearish speculation.
Next week will be decisive in trying to limit the damage not only numerically but also statistically.
Ethereum price predictions
The short-term technical structure of Ethereum is similar to that of Bitcoin with the difference in prices.
For ETH, it is necessary to break above $1,300 within the next week to give a signal of both short-term and medium-term reactions.
A stumble below $1,100 would be negative as it would cause emotional defaults and the risk of soliciting bearish speculation that could take advantage of periods of low volumes, such as the current one.