Ethereum (CRYPTO: ETH) and Bitcoin (CRYPTO: BTC) are trading lower Friday in a cryptocurrency market that is dipping lower.
Benzinga ran a Twitter survey to see whether traders thought the chart of Ethereum or Bitcoin looks more bullish. It was found that 75.5% of Benzinga followers think Ethereum looks more bullish while 24.5% think the Bitcoin chart looks more bullish.
See Also: What Is Bitcoin, and How Does it Work?
Ethereum Daily Chart Analysis
- Ethereum looks to have broken out of an ascending triangle pattern and is now testing old resistance as support.
- Resistance was found near the $3,000 level before the break above, this level may hold as support now. The higher low trendline is somewhere Ethereum may find support in the future.
- The crypto trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the crypto is seeing a period of bullish sentiment.
Bitcoin Daily Chart Analysis
- Bitcoin looks to be holding a key level as support and possibly ready to head up towards resistance.
- The $60,000 is an area in the past where Bitcoin has found resistance. Bitcoin is holding above the $45,000 level, an area the crypto has found support before.
- The crypto trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment in the crypto is looking bullish.
What’s Next For Ethereum and Bitcoin?
Bullish traders would like to see the cryptos bounce off support and start to push higher, forming higher lows along the way. Bulls want to see the long-term uptrend continue.
Bears are looking for the cryptocurrencies to be unable to hold above the support lines and for the cryptos to start falling toward the next lower support line. This could cause overall market sentiment to become more bearish.
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Read more:What’s More Bullish, Ethrereum Or Bitcoin? You Decide! | Benzinga
