KOL Pentoshi outlines key levels for BTC and ETH as markets stall

A prominent analyst maps key levels for Bitcoin (BTC) and Ethereum (ETH) as the crypto market recovery slows.

The pseudonym of analyst Pentoshi told its 434,900 Twitter followers that Bitcoin is currently trading in a broad range from $ 32,000 to $ 58,000.

“If we look at the 3 day timeframe, we clearly see the context of the market. A large offer in a long time frame. Cap: $ 58,000. Middle: $ 45,000. Low: $ 32,000 ”.

With the midline of the range acting as support, Pentoshi looks at the 4-hour chart and says that Bitcoin’s uptrend now depends on how BTC reacts to the $ 53,000 region.

According to the crypto strategist, a BTC rejection at $ 53,000 means the bulls will have to defend the $ 49,000 support and print a higher low, showing buyers are ready to push the price higher.

However, Pentoshi noted that an increase below $ 49,000 would cause BTC to fall back to the $ 45,000 support.

At the time of writing, Bitcoin is changing hands at $ 49,200, down more than 3% in the past 24 hours.

Regarding Ethereum, Pentoshi says the $ 4,400-4,500 zone is a very important zone for the leading smart contract platform. According to Pentoshi, a breakthrough in this zone will drive ETH to a new all-time high (ATH).

However, the crypto strategist warned that if the rally comes to a standstill, ETH will likely reverse its uptrend.

“The macro view of ETH.

A rejection would mean a lower high and possibly a new low.

Breakout above $ 4,400 – $ 4,500 = new ATH.

$ 3,940- $ 4,000 is the key zone to keep. I am long Would you like to see a boost from that round bottom. I want to sell for $ 4,400 to $ 4,500. ”

You can see the BTC and ETH prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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