Bitcoin and Ethereum continue to seek upside breakouts

• Unlike the stock market, the world’s largest cryptocurrencies have failed to break out of their respective trends this week
• Bitcoin remains stuck in the $17,800 – $18,500 range
• Similarly, Ethereum has not found a way out of its sideways trend

Earlier this week made its first attempt to break out of the sideways trend that has held cryptocurrency since the second half of November. While it managed to temporarily surpass it to the upside, it did not reach sufficient trading volume to continue the move.

Similarly, has struggled to break through the $1300 resistance. Still, the largest altcoin remains above its medium-term downtrend line of $1,270.

Bitcoin

Bitcoin, which started the week with a decline, struggled to break the resistance area of ​​the closely followed $16,500 – $17,000 average this week after finding support at the $16,000 level.

Buyers trying to cross the upper line of this resistance area have yet to achieve a clear breakthrough. Today, the 21-day EMA at $16,980 serves as the nearest support point for BTC. In intraday trading, it is possible to see a pullback to $16,750, where the 8-EMA is collapsing.

If Bitcoin can continue to find support in the area where the two averages converge, it could be triggered higher by breaking the $17,100 average resistance.

Bitcoin’s short-term target of $19,000 remains in place. On this track, $17,800 – $18,500 could act as resistance points according to November’s bottom and top prices.

On the other hand, if there is no volume rise above $17,100 in weekend trading, the sellers’ hand could strengthen at this point and we could see BTC accelerate towards the lower band of the $15,700 channel.

On the daily outlook, Stochastic RSI continues to move sideways in the overbought zone. As long as the indicator stays above 80, it can continue its upward movement.

However, according to the current outlook, BTC is more likely to continue in the $17,000 – $15,500 range for some time. Still, reactions to resistance and support points in weekend trading can provide clues to the outlook for next week.

Ethereum (ETH)

Ethereum moved up to $1,300 mid-week, but resilient selling pressure prevented the cryptocurrency from breaching the resistance zone. Ethereum, which pulled back a bit in yesterday’s trade, managed to stay above the medium-term downtrend line, closing above $1,275.

After starting the last working day of the week horizontally with low volume transactions, Ethereum seems to be in standby mode. $1,270 can be seen as the first support point in intraday transactions, while $1,250, below which the eight and 21-day EMAs are located, will be followed as the second support point.

Hourly bars below these averages could see ETH break the previous support price of $1,220 and fall as low as $1,170.

In the upper region, Ethereum buyers on daily bars above $1,300 can quickly take the cryptocurrency to an average of $1,375. The 89-day EMA corresponding to this price level is a decisive point for the continuation of the movement.

Another detail on the daily Ethereum chart is that the 8-EMA has approached the 21-EMA. If the ETH price exceeds $1,300, a positive crossover will materialize in the short-term EMA values. In a similar transition previously seen in October, Ethereum broke its horizontal movement at that time and recorded a value increase of up to 20% in a week. A similar move in the current situation would allow ETH to enter the $1500 band.

In summary, as long as Ethereum sees hourly bars below $1,300, downward pressure could lead to a decline to $1,170. On the other hand, if the $1,300 band is broken, we can see that the first target zone could move towards the $1,360 – $1,420 area and then $1,500.