Bitcoin (BTC) price is leading the bullish momentum in the market with slight gains. The largest cryptocurrency by market capitalization made an incredible, although brief recovery on Thursday afternoon gaining over $200 in less than 30 minutes. BTC/USD is forming a bullish flag pattern around $7,500 pending another upside momentum with the next target at $7,700,
Retracement levels will offer resistance as the price corrects higher. The 61.8% Fibo with the previous swing high of $9,898 and a low $6,450 is a major hurdle towards $8,000. The moving averages signal that the bulls are regaining control. Besides, the Relative Strength Index on the 4-hour chart is recovering from the oversold region. Another indicator, the MACD is deep in the negative region to signal that the bulls lack enough momentum to retrace towards $7,600 before the closing of the session today. An immediate support has been formed at $7,500, however, $7,400 will act as a stronger support. Further down, the next support targets are at $7,330 and $7,300.
Top industry analyst, Tom Lee has said that he is still confident that Bitcoin (BTC) will hit $25,000 by the end of the year. He says that institutional investors have been paying attention to cryptocurrencies and that their huge investments act as a catalyst for price gains. Another expert, MacAfee wrote on his Twitter account that the top ten cryptocurrencies will lead the Bull Run in the market. He also mentioned the idea of institutional clients leading to a price surge as well.
Ethereum (ETH) price analysis
Ethereum (ETH) price extended the declines below $600 and even tested $550 before the short bullish momentum kicked in. ETH/USD spiked briefly, but the upside movement lacked the momentum to attack $600. At the moment, Ethereum price is facing resistance from the 50% Fib retracement level with the previous swing high of $825 and a low of $364. It is exchanging hands at $587 but the bulls are psychologically eyeing $600.
Indicators on the 4-hour timeframe chart are showing signals of a slow but consistent bullish movement. The RSI is still in the oversold levels but it is pointing upwards. On the downside, the declines will be stopped above $550, however, the 61.8% Fib retracement level will stop further movement towards $530.
Binance Coin (BNB)
Binance Coin (BNB) price traded below $12.00 before surging in price to test the key resistance level at $15.5. The drop in price across the market did not spare BNB/USD which descended breaking past several key support zones at $14.5 and $14.00. The crypto extended the declines during the trading on Thursday 24 smashing its way through the major support level at $13.00 but the declines were stopped above $12.00.
There is a bullish trend across the board in the market and Binance Coin (BNB) is enjoying the slight recovery which will soon test the resistance at $13.00. The gap between the 50 SMA and the 100 SMA is narrowing signalling the buyers are regaining control. Moreover, the RSI has moved from the oversold levels and is now at the 40 mark. The immediate support rests at $12.00, but more declines will be stopped at $11.5. Binance Coin price has been on an upward trend since last week. The bullish trend could lead to another breakout that couls see binance attack $20.00.