Seeing various cryptocurrencies cross their pivot point and remain long above it is always a joy for traders with long positions. More interesting, though is the effort traders are putting to defend different supports.
Ethereum’s ETH is one of such coins that got to a price mark it hasn’t gotten to since the bearish capitalization. BNB, in a bid to get as high as $260 faced little seller congestion, which is more than the buyers that made it fall short of the mark.
At the time of writing, Ether is still trading above its pivot point—this an indication that traders are doing their best to defend $1,550 support. A standoff between the bears and bull for the $1,500 support will be epic as whoever wins the duel control the next price movement.
Based on the current price trend, ETH is recovering from a downward trend it had previously. At this time, ETH is forming a bearish flag. The bearish flag is not at its peak yet, as its prices will get higher until a reversal.
To secure a surge above $1,700, traders must flip the $1,600 resistance. The first pivot resistance is at $1,800, breaking that critical resistance will provide the bulls with the necessary supports to test $1,850.
Binance coin is also trading above its pivot points as its counterparts. However, BNB tried to test the $260 resistance but failed. Trading above its pivot point provides more support for the bulls to test other resistance.
One such resistance is the $260 that will flip when the bulls insert more effort into the market. The first pivot resistance lies at $276. To get a clear shot at it, traders must strive to hold the price steady above $260.
Of all the available supports, the $230 support is one the strongest. If all support before $230 fails, traders must protect the $230 support or risk further price dip.
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Author: Gideon Geoffrey