As of now, some strong hands have been gathering Bitcoin and Ethereum during each of their downswings and this indicates further gains in their price levels.
Both Ethereum and Bitcoin had started their trading session this week on an adverse note due to the reason that each of the prices of the coins had declined by over 11%. Even though they incurred great losses, the technical indicators that these leading cryptocurrencies are all geared up to recover as well as aim for higher prices.
The Upswing Of Bitcoin Sustained
Lately, Bitcoin has created some headlines during the last weekend on 13th March when the price levels had spiked to their new record highs at $61,950.
During the time when this upsurge was expected by the out-break from the reverse head and shoulders trend that had been created on the 4-hour chart of BTC, Tom Demark Sequential indicator had anticipated a sharp decline.
The technical index had revealed the signal of ‘sell’ through the form of 9 green candlesticks following the exceeding of the mark of $60,000 by Bitcoin. This kind of surge in the downward pressure had further encouraged the formation of a bearish pattern and resulted in the retracement of 11.50% on the price chart of BTC.
Despite dropping to the $54,600 low, BTC made a quick recovery in order to reclaim their support of $56,000. This sort of market behavior indicates that the high net worth institutions and individuals capitalized on the downswing in order to get more tokens for their portfolios.
Ethereum also recovered their $1,950 mark to hit their target in the 4-hour chart. The sudden surge in the selling pressure witnessed ETH acquire a nosedive of 11.30%, dropping to $1,730 from which they rebounded.
