Like stocks, cryptocurrency is cyclical. Bitcoin (CRYPTO: BTC), ether (CRYPTO: ETH) and numerous Altcoins have been running on a bull market for months.
What’s different about this bull cycle is that most cryptocurrencies have made major bullish moves in unison, as opposed to a trickle-down cycle of money moving to Bitcoin and Ethereum first before moving to altcoins.
There’s a lot of excitement and anticipation leading up to this weekend when technoking by Tesla Inc. (NASDAQ: TSLA) and Imperator of Mars, Elon Musk, will host “Saturday Night Live”. Dogecoin can be a little unpredictable when it comes to Musk’s performance, especially given its massive 1,100% run over the past 30 days and the lack of technical support.
On the contrary, Bitcoin and Ethereum shouldn’t be affected by Musk’s idioms and have bullish-looking charts for the weekend.
See also: How To Buy Bitcoin (BTC)
The Bitcoin Chart: On Friday afternoon, Bitcoin broke the resistance at the $ 57,657 level and printed a bullish candlestick on the daily chart. Bitcoin has been consolidating since it hit a new all-time high of $ 64,899 on April 14. However, the consolidation introduced a bullish inverted head and shoulders pattern that could trigger a bullish reaction for the weekend.
Bitcoin trades above both the 8-day exponential moving and 21-day moving averages (EMA), with the 8-day EMA above the 21-day EMA, both of which are bullish indicators. Bitcoin is also trading above the 200-day average (SMA), indicating that the general sentiment in the cryptocurrency remains bullish.
Bulls want Bitcoin to hold above the $ 57,650 area for the day and close to return to its next resistance at $ 61,458. If Bitcoin can regain that level as support, it can move freely towards all-time highs. If Bitcoin can hit a new all-time high with a bullish continuation volume, it will have no resistance in the form of the price action mentioned above.
Bears want the daily candle to close at $ 57,657 under Bitcoin support for the level to return to resistance. If the bears can weather the bearish pressure, Bitcoin could revisit $ 51,191 before another possible rally.
The Ethereum Chart: Ethereum hit a new all-time high of $ 3,610.91 on Thursday and made another run on Friday. On Friday afternoon, Ethereum printed a bullish green hammer candlestick on the daily chart.
Ethereum is up over 75% in the past 14 days and hasn’t seen enough consolidation to offer much support and resistance to get anywhere near all-time highs. Bulls will want some consolidation on the four-hour or daily chart in the future to set different levels.
Ethereum is trading above both the 8-day EMA and the 21-day EMA and the 200-day SMA, all of which are bullish.
The relative strength index of Ethereum is also somewhat high at just under 76%. A daily consolidation would help bring that number below 70%.
Bulls want Ethereum to surface above Thursday’s high to avoid a bearish double top pattern. As with Bitcoin, if Ethereum can hit a new all-time high in bullish volume, it has no price histories above it.
Bears want to see declining volume in Ethereum to bring it down to $ 2,776. If Ethereum failed to maintain that level of support, it could return to the $ 2,426 mark before landing at another level of support.
See also: How to Buy Ethereum (ETH)
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