Bitcoin and Ethereum could be headed for a significant rally, according to pseudonymous analyst DonAlt. The analyst who correctly predicted Bitcoin’s recent bottom believes that the leading cryptocurrencies are gearing up for big rallies.
DonAlt feels that Bitcoin and Ethereum are ready to make massive gains and are “poised to absolutely Giga moon” following their strong recovery to close the previous week.
Bitcoin’s Path to $32,200
DonAlt points out that Bitcoin is primed to take out the resistance at $24,300. The chart shows that Bitcoin’s next resistance is at $32,200 if it breaks above the supply area of $24,300. The analyst also notes that Bitcoin’s current rally is a sign that it is serving its one true purpose: as a hedge against uncertain times, particularly when banks steal money from people.
As for Ethereum, DonAlt notes that the leading smart contract looks bullish after bouncing back from last week’s low of $1,379 to recover support at $1,600. At the time of writing, ETH is worth $1,672, a surge of over 5.7% in the past day.
Buyers Flock To Crypto
Bitcoin’s price rebounded off the 200-day SMA ($19,717) on March 10, and the recovery picked up momentum after the break above $21,480. This suggests that lower levels are attracting buyers. The bulls continued the upward march and cleared the hurdle at $22,800 on March 13.
This opens the gates for a retest of the stiff overhead resistance at $25,250. If buyers overcome this barrier, the king coin could witness aggressive short covering. That may catapult the price to $30,000.
Ethereum rebounded off the support near $1,352, indicating aggressive buying at lower levels. The recovery strengthened after the bulls pushed the price back above $1,461. The largest altcoin rose back above the 20-day EMA ($1,565) on March 12, indicating that bulls are back in the game. Buyers will next try to stretch the relief rally to the overhead resistance at $1,743.