Key Findings: BTC Technical Analysis
- Bitcoin price is still above the $51K level, but the bleak outlook is getting heavier.
- Failing to exceed the current resistance at $51,907 could lead to a pullback toward the $48K support.
- The bearish argument would be refuted, and additional gains might be possible once the price breaks above $52,980.
Bitcoin Technical Analysis – BTC Daily Price Charts
The market is gradually tilting lower as the bitcoin price continues its horizontal consolidation. The price is indeed challenging the immediate resistance at $51,907 but may fall below the level as several technical indicators turn bearish.
First, the RSI crossed below its signal line (yellow band), indicating a sell signal. Second, failing to break through the resistance of $52,980 indicates another price correction is underway.
So, despite the overall bullish trend, BTC/USD is still at risk of returning to solid support near $48,000. Alternatively, we may see the price bouncing upwards from the 21 EMA support at $49,584 if the market decides to extend the current bullish trend.
The support zone between the $48,000 – $49,584 levels can be a potential zone for buyers looking for pullback signals to join the bullish rally. On the other hand, the price failing to exceed the current resistance zone could offer sellers short-term profit opportunities.
For a bullish outlook, if Bitcoin price breaks and sustains above the $52,980 level, we’ll set the long-term resistance at $55,700 as the fresh upside target.
See Related: Bitcoin, Ethereum Technical Analysis; BTC At Risk Of Hitting $23,500, But ETH Still Holds Above The Support At $1,838
Key Findings: ETH Technical Analysis
- ETH/USD failed to hold above $3,000 on multiple occasions this week.
- Wallet addresses numbering 1.03 million purchased Ethereum above $3,016 already hold unrealized losses.
- ETH might retest the support at $2,800 if the price fails to sustain above the $3K level.
Ethereum Technical Analysis – ETH Daily Price Chart
Ethereum price tested the $3,000 level multiple times this week, but the altcoin could not hold above this crucial milestone, which raised questions about its direction. Given that there is an increasing amount of ETH available on exchanges, there is a chance that its price will drop.
If ETH traders engage in widespread profit-taking, the price of Ethereum may plummet and find support at $2,800. ETH has corrected lower four times this week after rallying near $3,000, but it has not yet broken through support at the 2024 high of $3,033.
Despite the speculation of a possible price correction, Ethereum’s price can still hit the upcoming resistance at $3,200 and keep rallying toward $3,500 if we see a clear bullish breakout at the current resistance at $3,000.
