Key Findings: BTC Technical Analysis
- Bitcoin tried to hold onto some recent gains as the pair recently climbed higher to the 26892 region.
- The long-term resistance near $28,500 can turn out as a new selling zone.
- BTC may return to the current support at $25,000 if the price fails to exceed the $27K zone.
Bitcoin Technical Analysis
To begin the weekend, Bitcoin fell from a two-week high as bears made an effort to break a current four-day winning streak. Following a peak of $26,840.50 the day before, BTC/USD touched a low of $26,240.70 early in today’s session.
The decline appears to have occurred as a result of the bulls’ inability to withstand recent pressure, which caused BTC to reach its highest level since August 31. The data shows that the decline occurs simultaneously as the relative strength index fails to rise over a ceiling of 53.00.
Bulls will probably try to prevent market consolidation and push for a breakout of the 53.00 barrier, which may push Bitcoin above $27,000. Alternatively, failing to exceed the current resistance may push Bitcoin price near $25,000.
Key Findings: ETH Technical Analysis
- Ethereum is holding above the current support at $1,620 despite the ongoing bearish trend.
- The price may retrace near the current resistance at $1,712 before resuming the downtrend move.
- The support at $1,508 remains the potential downside target for ETH.
Ethereum Technical Analysis
Today’s session saw a small increase in the price of Ethereum (ETH), which remained above a crucial support level.
The price of ETH/USD increased to an overnight peak of $1,652 earlier in the day after falling to a low of $1,613.25 on Friday. The second-largest cryptocurrency in the world, which saw increases on Saturday, is now trading at $1,637.80.
Ethereum refusing to break below the current support at $1,620 will indicate a pullback near $1,712. Conversely, a break below this level will push the price to a further downside target near $1,508.
