Key Findings: BTC Technical Analysis
- Bitcoin is struggling to maintain a valuation of more than $25,000.
- The price closely consolidating around the current support at $25,837.
- A bearish breakout of the $25K level may initiate a long-term downtrend of BTC and target the $23,500 as a primary destination.
Bitcoin Technical Analysis
Bitcoin consolidated for another week, with the price entering Saturday near the same level it was at on Monday. Despite a small surge on Thursday, when the price surpassed $26,000, the cryptocurrency has remained essentially constant.
In the medium term, Bitcoin is developing slowly in a falling trend channel. Falling trends suggest that the currency is experiencing negative development and declining buy interests among investors.
The currency is getting close to support near $25,000, which could result in a favorable reaction. A breakdown through this support will be a bearish indicator.
According to the bearish crossover between the 50 and 100 EMA, BTC is still under the seller’s control and may retest the $23,450 zone if the $25K level is broken.
Key Findings: ETH Technical Analysis
- Ethereum failed to return above $1.7K since the bearish crossover between 50 and 100 EMA.
- RSI is at 38.49, indicating the current consolidation may turn into a long-term downtrend.
- ETH price can retest the $1.5K zone once the current support at $1,620 is broken.
Ethereum Technical Analysis
As market volatility abated on Saturday, Ethereum (ETH) was hovering near a critical support level of $1,630 to begin the weekend.
Following the daily low of $1,624 on Friday, ETH gained little in today’s session, reaching a high of $1,637.
Bulls have been rejecting bearish advances throughout the majority of the week despite repeated attempts by bears to break through the previously noted price floor. Technically, Ethereum still needs to break the current support at $1,620 to make more room for a further downside movement targeting the $1.5K zone.
