Key Findings: BTC Technical Analysis
- Despite the bullish trend, bitcoin price experiences a minor resistance at the $37,776 level.
- The recent consolidation of around $35K appears to be the new support zone.
- A bullish breakout of the current resistance seems imminent as the price approaches the $40K level.
Bitcoin Technical Analysis
The price of Bitcoin (BTC) is still rising, as seen by the most recent breakout that sent the market leader out from above the upper bound of the fresh ascending parallel channel. Given that $40,000 is now within reach, Bitcoin may experience further rises, depending on how the current bullish sentiment plays its hand.
See Related: Bitcoin, Ethereum Technical Analysis
The bulls’ increased buying pressure may cause the price of Bitcoin to break through its current range high of $37,972. In an extremely optimistic scenario, the move would represent a 7% increase above current levels, and the gains might reach the desired $40,000.
Despite Bitcoin being extremely overbought, the Relative Strength Index (RSI) is at 81.26 points north, suggesting that the trend may continue as momentum keeps increasing. If the price looks for a correction, BTC still has a chance to bounce back from the current support at $35K to cruise towards the $40,000 mark.
Key Findings: ETH Technical Analysis
- Ethereum price breaks the psychological resistance of $2K and treats the same level as support.
- A rising triangle pattern generated by the entire price action predicts that ETH will reach a target price of $2,500.
- A potential break of the current resistance at $2,150 will confirm further gains following the overall bullish momentum.
Ethereum Technical Analysis
On both shorter and longer timescales, the price of Ethereum (ETH) is rising as token holders profit from what appears to be the beginnings of a bull market. On a longer timescale, however, the goal of becoming the most valuable altcoin based on market capitalization appears unduly ambitious, albeit still attainable as community members confront the story of exchange-traded funds (ETFs) and the much-awaited halving of Bitcoin (BTC), as well as their combined impact on asset values.
According to the daily price chart, ETH is already rejecting the $2010 level, using it as potential support before making the next possible bullish move. Technically, a bullish breakout of the current minor resistance at $2,150 will keep Ethereum’s price in a solid run to hit the next possible target near $2,500.