Key Findings: BTC Technical Analysis
- Bitcoin’s price declined below $70,000, reaching a low of $65,600 on Friday.
- The price will likely test the upcoming support zone between $64K and $60K.
- BTC/USD must survive the critical support at $60,880 to sustain the current bullish trend.
Bitcoin Technical Analysis – BTC Daily Chart
Bitcoin’s (BTC) price fell to an intraday bottom of $65.6K on Friday. Despite recovery efforts, the price is expected to end the week in the red.
According to the daily price chart, the price still sustains within the rising parallel channel, above the technical formation’s midline. While the positive prognosis remains intact, it is jeopardized if the Bitcoin price falls below the $70,000 mark.
The Relative Strength Index (RSI) is nose-diving, indicating declining momentum, which is highlighted by the Awesome Oscillator’s red histogram bars. These momentum oscillators indicate Bitcoin’s price might plummet past the $65,000 mark, or, in the worst-case scenario, reach the psychological level of $60,000.
The worst-case scenario would see Bitcoin price fall and sink into the weekly gap spanning $53,120 to $59,111 before seeking the opportunity to rejoin the recent bullish rally.
See Related: Bitcoin And Ethereum Technical Analysis: BTC Catches Bearish Momentum As The Price Breaks The Support Of $42K
Key Findings: ETH Technical Analysis
- Despite the latest Dencun Upgrade, the Ethereum price is plummeting, taking exact cues from Bitcoin.
- ETH/USD traded sideways at $3,686, down about 2% on Saturday.
- The price could tumble by 10% if BTC weakness endures.
Ethereum Technical Analysis – ETH Daily Chart
Notwithstanding the latest Dencun Upgrade, which was anticipated to be a bullish factor with a positive impact on ETH price, the price of Ethereum is plunging, directly following the lead of BTC. Given the bearish technical indicators, the price of Ethereum may continue to decline and test the immediate support at $3.5k.
If the previously indicated level gives way as support, the price of Ethereum may fall through this buyer’s congestion level and hit $3,200, which would represent a 12% decrease from the current price.
On the other hand, Ethereum’s price can rise if the bulls make a comeback. The likelihood of the upswing continuing would increase if there was a substantial jump in bullish momentum and the severe resistance resulting from the identical lows of $3,700 was flipped into support. This scenario might cause ETH to rise directly to the peak of the $4,020 range.
