Key Findings: BTC Technical Analysis
- Bitcoin price enters consolidation since breaking the key resistance at $33K.
- The price is slightly above the current resistance of $35K, suggesting a further bullish movement.
- The long-term resistance at $37,776 remains the key upside target.
Bitcoin Technical Analysis
Bitcoin (BTC) is moving through an extremely bullish trend. When making a purchase, traders may think about trading just long positions, provided the price is far over 34,464.40 USD. The current upside target that is successfully broken is the resistance at $35,079.
The bullish momentum would increase if this resistance broke in a bullish manner. After that, the positive trend can carry on to the next resistance level, which is at $35,487.30. Following this barrier, buyers can aim for $37,766.
From a technical perspective, BTC bulls can get hurt only by the overbought signal constantly generated by the relative strength index (RSI). The RSI currently stands at 76.93, suggesting the price still has room to retrace lower for a minor correction.
Therefore, Bitcoin price may retest the $33K demand zone before following the upside rally targeting the $37,776 level.
Key Findings: ETH Technical Analysis
- The Ethereum daily chart looks extremely bullish as the price exceeded the current consolidation range above $1.8K.
- The price-breaking the resistance at $1,838 indicates more gains for ETH this week.
- Our upside target for Ethereum will shift to $2,010 once the resistance at $1,928 is broken.
Ethereum Technical Analysis
The price of ETH is nearly at the 13-week high of $1,838, indicating that there may be room for growth if it consolidates beyond this level.
The bullish breakout of the current consolidation zone indicates no sign of pullback in recent periods. Therefore, technically, we may expect the price to continue moving within the ongoing bullish rally, targeting the next resistance at $1.9K.
$1,928 is the next noteworthy resistance level. If this is broken above $2,010, the next resistance level might be reached. Approaching the 52-week High at $2,137 would be the ultimate optimistic goal, but doing so would necessitate a significant shift in the market dynamics.
