Key Findings: BTC Technical Analysis
- Bitcoin fails to exceed the 50 EMA and retests support at $27,000.
- RSI drops to 47.35 (below 50), suggesting a bearish momentum.
- BTC price may drop to $25K if it fails to hold above the current support.
Bitcoin Technical Analysis
Bitcoin has been consolidating around the support at $27,000, which reflects an indecision over its upcoming trend. The price got stuck between the 50 and 100 EMA and can plot potential breakouts on either side.
However, failing to break the resistance at $28,500 with the Relative Strength Index (RSI) dropping below 50 indicates an overall bearish momentum.
Technically, if BTC manages to hold above $27K may establish the recent bullish trend and inspire the price to initiate another upside rally targeting $30K. Alternatively, we may see the price crash to the long-term support near $25,000 if Bitcoin breaks the support at $27,000.
Key Findings: ETH Technical Analysis
- Ethereum price rejected the support at $1,838 and remains above the 50 EMA following the current bullish momentum.
- The price is yet to break the immediate resistance at $1,938 to extend the bullish move.
- The psychological resistance at $2,000 remains a potential upside target for ETH.
Ethereum Technical Analysis
The resistance at $1,928 has come into play, blocking Ethereum’s price from making additional increases. This occurs as sell-stop orders placed by investors lock in profits at that price.
ETH managed to remain above the current support at $1,838 and currently holding above the 50 EMA, suggesting an overall bullish trend. However, the price may retest these support levels if it fails to exceed the barrier of around $1,900. Technically, RSI remaining above 50 with the 50 and 100 EMA plotting bullish crossover means ETH can retest $2,000 again if it can exceed the resistance at $1,938.
