Key Findings: BTC Technical Analysis
- Bitcoin rises to nearly $29,500 following the US Core PCE Price Index drop by 4.6%.
- $27,000 turns out to be crucial support for BTC.
- Future price actions at the $30K zone will decide Bitcoin’s upcoming market bias.
Bitcoin Technical Analysis
Market expectations were met with the publication of the US Personal Consumption Expenditure Price Index. The Core PCE Index fell by 4.6% Year-over-Year and increased by 0.3% Month-over-Month. The bitcoin price increased to get closer to $29,500 right after the data release.
Bitcoin found solid support at $27,000 and the daily 50 EMA level. While writing this update, BTC was trading at $29,300 and didn’t break either the high or low of yesterday’s daily doji candle.
The market is under a bullish sentiment, and the price may retest the psychological resistance at $30,000. Besides, the RSI rises above 50, indicating a bullish trend. Bitcoin will be bullish until it holds above the $27K support zone.
Key Findings: ETH Technical Analysis
- Ethereum strongly rejects support near $1,800.
- The bullish crossover between 50 and 100 EMA on the daily chart still remains valid.
- ETH may retest $2,000 if it can exceed $1,938.
Ethereum Technical Analysis
The price of Ethereum increased in response to the US PCE release, rising to $1,915 within a few moments of the announcement.
Currently, ETH is trading at $1,911, which is enticingly close to the immediate resistance at $1,938. However, there’s still more! Ethereum may not be overbought or oversold, given that the RSI is at a modest level of 52, signalling bullish momentum.
Technically, a bullish break above $1,938 will indicate Ethereum rejoining the recent bullish rally targeting the $2,000 mark.
