Key Findings: BTC Technical Analysis
- Bitcoin failed to strike above $30K on May 6, pushing the price to the support near $28,500.
- The price still needs to break the 50 EMA support to revive the bearish trend.
- The overall trend of BTC will remain bullish until the price breaks the key support at $27,000.
Bitcoin Technical Analysis
As it came into contact with the weekly resistance through a bearish breaker region, the bitcoin (BTC) price remained unchanged. BTC bears have failed to control the price action despite numerous rejections on the 4-hour and daily timeframes.
Bitcoin attempted a move above $30,000 on May 6 but failed to reach the psychological barrier as the price rebounded for a bearish move from $29,851. Technically, the price may retest the nearest support at $28,500 and the 50 EMA support near $27,967 following the current bearish momentum.
Key Findings: ETH Technical Analysis
- Ethereum got rejected above $2,000 on May 6 and plotted a bearish out at $1,938.
- The immediate support at $1,838 will play a crucial role in deciding the upcoming market bias.
- ETh may retest $1,700 if the price fails to sustain above the current support.
Ethereum Technical Analysis
The price of Ethereum surged to a crucial resistance level of $2,000 yesterday. The Ethereum blockchain developers recently discussed Ethereum Improvement Proposals (EIPs) to add to upcoming updates and increase the ETH blockchain’s scalability.
However, the price failed to sustain above $2K and plotted a false break of the resistance at $1928. At present, Ethereum is trading at $1,904 and heading towards immediate support near $1,838 following the bearish momentum. A potential bearish breakout at this level may push the ETH price to a further downside target near $1,712.