Bitcoin and Ethereum Facing Key Resistance Levels | Steemit Today
Introduction:
In the fast-paced world of cryptocurrencies, investors and traders are constantly seeking insights into the movements of two of the market's biggest players: Bitcoin and Ethereum. In a recent video analysis titled "It's Happening AGAIN (Pattern Repeating)!! Bitcoin News Today & Ethereum Price Prediction (BTC, ETH)," Josh, the host of the Cookie Ball Channel, provides valuable insights into the current status of these digital assets.
Bitcoin's Crucial Support and Potential Reversal:
On the four-day Bitcoin chart, Josh notes that not much has changed in the last day. Bitcoin is trading within a range of approximately 24.3K to 25.3K, firmly holding its support level. The daily Bitcoin MACD indicates relatively low momentum, but it's leaning towards a bullish outlook. The daily Bitcoin RSI recently broke above a descending resistance line, signaling a potential bullish shift. However, Josh emphasizes that further confirmation, such as higher highs in the RSI, is needed to solidify this bullish trend.
He also points out the presence of a falling wedge pattern in the Bitcoin chart. Falling wedges are typically considered bullish patterns, with a tendency to break out to the upside. To confirm this pattern, Bitcoin would need to breach the resistance level at around 26.6K, with a daily candle close above it. If successful, this breakout could target a price of approximately thirty thousand dollars.
Short-Term Bitcoin Support and Resistance:
Josh analyzes Bitcoin's order books and finds significant buy orders in the range of 25.9K to 26K, acting as support. On the flip side, he identifies resistance around 26.9K to 27.1K in the sell orders.
Ethereum's Battle with Resistance:
Shifting his focus to Ethereum, Josh notes that Ethereum is facing a critical resistance zone between 1620 and 1660. This resistance is based on previous support levels and is further supported by the volume profile indicator, which suggests substantial resistance in this range. A confirmed breakout above 1660 would be considered a bullish signal, as the volume profile indicates that significant resistance is not encountered until the mid-1.8K range.
Ethereum's Oscillators and Divergence:
Examining Ethereum's daily price oscillators, Josh highlights that the daily Ethereum MACD shows very low momentum, indicating a lack of a clear short-term price direction. The daily Ethereum RSI, while still forming lower highs, also exhibits a bullish divergence. This divergence results from lower lows in Ethereum's price and higher lows in its daily RSI, suggesting a potential pause in the bearish trend.
Support and Resistance for Ethereum:
For Ethereum, Josh references the Fibonacci retracement tool, with the 50% retracement level acting as support in the range of 1510 to 1520. Resistance is seen at the previous 38.2% Fibonacci level, which now acts as resistance around 1630 to 1640.
Conclusion:
In a dynamic cryptocurrency market, the analysis provided by Josh offers valuable insights into the current conditions of Bitcoin and Ethereum. Investors and traders should keep a close eye on the mentioned support and resistance levels, as well as the potential breakout points, to make informed decisions in this volatile market. While both cryptocurrencies show signs of potential reversals, it's essential to await further confirmation before making significant trading decisions.