The post Crypto Market Analysis: This Scenario is Currently Not in Play for Bitcoin and Ethereum appeared first on Coinpedia Fintech News
After a turbulent May for crypto investors, the outlook for June is more positive. Investors are hopeful for a stable market that will provide a clear direction for cryptocurrency prices. Analyst Crypto World recently discussed the important levels of Bitcoin and Ethereum in a new YouTube video.
The analyst has observed a falling wedge pattern forming, indicating a potentially bullish pattern. However, there is still a possibility of a downside breakout, although less likely. Confirmation of a breakout above the resistance level at approximately $28,000 or below the support level at around $26,000 is needed for a clearer direction. If an upside breakout occurs, the price target would be around $30,500, but this is not currently in play.
He then moved to the eight-hour Bitcoin chart and said that the price remains in a sideways range between support (approximately $26,100 to $26,500) and resistance (around $27,200 to $27,600). A breakout above the short-term resistance levels would signal bullish price action. At the time of writing, Bitcoin is trying to hold above the $27k level.Â
Also Read: Is Bitcoin The Next Apple In The Making? Analyst Draws Parallels
Ethereum
The analyst then shifted focus to Ethereum and highlighted that the daily chart shows the price still trading above the support area between $1,770 to $1,820.He said that Ethereum has rebounded from the support range ($1,830 to $1,860) and is testing the descending resistance line around $1,890. A confirmed breakout above $1,890 could lead to resistance levels at approximately $1,920 to $1,950 and $2,000.Â
The recent bullish divergence resulted in a short-term reset in both the price and RSI as the RSI entered overbought territories. A similar cool-off period could occur in the coming hours or days, followed by another upward movement after a further RSI reset.Â
