As notable developments continue in the cryptocurrency market, investors’ expectations for a bullish trend are diminishing. The upward journey that started with Bitcoin continues under selling pressure, causing significant losses in the altcoin market. What can we expect for Bitcoin and Ethereum in the coming days? Let’s examine together.
Bitcoin Chart Analysis
The descending channel formation remains prominent on the daily Bitcoin chart. Bitcoin touched the support line amid recent selling pressure and gained upward momentum again, but the EMA 200 (red line) acting as resistance led to a consolidation phase on the chart.
The most crucial support level for investors to watch on the Bitcoin chart is $58,347. A daily close below this level could cause Bitcoin’s price to lose momentum and bring the $53,000 level back into focus.
The most critical resistance level on the daily Bitcoin chart is the EMA 200 average at $69,940. The recent resistance at this level highlights its strength. If Bitcoin’s price closes above this level, the $66,000 level could come into play.
Ethereum Chart Analysis
Ethereum broke out of the rising channel formation on the daily chart with ETF news but has been trading within the formation again after nearly five months. Recently, the EMA 9 (blue line) and EMA 21 (green line) acting as resistance have increased short-term pressure.
The most important support level to watch on the Ethereum chart is $2,554. A daily close below this level could target the support line at $1,900.
The most critical resistance level on the daily Ethereum chart is the EMA 21 average at $2,717. A daily close above this level could pave the way for a touch at the resistance line at $3,000. For more detailed technical analysis charts, you can check out the latest video on our CoinTurk YouTube channel:
