Bitcoin halving event is just hours away, and investors are eagerly waiting for it. The temporary shelving of recent geopolitical issues has triggered a rise in Bitcoin prices. What awaits us after this period of increased volatility and significant losses in the futures market? You can watch the first video of our technical analysis series on our CoinTurk YouTube channel through this link.
Bitcoin Chart Analysis
The daily Bitcoin chart shows a narrowing wedge formation, providing key insights without any support or resistance breakouts. Today’s rise, ending above the EMA 9 (blue line) level, indicates a positive trend for Bitcoin.
Key support levels to watch on the Bitcoin chart are; 63,885 / 62,359, and 61,609 dollars. Particularly, a daily bar close below the 63,885 dollar level could cause Bitcoin’s momentum to wane.
The most critical resistance levels to monitor on the daily Bitcoin chart are; 65,449 / 67,376, and 69,359 dollars. Especially, a daily bar close above the 67,376 dollar level, which is above the EMA 21 (green line), would boost Bitcoin’s momentum.
Ethereum Chart Analysis
The weekly Ethereum chart features a rising channel formation, encountering significant selling pressure after touching the resistance line, indicating a negative phase for Ethereum. The EMA 21 level acting as support in recent bar formations could end the selling pressure.
Important support levels to follow on the Ethereum chart are; 2861 / 2500, and 2097 dollars. Particularly, weekly bar closures below the 2861 dollar level could cause Ethereum’s momentum to decline.
Key resistance levels to monitor on the Ethereum chart are; 3274 / 3697, and 4118 dollars. Especially, a weekly bar close above the 3274 dollar level, intersecting with the EMA 9, would enhance Ethereum’s momentum.
Ripple Chart Analysis
The daily Ripple chart shows a narrowing wedge formation, which despite recent selling pressures, has held the support line, potentially marking the start of an important phase for XRP.
Critical support levels to watch for Ripple on the daily chart are; 0.4864 / 0.4660, and 0.4429 dollars. Particularly, a daily bar close below the 0.4460 dollar level could expose XRP to selling pressure.
Important resistance levels to monitor for XRP on the daily chart are; 0.5188 / 0.5458, and 0.5698 dollars. Especially, a daily bar close above the 0.5188 dollar level, intersecting with the EMA 9, would boost XRP’s momentum.
