The leading cryptocurrency Bitcoin appears to have ended its downward trend, which started from $73,777 and extended to $60,775 before concluding with a 9.50% surge yesterday. Bitcoin, which has been falling for almost a week, started yesterday at $61,937, tested a low of $60,775, and then swiftly rose after the FED interest rate decision, closing the day at $67,840. Having seemingly concluded its correction, what will Bitcoin do next?
Bitcoin Daily Chart Analysis
Bitcoin reached its all-time high of $73,777 last week but faced selling pressure in this zone, leading to a decline to $60,775. Upon examining the daily chart, we observe that Bitcoin swiftly rose after the FED decision not to change interest rates and reclaimed the $66,851 level, which is above the EMA5. For Bitcoin to continue its upward movement, it needs to stay above this level and move towards the $69,000 and $74,000 resistance levels. In case selling pressure increases, our support levels are the EMA5 at $66,851 and the EMA22 at $65,583.
ETHEREUM TECHNICAL ANALYSIS: ETHEREUM CONTINUES TO MOVE IN CORRELATION WITH BITCOIN
ETH, whose market value dropped from $435 billion to $422 billion compared to the previous week, maintains its second-place position behind Bitcoin. Continuing its downward trend for a week, ETH followed yesterday’s sharp rise in Bitcoin after the FED decision. ETH lost 25% of its value over the past week, dropping from $4,095 to $3,059, but it gained 11.5% in yesterday’s sharp rise, recovering half of its losses. Starting the day at $3,516, ETH is currently trading at $3,519, showing a 0.09% increase.
ETHEREUM COIN Daily Chart Analysis
With its magnificent rise yesterday, ETH recovered half of its losses from the past week when it was on a downward trend. Upon analyzing the ETH chart, we can say that the $3,202 support level of EMA55 worked in the last two days, and the ETH price bounced up from this support. Currently, ETH is squeezed between EMA5 at $3,503 and EMA22 at $3,555, needing a close above EMA22 to sustain its upward movement. In case of pullbacks, both horizontal support and EMA55 at $3,202 could be monitored.
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