BTC surpasses the 50 EMA and begins bullish momentum above $65K while ETH remains in consolidation mode around $3K.

Key Results: BTC Technical Analysis

Bitcoin’s daily chart has a bullish candle printed, reflecting solid demand near the $60,880 support line.

The price has already moved above the 50 EMA, but we are still waiting for the RSI to exceed 50 to confirm the bullish momentum.

A daily candle closing above the $65K level would inspire BTC/USD to retest the supply area around $70K – $73K.

Bitcoin technical analysis – BTC/USD daily chart

BTC/USD is building bullish momentum above $65,000, which could push the price above $70,000 this week as well. Source: Distributed

Bitcoin’s daily chart has stabilized between the $60K – $70K area over the past few weeks. Resistance at the $70K level was rejected, leading to a drop to the $60K support level.

BTC price declined sharply after forming a triple top pattern and falling below the 50-day SMA. Meanwhile, the price fell to a six-week low well below the psychological level of $60,000, just days before the important halving event.

A slight downward bias in the momentum indicator suggests that Bitcoin could return to its March low of 59,313. In case of a downward violation, February’s 52,850 resistance zone would be the next major support zone. The lower level of February’s 50,600 support level could prevent further losses.

Conversely, the uptrend could push the price up to the April support level of 64,500, which could act as resistance in the future. If the bulls take control of that area, they could go as high as 69,000, a level that has recently served as support and resistance. A break above that area could open the 71,750-point March resistance.

In summary, after a new triple top pattern was established, BTCUSD fell towards the lower end of the range it has maintained since March. The upcoming halving event will determine the future movement of the price.

See also: Bitcoin, Ethereum technical analysis; BTC risks reaching $23,500, but ETH still holds support at $1,838.

Key Results: ETH Technical Analysis

ETH bears have failed to break the $3,024 support level after several attempts since April 13th.

The price is currently testing some resistance at $3,200, indicating the development of near-term bullish momentum.

ETH/USD price still needs to break the 50 EMA resistance around $$3,284 to establish a new bullish trend.

Ethereum technical analysis – ETH/USD daily chart

ETH/USD looks likely to retest the $3.5K – $3.6K area after rejecting a move below the $3,024 support. Source: Distributed

A closer look at the daily chart reveals a long series of corrective retracements that culminated in price forming support in an important area.

This range includes a large price range between $3,190 and $2,972 and a 100-day moving average of $3,050.

From a technical perspective, this range is important because it will drive a lot of demand and thus prevent market sellers from lowering prices further. A slight difference between the price and RSI indicator indicates the possibility of a strong bounce aimed at recapturing the $3,500 barrier.

Nonetheless, a sudden break below this important support would trigger a chain reaction that would push the price down to the 200-day moving average, currently at $2.5K.
Post-Bitcoin and Ethereum Technical Analysis: BTC surpasses 50 EMA to begin bullish momentum above $65K while ETH remains in consolidation mode around $3K. It first appeared on The Distributed.