Here is the hot news brought by Yuanye to everyoneThe two most famous Cryptocurrency, Bitcoin and Ethereum, experienced a sharp decline. BTC's current transaction price is $29780, and ETH's transaction price is $1889
Here is the hot news brought by Yuanye to everyone
The two most famous Cryptocurrency, Bitcoin and Ethereum, experienced a sharp decline. BTC's current transaction price is $29780, and ETH's transaction price is $1889.
As investors closely monitor these developments, in-depth research on the technological outlook is crucial for determining potential price trends in the coming days.
The purpose of this Bitcoin and Ethereum price forecast is to analyze the recent price trend and explore the possibility of the rebound of Bitcoin and Ethereum before the weekend.
Bitcoin Price Forecast
From a technical perspective, the transaction price of Bitcoin is slightly above the important support level of $29500.
The presence of a triple bottom morphology observed within a four hour time range further confirms this support position.
Both the Relative strength index (RSI) and Moving Average Convergence Divergence (MACD) indicators show bearish sentiment, with the RSI of 42 and MACD hovering below 0.
In addition, the 50 day moving average of the index is at a resistance level of $29995, slightly lower than the psychological level of $30000.
Considering these factors, there is a high likelihood that Bitcoin will maintain a bearish stance below $30000.
If the Cryptocurrency breaks through the support level of $29500, it may encounter further downward pressure and may hit the next support level of $28900.
On the other hand, failure to fall below $29500 may trigger a bullish rebound, initially pushing the price towards $30000 and potentially exceeding $30500 in a bullish crossover.
It is worth noting that the surge in demand for Bitcoin has led to a breakthrough of $30450, which may push the price to the next resistance level of $31200.
Therefore, it is crucial to closely monitor the level of $29500, as breaking through this level may bring buying opportunities, while falling below this level may trigger selling positions.
Ethereum price forecast
From a technical perspective, Ethereum, the Cryptocurrency is currently trading in a narrow range, with resistance at $1920 and support at $1880.
The cross star and rotating top candlestick patterns within this range indicate that investors are uncertain and eagerly awaiting significant developments that may trigger breakthroughs in either direction.
Both the Relative strength index (RSI) and Moving Average Convergence Deviation (MACD) indicators show a neutral position.
The RSI hovers around the 50 level, indicating that the Market trend is not clear. However, the MACD bar chart oscillates below the zero line, indicating a slight bearish sentiment among investors.
In addition, the 50 day moving average of the index is near $1920, and the price of Ethereum fluctuates around this level, reflecting investors' hesitation.
If Ethereum breaks through the 1920 dollar level, it is possible to set the target resistance level at 1945 dollars or 1975 dollars, indicating that the upward trend will continue.
On the contrary, falling below $1900 may cause the price to drop towards $1880 or even lower to $1845.
In conclusion, it is important to closely follow the level of USD 1900, because the decisive trend above or below this point may indicate a change in Market trend.
What is your opinion on the nearly 5% decline in BTC and ETH?
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