Analysis of Bitcoin (BTC) TechnologyFrom a technical perspective, Bitcoin (BTC) is currently hovering within a delicate range, above $34737.55, which has previously shown a close relationship with the 9-day moving average
Analysis of Bitcoin (BTC) Technology
From a technical perspective, Bitcoin (BTC) is currently hovering within a delicate range, above $34737.55, which has previously shown a close relationship with the 9-day moving average. The direct resistance level is $36111.09, which is closely related to the recent 52 week and 1-month highs.
The stagnation of MACD indicates that the momentum may slow down, leaving BTC in a state of suspense as it hovers between these levels. As open futures contracts reach annual highs and the Bitcoin (BTC) derivatives market heats up, traders are closely monitoring these technical thresholds to look for signs of the next decisive move.
Bitcoin (BTC) price trend - what is the next step?
In a bullish situation, BTC may ride the wave of loose monetary policy and break through the current resistance level, targeting the second level resistance level of $36706.49 and the third level resistance level of $37484.64, which is an optimistic extension target.
On the contrary, a bearish outlook may lead to the original cryptocurrency retesting its first support level, breaking below which could open the door to further approaching support levels of $33959.41 and above. The interaction between potential interest rate cuts in early 2024 and the expected halving of Bitcoin may become the main catalyst, making these technical benchmarks not just numbers, but a precursor to the next major leap in the asset.
As the market ponders these new insights, traders almost always stare at the screen, realizing that any change in technical readings or new changes in the global economy could trigger decisive fluctuations in the next chapter of Bitcoin.
Ethereum (ETH): The surge in EMA has sparked heated market discussions
With Ethereum (ETH) weaving its current market narrative, its price trend has stabilized at around $1880, falling slightly by 0.1% in one day, but rising by 4% in the past week. At present, the market value has exceeded 226 billion US dollars, with a circulation of 120 million ETHs and a 3% increase in trading volume to over 14.39 billion US dollars, marking a strong increase in market interest.
Ethereum (ETH) Technology Analysis
The King of Shanzhai Coins decisively broke through the 50 day and 100 day moving average (EMA) of $1729 and $1694, respectively, sparking discussions about the sustained bullish stage, especially considering the surge in trading volume brought about by this technological breakthrough.
The Ethereum (ETH) market is currently stable between $1861.27 and $1917.23. Looking at the current technical situation, we will find that the MACD oscillation index paused near the 1942.53 US dollar range on the 3rd to 10th, indicating a possible consolidation.
Ethereum (ETH) price trend - what is the next step?
If the bulls win, the next target will be the second level resistance level at the pivot point of $1940.44, followed by the third level resistance level of $1973.19, which is slightly lower than the recent high. Traders are monitoring these levels as breakthroughs may validate bullish momentum and potentially catalyze prices towards the psychologically significant $2000 level.
However, if bears regain control, we may see the ETH price fall back to the second support level at the pivot point of $1828.52, and further bearish momentum may challenge the third support point of $1805.30. A more obvious sell-off may drag Ethereum (ETH) to the level of $1742.47, which is the intersection of prices and the 18-day moving average, and may fall to the level of $1668.59, related to the 40-day moving average. This decline may indicate a reversal of the bearish trend, especially if accompanied by high selling volume.
In this tightly intertwined market, the next trend of ETH may set the tone for the counterfeit currency industry, and investors are closely monitoring signals that may confirm a sustained rise or indicate a broader market downturn.
Conclusion: Market giants are constantly changing
Bitcoin (BTC) and Ethereum (ETH) are still two giants, with each of their fulcrums anchoring the encrypted world. Bitcoin has resilience and can withstand macroeconomic shocks, shaping market sentiment through its subtle but significant price changes. ETH is the pulsating core of decentralized innovation, overcoming resistance and intertwining its fate with a broader crypto ecosystem.
Bitcoin (BTC) is waiting for contemplation, ready to seize the momentum of the weak job market and the possibility of the Federal Reserve stopping operations. Its path is full of technological landmarks, either rising to ecstatic heights or falling to support levels, each step proving the strong expectations of the market for monetary policy distortion and blockchain halving, which has laid the pace for the advancement of cryptocurrencies.
Ethereum (ETH) has an intertwined network of applications and protocols, and its fate is within a narrow range, with every fluctuation carefully observing signs of trend. As the ETH hovers, the market collectively holds its breath - will it break through a known peak, or will bearish pressure cause it to spiral up and touch the underlying support level? Only time can reveal this path, but one thing is certain: the dance of these cryptocurrency giants will resonate throughout the financial sector, marking either jumping into a bullish embrace or cautiously retreating from the shadows.
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