The Bitcoin(BTC) price has risen to a $45,000 monthly barrier on a potential bull cycle from the support trendline of $37,776. The price has been repeatedly rejected from this level for over three months, and it is now approaching for the sixth time. Will buyers be able to recapture this level if they gather enough momentum?
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Bitcoin (BTC)- Following the sellers’ latest lower low of $33,000, the coin price has been increasing with an incoming ascending trendline. The latest higher lows are aiming to reduce the sellers’ all-out push, while buyers are battling to close the candle above $45,000.
For the seventh time in over three months, the Bitcoin price is retesting the above resistance zone. Moreover, the strong tail rejection aligned with the previous daily candle with dropping volume activity signals another reversal.
The possibility of a 10% pullback and a retest of the ascending trendline’s intersection support and $40,000 exists. If the coin chart displays a sign of reversal at this support, traders may be able to take advantage of a potential drop chance.
Furthermore, the number of addresses holding bitcoin has topped 40 million for the first time, according to on-chain statistics from the intotheblock platform.
Looking at something from a contrasting perspective, if sellers manage to push through the moving support trendline, the BTC price might rebound to its January low of $33,000.
The 200-day EMA, which defines the trend, strengthens the sellers’ defense at $45,000 and contributes to a bearish reversal. The importance of buyers reclaiming it is increased by this resistance combination.
The Relative Strength indicator is gradually rising, indicating that the bulls are gaining traction. Furthermore, the RSI slope is moving away from the 14-SMA and the midline.
A new price of Ethereum rebound has begun as a result of the symmetrical triangle breakout. Buyers have increased the value of the cryptocurrency by 12.5 %, bringing it to $3,200. The 200-day EMA, on the other hand, limits any additional price gain, suggesting that a modest pullback is required before the bull run may continue.
Ethereum (ETH)- On the ETH chart, there is a rejection at the $3,200 barrier level. The daily trading volume in Ether is $9.11 billion, representing a 16.26 % decrease.
With a strong breakthrough from the descending trendline of the symmetrical triangle, the two-month consolidation period in Ether price rewarded the bulls. The post-retest rise triggered four straight green candles, increasing the altcoin’s value by 11.26 %.
At the $3,144 mark, the second-largest cryptocurrency traders demonstrated more price rejection at the 200-day EMA. The modest decline might find sturdy support at $3,000 if sellers reverse the coin price from this EMA barrier.
In the event that sellers manage to push the cryptocurrency below the $3,000 barrier, the subsequent drop may meet the trendline of support.
The 200-day exponential moving average (EMA) line prevents buyers from surging over $3,200. However, the freshly switched 50-day EMA should contribute to the formation of dip support.
The MACD pulse breaks out of its own consolidation below the neutral zone and returns to the bullish zone. The MACD and signal have a big spread, indicating that traders are continuing to buy.
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