The two-day chart of Bitcoin shows a bullish price structure, characterized by a breakout above key resistance levels and the formation of higher lows and higher highs. According to Crypto World analyst Josh, this trend indicates an optimistic outlook for Bitcoin, suggesting that despite short-term fluctuations, the overall trend remains bullish.
The daily chart of Bitcoin indicates that it is currently facing resistance in the $72,000 to $74,000 range. Historically, this area has been a significant resistance level from March to June, so it is important to monitor closely. A breakout above $74,000 may pave the way for a new all-time high, signaling strong bullish momentum.
Support Level
Based on the analysis of previous resistance levels (currently acting as support) and the Volume Profile Indicator (VPI), the key support level is between $66,700 and $68,300. An additional minor support level is around $69,500, derived from previous highs (currently acting as support).
In summary, while short-term trends may exhibit bearish tendencies, the longer time frames continue to reflect a bullish outlook for Bitcoin, especially as long as it remains above the $65,000 support line.
Ethereum Technical Analysis
The three-day chart of Ethereum (ETH) shows little recent change. However, the 12-hour chart suggests that ETH is maintaining support above the key ascending line (around $2,460).
Key Support Level
Between $2,440 and $2,475 is an important support level. Historically, this range has acted as both a resistance and a support level, making it crucial for price stability. Currently, Ethereum is bouncing off this level, which is a positive indicator in the short term.
Resistance Level
On the resistance side, Ethereum faces challenges between $2,550 and $2,580, while a larger resistance level exists between $2,700 and $2,800. This area has been marked as critical due to previous resistance.
The article is for reference only and does not represent investment advice.
