May 23, 2024

Days after falling to a 6-month low, bitcoin rose for a second consecutive session, as costs slowly approached its key stage of $40,000. Right this moment’s acquire in BTC comes as the worldwide crypto market cap was 4.7% larger from yesterday’s session, as of writing.

Bitcoin

The world’s largest cryptocurrency hit an intraday excessive of $38,415.90 on Wednesday, which is its highest stage within the final six classes.

Right this moment’s transfer comes because the 14-day RSI on BTC/USD broke out of its latest resistance stage of 30, which usually signifies costs being oversold, and is now monitoring at 38.

Regardless of remaining comparatively oversold, this short-term bullish momentum has led to the 10-day (crimson) EMA slowly curving out, with the potential for an upward cross with the 25-day (blue) EMA regularly rising.

If this have been to happen, historical past exhibits that there may very well be elevated shopping for stress, as costs would possible break above the $40,000 ceiling. Which is an space the place earlier bull runs have began.

BTC/USD – Every day Chart

Nevertheless, as we method this stage, there appears to be like to be some resistance forward, with the RSI indicator displaying {that a} ceiling of 41 might pour chilly water on the present streak.

This, if the latest bullish stress isn’t sufficient to beat the upcoming hurdle.

Ethereum

ETH costs have been buying and selling near 10% larger through the course of Wednesday’s session, hitting an intraday excessive of $2,648.49 within the course of.

Much like bitcoin, ETH/USD moved previous latest lows in its 14-day RSI, and presently tracks barely above the 34 stage.

This acquire in power has led to costs hitting a 5-day excessive, now on the periphery of breaking into the 0.236 Fibonacci stage.

As you’ll be able to see from the chart beneath, this fib stage, which is at $2,675.00, has birthed a number of bull runs previously.

Bitcoin, Ethereum Technical Analysis: ETH Nears 10% Gain, Bitcoin Headed to $40,000?
ETH/USD – Every day Chart

With no clear indicators of resistance in volumes, are we set to see extra beneficial properties within the value of ETH? Go away your ideas within the feedback beneath.

eliman@bitcoin.com'

Eliman Dambell

Eliman brings a diversified standpoint to market evaluation, having labored as a brokerage director, retail buying and selling educator, and market commentator in Crypto, Shares and FX.




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