Related Posts
Bitcoin rebounds after touching a fresh yearly low
Bitcoin slipped to a new yearly low of $57,800 before bouncing back to around $59,000. Even with the recovery, the overall technical picture remains weak, as BTC continues to trade well below its major Exponential Moving Averages (EMAs). The 50-day EMA at $66,352, the 100-day EMA at $70,133, and the 200-day EMA at $76,276 all remain overhead, highlighting strong resistance and reinforcing the prevailing downtrend.
Momentum indicators also point to continued caution. The Relative Strength Index (RSI) sits near 32, suggesting bearish momentum is still in place despite the recent bounce. At the same time, the Moving Average Convergence Divergence (MACD) has turned slightly negative around the zero line, indicating that buying momentum remains limited.
If buyers gain traction, Bitcoin's first hurdle lies near the $64,004 resistance level, followed by the 50-day EMA at $66,352. A stronger recovery could then target the 100-day EMA at $70,133 and the 200-day EMA at $76,276.
For sentiment to shift meaningfully, BTC would need to close above these major moving averages. Until then, failure to reclaim the $64,000 area could leave the cryptocurrency exposed to another decline toward the key psychological support at $55,000.
Ethereum defends the $1,500 support zone
Ethereum is trading around $1,586, remaining above the important $1,500 support level. Despite holding this area, the broader outlook remains negative, with ETH still trading below its 50-day, 100-day, and 200-day EMAs, which are positioned between roughly $1,815 and $2,286.
The RSI is hovering near 34, reflecting ongoing selling pressure, while the MACD has edged slightly higher, suggesting bearish momentum may be easing rather than signaling a confirmed trend reversal.
On the upside, the first major resistance comes at the 50-day EMA near $1,814. Above that, the 100-day EMA around $1,993 and the $2,000 horizontal resistance create a significant supply zone. The 200-day EMA near $2,285 remains the next major obstacle if the recovery strengthens.
Should selling pressure return, Ethereum's next key support sits near $1,385, where buyers may attempt to slow any further decline.
XRP holds above the psychological $1.00 level
XRP is trading around $1.047, continuing to hold above the important $1.00 psychological support. However, the short-term trend remains bearish, with the token trading below its 50-day EMA at $1.1937, 100-day EMA at $1.3019, and 200-day EMA at $1.5145.
Price also remains below the upper boundary of a descending parallel channel near $1.1600, indicating that sellers still have control. The RSI is holding near 34, while a flattening MACD histogram suggests downside momentum is beginning to stabilize, though there are no clear signs of a bullish reversal yet.
The first resistance is located around the channel's upper boundary near $1.1600, followed by the 50-day EMA at $1.1937. Beyond that, the $1.3000 resistance area aligns closely with the 100-day EMA, creating another significant barrier. A sustained rally would then face the 200-day EMA near $1.5145 before testing the major resistance around $1.9000.
With no strong support levels immediately below current prices, XRP needs a daily close above the $1.16 to $1.19 resistance zone to ease bearish pressure. Until that happens, the risk of another leg lower remains elevated.
Post a Comment