Bitcoin and Ether might remain in a range before making a significant move.
Bitcoin Price Analysis
Bitcoin rebounded from the support line of the symmetrical triangle pattern on May 30, but the bulls couldn’t maintain the higher levels. To gain an advantage, the bulls need to push the price above the triangle, which could trigger a rally to the overhead resistance at $73,777. The bears are likely to put up a strong defense at this level.
On the other hand, if the price continues to drop and breaks below the support line, it will indicate that the bears have taken control. The BTC/USDT pair could then fall to $64,600 and potentially to the crucial support at $59,600. The bulls are expected to step in between $56,550 and $59,600.
Ethereum Price Analysis
The rising 20-day EMA ($3,559) and the RSI in the positive zone suggest that the bulls have an upper hand. Buyers will aim to push the price towards the significant overhead resistance at $4,100. This is a crucial level for the bears to defend, as a break above it could pave the way for a rally to $4,868.
Conversely, if the ETH/USDT pair declines and breaks below $3,730, it will imply that the positive momentum has weakened. The bears will gain an advantage if they manage to pull the price below the 20-day EMA.
Summary Review: In the current market conditions, Bitcoin and Ethereum are exhibiting signs of potential range-bound movement before any decisive trend emerges. Bitcoin’s price action is poised at a critical juncture within a symmetrical triangle pattern, with key levels to watch on both the upside and downside. A breakout above the triangle could signal a rally towards $73,777, while a breakdown might lead to significant support levels around $59,600. Similarly, Ethereum’s rising 20-day EMA and positive RSI indicate bullish sentiment, but the critical resistance at $4,100 remains a significant hurdle. A break above this level could open the door to higher targets like $4,868. However, a failure to maintain the current levels and a drop below $3,730 could shift the momentum in favor of the bears. Overall, the next moves for Bitcoin and Ethereum will likely be determined by their ability to break through key resistance levels or hold above crucial support zones, reflecting the ongoing tug-of-war between bulls and bears in the crypto market.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
