Bitcoin Remains Stable After Correction: Bullish Мomentum Prevails
Bitcoin's value remains stable around the $69,000 mark after a recent correction. The digital currency is now consolidating, with the potential for another increase in the near future.
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Despite a brief struggle above the $71,800 resistance area, BTC is currently trading above $69,000 and the 100-hour simple moving average (SMA).
Bitcoin bullish pattern
Bitcoin surged past the $70,000 mark and peaked above $71,200, only to encounter resistance near $72,000. This surge ended with a new weekly high of $71,896, followed by a subsequent correction. The correction saw Bitcoin fall below the $71,000 mark and the 23.6% Fibonacci retracement level obtained from the bullish wave spanning from the lows of $66,047 to the highs of $71,896. Despite this correction, bullish activity remained above the critical $68,800 support zone.
A significant uptrend line is forming, supported by $69,200 on the hourly BTC/USD chart, indicating a potential upside move. The price is currently facing resistance around the $70,500 level, with the main hurdle at $71,200.
Beyond that, the next notable resistance could come in at $71,850. A decisive break above the $71,850 resistance could trigger an upside spike, potentially testing the $72,500 resistance.
Continued momentum could push BTC further towards the $73,200 resistance, with the possibility of reaching the $74,500 resistance in case of sustained gains.
If Bitcoin fails to break above the $71,200 resistance area, the downward movement could continue. Immediate support is near the $69,200 level and the trend line, with the initial major support at $69,000. Major support is consolidating around $68,800 or the 50% Fibonacci retracement level. Further declines could potentially take the price to the $67,300 support area in the near term.
The RSI for BTC/USD is currently above the 50 level, indicating healthy buying interest in Bitcoin.
Key Support and Resistance Levels for Bitcoin
Key support levels: $69,200, $68,800 and 50% Fibonacci retracement level of the uptrend from $66,047 swing low to $71,896 high.
Key resistance levels: $70,500, $71,200, $71,850, $72,500 and $74,500.
Ethereum continued its uptrend, hitting a new weekly high of $3,838 before consolidating gains. ETH is trading above key resistance levels at $3,500 and $3,650, with prices holding above $3,700 and the 100-hour SMA.
A short-term uptrend line is forming, offering support at $3,710 on the hourly ETH/USD chart. Immediate resistance is expected at the $3,840 level, with significant resistance at $3,880 and major resistance at $3,950. A successful break above $3,950 could push the price towards $4,000 and potentially $4,080.
Ether’s continued bullish momentum could see it test the $4,250 mark. However, if Ethereum faces challenges beyond the $3840 resistance level, it could undergo a downward correction. Initial support is expected at $3,710, reinforced by the established trend line. Below that, the $3,620 area stands out as a significant level of support. A further move down could lead to a drop to $3,450 or the 50% Fibonacci retracement level at $3,380 in the short term.
Key Support and Resistance Levels for Ethereum
Support level: $3,620 on a downside.
Resistance level: $3,840 as Ethereum looks for higher price targets.
MACD for ETH/USD is gaining momentum in the bullish zone. The RSI for ETH/USD is correcting from the overbought zone at 75, possibly signaling a short pullback or consolidation.
Cardano (ADA) is lagging behind other altcoins, failing to initiate a strong uptrend despite testing key support levels. The cryptocurrency is currently trading above $0.480 and the 100-hour SMA, demonstrating some resilience in the market.
Disclaimer: This article is SPONSORED content. It should not be considered investment advice. The text and images were provided by a third party. The content does NOT reflect CoinsPress’ opinion and thorough research is advised before venturing into any type of investment practices, especially in the volatile crypto space.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
