According to the latest analysis by analyst Crypto World, Bitcoin is showing signs of resilience as it bounces off crucial support levels. While the price is nearing short-term resistance, Ethereum and several other altcoins are also gearing up for potential breakouts.
Bitcoin is still within a bullish trend, marked by higher lows and higher highs. However, a bearish divergence observed about a week and a half ago has led to a period of choppy sideways price action. Typically, such divergences result in either sideways movement or a slight pullback.
In the shorter term, Bitcoin highlights a bounce from a significant support line that previously served as resistance. Short-term resistance levels at $43.1k to $43.4k have been breached, turning into potential support. Further upward movement could face resistance around $44.5k to $44.7k, with a breakout above $44.7k signaling a new yearly high.
The Bitcoin liquidation heat map reveals recent hits on liquidity zones around $43.6k to $43.8k, confirming earlier predictions. At the time of writing, Bitcoin is trading at $43,991, up by more than two percent.
Ethereum Price Analysis
Ethereum shows a bearish divergence, signaling a potential short-term pause in the bullish trend. Key support levels are identified around $2.1k to $2.15k. Despite the divergence, a falling wedge pattern suggests a bullish breakout could be on the horizon, with a price target near $2.4k.
On a shorter time frame, Ethereum is potentially forming a double bottom pattern, indicating a bullish reversal. A breakout above $2,250 would confirm the pattern, with a technical price target of $2,350 to $2,360.
Qadir AK
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
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