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BTC/USDT 1-hour Technical Analysis (Source: TradingView)
Bitcoin's recent price movements have been closely watched by investors and traders, as the world's largest cryptocurrency continues to trade in a narrow range. Looking at the 1-hour chart, it can be seen that Bitcoin has been trading above the 200-day moving average, which is a positive sign for bullish investors. However, the asset has been struggling to break above its current resistance level at $25,452.09 and $25,148.28 and has been falling since then.
Despite the recent decline, Bitcoin is still trading close to its current resistance zone. If it manages to break out of this zone and climb higher, we can expect the price of Bitcoin to surpass $26,000 within a few days. However, there is also the possibility of a pullback to the current support level, which is between $23,813.50 and $23,529.25. In the event of a deeper pullback, Bitcoin could reach the $21,000 price zone. Traders are advised to closely monitor Bitcoin's price movements and adjust their trading strategies accordingly.
ETH/USDT 1-hour Technical Analysis (Source: TradingView)
We now turn our focus to Ethereum, the second-largest cryptocurrency on the market, and observe that it just switched from a bearish trend to a positive one. Ethereum has been trading above the 200-day moving average since crossing it, which is encouraging for investors.
Ethereum appears to be in a phase of consolidation right now, when the asset is trading inside a narrow range. Ethereum's RSI reading right now is 65.49, which is rather near the oversold area of 70. We can anticipate some retracements down to the prior order block region of $1660 if Ethereum's RSI value crosses the 70 thresholds.
On the other side, if the bulls continue to control the market, Ethereum's price might increase to $1800 in a matter of days.
For cryptocurrency traders, it's an exciting time as the market exhibits encouraging growth trends and presents fresh investment chances.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
