U.Today – has not given up on the $68,000-$70,000 price range and could be gaining some momentum for a breakthrough attempt. Digital gold is currently trading around $69,000, bouncing off the 26 EMA. However, $69,400 is a significant resistance threshold that can cause serious problems if BTC does not gain enough momentum.
As Bitcoin attempts to break through the critical $70,000 barrier once again, the chart shows bullish sentiment. The price has demonstrated resistance and the possibility of an upward move by recently bouncing off the 26-day exponential moving average.
This bounce implies that buyers are stepping in and giving the market the support it needs to stay above $68,000. Bitcoin is currently battling the $69,400 resistance level, a critical point that has historically been difficult to overcome. If this level is not broken, there could be a reversal towards $70,000 or lower.
A correction may find additional support at the 50-day EMA and the 100-day EMA, both positioned below the current price. Trading volume has increased somewhat, suggesting that traders are becoming more interested and involved. Any significant price movement must be supported by this increase in volume.
questionable condition
XRP is currently in a mixed state: on the one hand, the asset is still heavily suppressed; on the other, he's gaining some power and potentially even some strength for a rebound. One way or another, it is still moving below the 50 EMA and definitely has to break through to be considered a rebound contender.
Since XRP has not yet been able to decisively break above the 50-day EMA, this is especially important. If the price continues to rise above this barrier, it may be a sign that buyers are taking over and driving the price up. But the bearish sentiment could continue to prevail as long as XRP remains below this mark.
Low trading volume may indicate a lack of confidence among traders. XRP will require more trading volume to sustain the price movement and achieve a successful recovery. Strong participation is usually indicated by high volume, which can also confirm the direction of the price trend. The RSI is in a neutral zone, around 50 and does not provide any substantial information.
the problem
Ethereum is clearly facing some difficulties as the asset has remained in the same trading range for the past few weeks. Considering the trading volume, that is not the problem as the bears are not really prepared to push it lower. But there is also an important factor to consider: the exhaustion of the bulls.
The Ethereum/USD chart indicates that the cryptocurrency has been settling in a small range, roughly between $3,750 and $3,850. The price has not risen considerably even though the previous bullish momentum suggests a possible plateau. Although sellers are not actively pushing prices down, this stagnation may be the result of bullish exhaustion, in which buyers lack the power to drive prices up.
The moving averages on the chart offer more context. But failing to break above the current resistance level of around $3,850 could indicate a consolidation phase or even a possible pullback. The current range needs to be broken out and volume analysis indicates that trading activity has not increased significantly.
Higher market participation would be indicated by an increase in volume, which could encourage a breakout. The low but steady volume at the moment indicates that traders are waiting to see what will happen before making a big move. Ethereum is approaching overbought conditions, as indicated by the RSI, which is currently trading between 60 and 70. Even if it is not a drastic scenario, it implies that the upside potential could be limited in the absence of a market correction or consolidation. period.
This article was originally published on U.Today.
