1 week ago
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In the ever-fluctuating landscape of cryptocurrency, Bitcoin (BTC) stands resilient, maintaining stability above the descending trend line despite market turbulence. Meanwhile, Ethereum (ETH) grapples with rejection as it faces resistance at the EMA55, highlighting the volatility within the altcoin realm. Amidst these market movements, Furrever Token (FURR) emerges as a beacon of success, embarking on a rapid ascent to meme coin stardom in just two months.
Bitcoin (BTC) Remains Stable Above the Descending Trend Line
Bitcoin (BTC), with a market value of 1.234 trillion dollars, continues its operations above the descending trend. Bitcoin (BTC) started yesterday at 63,165 dollars, testing 64,442 dollars before closing the day at 62,312 dollars, down 1.35%. Today, Bitcoin (BTC) is showing a sideways trend, currently trading at 62,527 dollars, up 0.35%.
Bitcoin (BTC) Chart Analysis
After testing 56,552 dollars last week and rising with the FED interest decision, Bitcoin (BTC) broke above the descending trend starting from 72,800 dollars, testing 65,550 dollars three days ago. Facing rejection from the EMA55, Bitcoin (BTC) pulled back and continues to trade at 62,527 dollars. When examining the daily chart, we see that despite the pullback, Bitcoin (BTC) continues its operations above the descending trend. As long as Bitcoin (BTC) remains above the descending trend, the short-term resistance levels will be in the 69k-71k-73k range. In the event of another drop below the descending trend, the short-term support levels for Bitcoin (BTC) are the EMA100 at 60,242 dollars and the 60k dollar range.
Ethereum (ETH) Rejected from EMA55
Ethereum (ETH), the second-largest cryptocurrency with a market value of 363.47 billion dollars, turned upwards after testing 2,858 dollars once again, surpassing 3k dollars. After testing the critical resistance of 3k dollars and reaching 3,205 dollars, Ethereum (ETH) faced rejection and continued to pull back. Experiencing a retreat for the past three days, Ethereum (ETH) is currently trading just above 3k dollars at 3,002.5 dollars.
Ethereum (ETH) Chart Analysis
After testing 2,858 dollars for the second time, Ethereum (ETH) turned upwards and settled above 3k dollars. Attempting to break above 3k dollars and the EMA55, which stands at 3,205 dollars, Ethereum (ETH) failed and came under selling pressure again. Starting today with slight selling pressure, Ethereum (ETH) is currently trading at 3,002.5 dollars. When examining the daily chart, we see that after being rejected from 3,205 dollars and the EMA55, Ethereum (ETH) has been experiencing a decline, with initial support levels at 2,858 dollars and the EMA200 at 2,784.1 dollars. I believe Ethereum (ETH) needs daily closings above 3,205 dollars to resume its upward trend.
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