Bitcoin and Ethereum are two of the most popular cryptocurrencies in the market, and their technical analysis is always closely watched by investors and traders.
Bitcoin has been on a solid bullish trend since July 15, when it surpassed the 50 EMA resistance. A bullish pin bar above the current support at $64,011 on July 25 further strengthened the uptrend. However, in order to keep the current upside rally going, BTC must exceed the $70K mark.
On the other hand, Ethereum has shifted to a downtrend mode after failing to sustain above the long-term resistance at $3.5K. The price rejection at the minor resistance of $3,296 indicates a further downside move. ETH/USD might pull back near $3,024 before deciding on the next market bias.
Both cryptocurrencies are facing key levels of resistance and support, with Bitcoin potentially reaching a target of $71,997 and Ethereum trading at $3,280 on Friday. The technical analysis suggests that Bitcoin may retest the current support at $64,011 before continuing its upside rally, while Ethereum could test support between $3,024 and $2,815 if the broader market sentiment turns gloomy.
Overall, the technical analysis of both Bitcoin and Ethereum provides valuable insights for investors and traders looking to navigate the volatile cryptocurrency market.
