- Popular analyst Credible Crypto noted that accumulated buy orders on Binance have been removed and replaced with new sell orders, indicating a situation where the order book favors sellers over buyers.
- Some indicators, especially the Relative Strength Index (RSI), are giving signs of a possible bullish trend. Bitcoin is currently forming a descending wedge pattern, which could lead to a potential bullish breakout if it manages to rise above $26,700.
- Ethereum is struggling with a critical resistance level between $1,620 and $1,660. Daily indicators also point to a potential bull reversal.
The $27,000 level in Bitcoin price may be of critical importance for the price recovery; Support and resistance levels to follow!
Attention to $27,000 in Bitcoin Price
Popular analyst Credible Crypto pointed out that accumulated buy orders on Binance have been removed and replaced with new sell orders, indicating a situation where the order book favors sellers over buyers. This is particularly important considering Bitcoin’s recent highs around $27,000.
If Bitcoin falls just below $26,000, it might be a good time to be positive for a potential recovery. The analyst also noted that $28,100 is not a strong resistance level, and the more significant level is $27,000.
The analyst stated, “We were right to be cautious at the $27,000 level, the path of least resistance (short-term) continues to be to the downside. I think targeting just below the $26,000 level as an ideal downside target makes sense to look for a bounce back up at this point.”
According to another crypto analyst, the recent changes in Bitcoin have been minimal. It is still holding above an important support area, around $24,300 to $25,300. Some indicators, especially the Relative Strength Index (RSI), are giving signs of a possible bullish trend. Bitcoin is currently forming a descending wedge pattern, which could lead to a potential bullish breakout if it manages to rise above $26,700.
Daily indicators, such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), are showing signs of potential bullish momentum. RSI, in particular, has experienced an uptick, indicating that a trend reversal may be in the cards.
What About Ethereum?
Ethereum is struggling with a critical resistance level between $1,620 and $1,660. Daily indicators are also giving signs of a potential bullish reversal, particularly noting a significant bullish divergence. Ethereum needs to surpass and solidify the $1,660 resistance as strong support to confirm a bullish trend.
Here are the key points:
- Bitcoin’s support level is approximately around $26,000, with resistance around $26,900.
- Ethereum’s support area is approximately between $1,510 and $1,520, with resistance between $1,630 and $1,640.
