After a turbulent May for crypto investors, the outlook for June is more positive. Investors are hopeful for a stable market that provides a clear direction for cryptocurrency prices. Analyst Crypto World recently discussed the significant levels of Bitcoin and Ethereal in a new YouTube video.
The analyst has observed the formation of a falling wedge pattern, indicating a potentially bullish pattern. However, there is still a chance of a break down, albeit less likely. Confirmation of a break above the resistance level at around $28,000 or below the support level at around $26,000 is needed for clearer direction. If a breakout occurs, the price target would be around $30,500, but this is not currently in play.
Then it went to eight hours. bitcoin chart and said that the price remains in a sideways range between support (roughly $26,100 to $26,500) and resistance (around $27,200 to $27,600). A break above near-term resistance levels would signal bullish price action. At the time of writing, Bitcoin is trying to stay above the $27k level.
Also read: Is Bitcoin the next Apple in the making? Analyst draws parallels
Ethereal
The analyst then shifted focus to Ethereum noting that the daily chart shows that the price is still trading above the support area between $1,770 and $1,820. He said that Ethereum has recovered from the support range ($1,830 to $1,860) and is testing the descending resistance line around $1,890. A confirmed break above $1,890 could lead to resistance levels around $1,920 to $1,950 and $2,000.
The recent bullish divergence resulted in a short-term reset in both price and RSI as the RSI entered overbought territories. A similar cooling period could occur in the next few hours or days, followed by another move up after a further reset of the RSI.
