The entire crypto market saw a crash last week and both of these cryptocurrencies took a hit. Below is a comparison of the charts over the past month.
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Bitcoin Daily Chart Analysis:
- Bitcoin was unable to break out of the ascending triangle pattern. It saw a large dump after it was unable to cross above the $60,000 level.
- Bitcoin is trading below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment has been bearish.
- Each of these moving averages may hold as an area of resistance on the chart.
Key Levels To Watch:
- The ascending triangle was unable to break out when Bitcoin saw above $60,000 but was unable to hold its gains.
- The crypto is showing a resistance level near the $60,000 mark as this has been an area the price struggles to cross above.
- Bitcoin may now find support near a previous level of support that held at $30,000 in the past.
Ethereum Daily Chart Analysis:
- Ethereum recently broke out of an ascending triangle pattern, tested old resistance as support, rallied, and has fallen again since.
- Ethereum is trading below the 50-day moving average (green), but above the 200-day moving average (blue), indicating there is likely a period of consolidation happening.
- The 50-day moving average may hold as an area of resistance, while Ethereum may find support near the 200-day moving average.
Key Levels To Watch:
- The ascending triangle broke out when Ethereum crossed the $2,000 mark. This level retested at support and then was able to further rally.
- The crypto then moved up to the $4000 level before it found more resistance.
- Ethereum fell hard with the rest of the crypto market last week, but was able to find support near the $2,000 level where the resistance in the ascending triangle once was.
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