Bitcoin ($BTC/USD) Analysis:
BTCUSD has hit a robust resistance range between 65K and 68K. The upper limit seems to be functioning as a resistance point, acknowledged by traders. The upward trend is still strong. Usually, breaking above the upper limit of a rising trend channel leads to a significant uptrend. A brief consolidation just below the 65K-68K resistance zone and above the trend channel's upper boundary at 58.5K is encouraging, indicating a likely breakout to new highs. Up to now, the price has retained its gains. The minor low at 60K has acted as short-term support. Additional consolidation between 60K and 73.7K could create a potential rectangle chart pattern. However, failing to maintain above the upper boundary of the trend channel might lead to a larger correction towards the 52K levels. The only bearish possibility is a double top formation with a retest of the 70K levels. uptrend.
Ethereum ($ETH/USD) Analysis:
Long-term resistance is positioned at the $4,400 level, with the uptrend remaining intact. The potential upward trend line provided support around the 2,800 level long term and short term $3700, where minor lows also held, leading to a sharp rebound in ETHUSD. Technically it would be considered bullish once the price breaks through the horizontal resistance at $4,400.
Ethereum/Bitcoin (ETH/BTC) Analysis:
The monthly chart of ETHBTC is at a critical support level. Breakout or breakdown signals through diagonal boundaries are typically less reliable, but a trendline with multiple touchpoints can be valid and recognized by market participants as a level that may alter the demand/supply dynamic. The trendline and horizontal support converge around the 0.05 level. A breakdown below 0.05 could reverse the current uptrend and lead to significant underperformance of ETH compared to BTC, with a possible price target for the rectangle pattern at 0.029. Given that this is a monthly chart, monitoring for an end-of-month close below 0.05 is essential. An ideal breakdown signal should be accompanied by a long black candle. Conversely, a sharp recovery from the current support area could lead to a continuation of the broad trading range between 0.05 and 0.08. If the monthly candle closes at current levels, it would indicate a sharp reversal and possibly a bear trap on daily/weekly charts. In that case, the price would reclaim support and continue to consolidate between 0.05 and 0.08
Support Levels to Watch Based on Daily Chart:
Bitcoin ($BTC):
Support: $67,000 area
Resistance: $72,000 area
Ethereum ($ETH): Support: $3,700 area Resistance: $4,400 area
Ethereum ($ETH)/BTC: Support: 0.05 Resistance: 0.08
Alt Coins Daily Chart Levels to Watch :
Bitcoin Cash ($BCH):
Support: $400 area
Injective Protocol ($INJ):
Support: $18 area
Maker ($MKR):
Support: $2,650 area
TRON ($TRX):
Support: $0.11 area
Render Token ($RNDR):
Support: $10.00 area
Fetch ($FET):
Support: $1.85 area
Solana ($SOL):
Support: $170 area
Binance Coin ($BNB):
Support: $510 area
Chainlink ($LINK):
Support: $16 area
Immutable X ($IMX):
Support: $1.80 area
Avalanche ($AVAX):
Support: $29 area
Stacks ($STX):
Support: $2.00 area
Near Protocol ($NEAR):
Support: $5.80 area
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