Technical Update - Bitcoin and Ethereum in uptrends testing key resistance levels

Cryptocurrencies 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Bitcoin BTCUSD has been rejected at 48,240 which is very close to the 0.618 retracement of the 2022 bear market at 48,547.
A close above will pave the road to 57,542 possibly back to the 2022 peak (and all-time high) at around 69K

A close below 40,625 will, at least short-term, demolish the bullish picture and could lead to a correction down to 36K
A break below lower rising trendline could be first indication of a reversal scenario is playing out.

There is currently RSI divergence but if BTCUSD id closing above 48,240 that divergence is likely to be cancelled.
Source: Tradingview and Coinbase

Ethereum ETHUSD is trading in what seems like a rising channel pattern, currently testing resistance at around 2,445. If closing above there is no strong resistance until around 3,581

RSI is showing positive sentiment with minor divergence. A divergence is likely being cancelled if ETHUSD is closing above 2,445 thus further supporting the bullish scenario  

A close below 2,100 will demolish the bullish picture
Source: Tradingview and Coinbase

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