As Bitcoin keeps a close watch on the impending ‘golden cross’ formation, its fate intertwines with the Federal Reserve’s decisions and upcoming economic data, leaving us all intrigued about the path it will tread in the near future.
Bitcoin and Ethereum, two of the most popular cryptocurrencies, are currently in focus as their prices remain in pivotal ranges. Bitcoin is hovering around $34,000, while Ethereum is experiencing upward momentum, breaking resistance levels.
Bitcoin’s recent rebound has brought it into a consolidation phase around $34,000. It has temporarily halted its upward trajectory within this range, awaiting the upcoming Federal Reserve (Fed) decision, which is likely to influence its next move. The short-term outlook shows an intermediate resistance at $34,500, and a failure to overcome this area may cause a pullback to $33,200. However, as long as the indicator remains above 80, the positive outlook will be maintained. If Bitcoin manages to break through the resistance at $35,500, it may form a new path towards $42,000.
Taking a longer-term perspective, Bitcoin has been in a bear market for the past two years but has gradually entered a recovery phase. Fib 0.236 has turned into support, and the next obstacle is formed in the $36,500 region, corresponding to Fib 0.382. If Bitcoin successfully surpasses this resistance line, it could set its sights on the $42,000 mark. The medium and long-term Exponential Moving Averages (EMA) indicate a bullish trend, and Bitcoin is about to form a “Golden Cross,” which could further accelerate its uptrend.
Moving on to Ethereum, it has shown strength in its upward momentum. It successfully broke the resistance line at $1,660 and the falling triangle pattern of April origin. Currently, Ethereum has transformed the $1,770 resistance level into a support base. Its trajectory depends on overcoming the resistance formed at approximately $1,840. If it surpasses this key level, the subsequent target levels become $1,910, $2,010, and $2,130. However, if it falls below $1,770, a retest of $1,680 may occur.
It is important to note that investing in cryptocurrencies carries risks, and any investment decision should be evaluated from multiple points of view. This article is for informational purposes only and does not constitute investment advice.