Bitcoin, Ethereum Hang On To Crucial Support Levels: What Do Veteran Technical Analysts Say?
Portfolio Pulse from Ivan Crnogatić
Veteran crypto analysts DonAlt and CryptoCred discussed the technical outlook for Bitcoin and Ethereum, highlighting key support levels and the impact of ETFs. Bitcoin's critical support is at $59,000, with potential lower supports at $52,000 and $47,000. Ethereum's crucial support is in the $2,200-$2,300 range. The analysts noted the choppy market conditions and the divergence in altcoin performance.
August 16, 2024 | 3:55 pm
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NEUTRAL IMPACT
Bitcoin's critical support level is at $59,000, with potential lower supports at $52,000 and $47,000. The recent washout to $49,000 may have cleared overleveraged positions, setting up for a stronger bounce.
The analysis highlights key support levels for Bitcoin, indicating potential price movements. The recent washout may lead to a stronger bounce, but the market remains choppy.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Ethereum's crucial support level is in the $2,200-$2,300 range. The ETH/BTC ratio has hit support at 0.043, a level not seen since January 2021. ETF outflows could be temporary.
The analysis identifies key support levels for Ethereum and notes the potential temporary nature of ETF outflows. The ETH/BTC ratio hitting support is also significant.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 100