Bitcoin & Etheruem:
BTCUSD is currently stabilizing after recent gains, remaining just under the significant resistance zone of $65,000 to $68,000. After breaking above the top of a rising trend channel, the price surged towards this resistance area. The $60,000 level remains a critical support and a pivotal point. On the other hand, ETHUSD appears weaker and is testing the support near $2,800. The ETHBTC chart may shift to favor BTC. The focus is on observing this pair as May draws to a close.
Etheruem/Bitcoin:
The ETHBTC monthly chart is currently at a crucial support level. I typically do not rely solely on breakout or breakdown signals through diagonal boundaries. However, a trend line with multiple touch points could be significant and acknowledged by market participants as a key factor that might alter the demand/supply dynamics. The trend line intersects with horizontal support around the 0.05 mark. A fall below this level could reverse the current uptrend and lead to a significant underperformance of ETH compared to BTC. The potential price target for the rectangle is at the 0.029 mark. Since this is based on a monthly scale chart, I'll keep an eye on it for a closing below the 0.05 level at month's end. A definitive breakdown would ideally be indicated by a long black candle. Conversely, a robust recovery from this support zone could maintain the existing broad trading range between 0.05 and 0.08 levels
Bitcoin/USD:
BTCUSD has reached the strong resistance zone between $65K and $68K, where the upper boundary has effectively acted as resistance, acknowledged by market participants. The uptrend remains intact. Typically, a breakout above the upper boundary of a rising trend channel signals a strong continuation of the uptrend. A brief consolidation just below this resistance area, and above the trend channel's upper boundary at $58.5K, is a positive indicator, hinting at a potential breakout to new all-time highs. The price has successfully maintained these gains. The minor low at $60K has provided short-term support. Continued consolidation between $60K and $73.7K could lead to the formation of a rectangular chart pattern. However, a failure to stay above the trend channel's upper boundary might trigger a larger correction towards the $52K level. Bulls have regained momentum, pushing the price back into the range with highs around $71.5k and lows at $60.5k. The higher time frame (HTF) shows strength as it maintains above the Weekly Moving Average (WMA) 20. The advantage leans towards the bulls. Keep a close eye on the $60.5k level; losing this could be crucial. The price is currently retesting the $60.5k zone, indicating an ongoing battle.
Ethereum/USD:
Long-term resistance is established at the 4,400 level, with the uptrend still intact. The potential upward trend line has provided support at the 2,800 level. However, the lack of a significant rebound from this trend line raises concerns about the strength of the uptrend. A breakdown below the 2,800 level could lead to a more extensive correction, potentially reaching down to the 2,150 level.
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