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Technical Crypto Indicators 13th May 2024 BTC Key level $60.5k & ETH Key level $2.6k


Crypto Technical indicators Bitcoin Eth


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



ETH BTC Chart

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.


Bitcoin USD Technical Chart


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.



ETHUSD Chart crypto




Disclaimer: The content provided in this article and website is for educational purposes only and is not intended as financial advice. Cryptocurrency investments are highly volatile and risky. There is a potential for significant loss, up to and including the total loss of your investment. Readers are advised to conduct their own research and consider consulting with an independent financial advisor before engaging in any financial transactions based on this information. Neither the author nor this platform assumes liability for financial losses that could occur as a result of using this information

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