After a turbulent month for crypto investors in May, the outlook for June is more positive. Investors are hoping for a stable market that will provide a clear direction for cryptocurrency prices. Analyst Crypto World recently discussed the important levels of Bitcoin and Ethereum in a new YouTube video.
The analyst has observed a bearish wedge pattern, indicating a potential bullish pattern. However, there is still a possibility of a downside breakout, albeit less likely. Confirmation of a breakout above the resistance level around $28,000 or below the support level around $26,000 is needed for clearer direction. If an upside breakout occurs, the price target would be around $30,500, but this is not currently in play.
He then went to the eight-hour Bitcoin chart and said the price remains in a sideways range between support (around $26,100 to $26,500) and resistance (around $27,200 to $27,600). A breakout above the near-term resistance levels would signal bullish price action. At the time of writing, Bitcoin is trying to stay above the USD 27,000 level.
Also Read: Is Bitcoin the Next Apple in the Making? Analyst draws parallels
Ethereum
The analyst then shifted focus to Ethereum, highlighting that the daily chart shows the price still trading above the support area between $1,770 and $1,820. He said Ethereum has recovered from the support range ($1,830 to $1,860) and is testing the descending resistance line around $1,890. A confirmed break above USD 1,890 could lead to resistance levels around USD 1,920 to USD 1,950 and USD 2,000.
The recent bullish divergence resulted in a short term reset of both price and RSI as the RSI entered overbought areas. A similar cooling period could occur in the coming hours or days, followed by another upward move after a further RSI reset.
