According to the latest analysis from analyst Crypto World, Bitcoin is showing signs of resilience as it recovers from key support levels. As price approaches short-term resistance, Ethereum and several other altcoins are also preparing for possible breakouts.
Bitcoin is still in an uptrend characterized by higher lows and higher highs. However, a bearish divergence observed about a week and a half ago has resulted in a period of choppy sideways movement in prices. Typically, such divergences result in either a sideways move or a slight pullback.
In the short term, Bitcoin is marking a rebound from a key support line that previously served as resistance. Short-term resistance levels at $43.1K to $43.4K were broken and turned into potential support. Further upside could face resistance around $44.5K to $44.7K, with a break above $44.7K signaling a new yearly high.
The Bitcoin liquidation heatmap shows recent hits in liquidity zones around $43.6K to $43.8K, confirming previous predictions. At the time of writing, Bitcoin is trading at $43,991, up more than two percent.
Ethereum price analysis
Ethereum is showing a bearish divergence, indicating a possible short-term break in the uptrend. The key support levels are between $2.1K and $2.15K. Despite the divergence, a falling wedge pattern suggests a bullish breakout is imminent, with a price target near $2.4K.
In a shorter time frame, Ethereum could form a double bottom pattern, indicating a bullish reversal. A breakout above $2,250 would confirm the pattern, with a technical price target of $2,350 to $2,360.
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