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Bitcoin (BTC) Again at EMA55 Resistance
Bitcoin (BTC), which experienced selling pressure for three days when it failed to surpass the EMA55 resistance, managed to rise above the descending trend again with buying momentum yesterday. Starting the day with selling pressure, Bitcoin (BTC) tested $60,630 before starting to rise and closed the day at $63,074 with a 3.07% increase. Bitcoin (BTC) is currently trading at $62,831.
<img src="https://cdn.thebittimes.com/images/2024/05/11/1715412287.webp" width="800" height="400" style="display: block; margin-left: auto; margin-right: auto;">
Bitcoin (BTC) Chart Analysis
This week, Bitcoin (BTC) had re-entered the trend after breaking the descending trend but failed to surpass the EMA55 resistance. The leading cryptocurrency, which started the day with selling pressure, reversed its direction by the end of the day and closed at $63,074 with a 3.07% increase. Analyzing its daily chart, we see that Bitcoin (BTC) has once again broken above the descending trend and retested the EMA55 resistance it failed to break a few days ago. If it breaks above the EMA55, I expect the price of Bitcoin (BTC) to move towards the resistance levels of $69k-$71k and $73k successively. In case it falls back below the descending trend and experiences selling pressure, the nearest support levels would be the EMA100 at $60,323 and the $60k level.
Ethereum (ETH) Continues to Face Selling Pressure Below EMA5
Ethereum (ETH), the second-largest cryptocurrency with a market value of $363.24 billion, turned downwards again after being rejected from the EMA55, and selling pressure continues. Starting the day at $3,036.1, Ethereum (ETH) is trading at $3,024.1 with a 0.39% decrease.
<img src="https://lh7-us.googleusercontent.com/pleKiHWNTA2HjzftWPtt09vUaDXeuNWgknIvRMRenRi36Bk3FxC0xpnfh0rqn3Lf5TyFpJir_oPESOYwhtxIO2eGngRNiZ9VK4wl9WtQ5Vd2yImAd9991t85Z6RdRG7UoAEpfpFX9SsizEfA7OcRXg" width="604" height="302" style="display: block; margin-left: auto; margin-right: auto;">
Ethereum (ETH) Chart Analysis
Having failed to test and surpass the EMA55 resistance earlier this week, Ethereum (ETH) turned downwards again, facing selling pressure. Currently trading at $3,024.1, Ethereum (ETH) continues its downward movement under selling pressure below the EMA5. If the selling pressure on Ethereum (ETH) persists, the short-term initial support levels would be $2,858 and the EMA200 at $2,788.7. In case Ethereum (ETH) starts moving upwards, the short-term resistance levels would be $3,205.9 and the descending trendline at $3,330.
The investment information, comments, and recommendations provided here are not within the scope of investment advisory services. Investment advisory services are provided on a personalized basis, taking into account individuals' risk and return preferences. The content, comments, and recommendations provided here, which are in no way directive, are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making investment decisions solely based on the information provided here may not yield results consistent with your expectations.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-btc-faces-ema55-resistance-ethereum-eth-under-selling-pressure-plus-join-the-furrever-token-furr-craze-for-a-chance-to-win-20-000-tbt88046.html">https://thebittimes.com/bitcoin-btc-faces-ema55-resistance-ethereum-eth-under-selling-pressure-plus-join-the-furrever-token-furr-craze-for-a-chance-to-win-20-000-tbt88046.html</a>

Bitcoin (BTC) Faces EMA55 Resistance, Ethereum (ETH) Under Selling Pressure, Plus Join the Furrever Token (FURR) Craze for a Chance to Win $...

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