Bitcoin price is weakening, yet major uptrend support is still there

The bitcoin price surged past $29,000 but then made a smaller correction and is now stabilizing above the pivot mark of $28,000. The world’s largest crypto has accelerated its upward movement above the $28,500 obstacle, albeit only slightly, and is currently trading above both the $28,000 level and the 100hr simple moving average.

A bullish trend line is forming on the hourly chart of the BTC/USD pair, with support near $27,900. The pair may begin another climb until there is a definite move below the $27,650 support.

However, gains were constrained over $29,000, and before the price began, a new downside decline, a high, was created at around $29,190. The $28,800 and $28,500 thresholds were moved down, and the price tested the level of the upward wave from the $26,600 swing low to the $29,190 high using the 50% Fibonacci retracement formula.

The $28,850 region represents the next significant resistance; at this time, the biggest resistance is forming close to the $29,200 mark. The price might be pushed toward the $30,000 resistance with a decisive rise above the $29,200 level. If there are any further increases, the $32,000 resistance level may need to be tested.

Bitcoin price faces potential downturn

A new slump in bitcoin price may begin if it cannot overcome the $28,800 resistance. Immediate support on the downside is at the $27,900 area or the trend line.

The next significant support is the $27,680 region and the 100hr simple moving average. It is close to where the ascending wave from the $26,600 swing low to the $29,190 high is 61.8% Fibonacci retraced. A downward break below the $27,680 support level might start a new downturn, and the price may challenge $26,600 at the $27,210 mark, where the next significant support is located.

Ethereum’s price was steady

The price of Ethereum held steady above the $1,750 support area, ascended higher, and made an effort to break upward above the $1,840 barrier area. Before there was a negative adjustment, the price reached a high of $1,828. Despite a dip below the $1,800 mark, the price managed to hold above the $1,750 support region, created a low near $1,762 and is currently increasing.

The price of ether is trading above both the 100hr simple moving average and $1,785. It is also trading above the point where the current slide from the swing high of $1,828 to the low of $1,762 is 61.8% retraced on the Fibonacci scale. In the hourly chart of ETH/USD, a connecting positive trend line is also developing, with support located close to $1,780.