Bitcoin Forms Lower High Post-Powell Remarks, Ether Shows Doji at Record High
Bitcoin Analysis
Bitcoin (BTC) retraced to levels seen before Federal Reserve Chair Jerome Powell’s dovish comments, trading just above $112,000 after peaking at $117,440. Key observations include:
- Formation of a lower high near the resistance line from prior bullish trends.
- Bearish momentum suggested by Guppy Multiple Moving Average (GMMA) with imminent crossover of short-term averages below long-term averages.
- Weekly MACD histogram shows sub-zero reading, indicating potential acceleration of downward momentum.
Key support levels are at $110,756 (Ichimoku cloud lower boundary) and $100,000 (200-day SMA). Resistance levels include $117,440 and $120,000.
- Support: $110,756, $100,887, $100,000.
- Resistance: $117,440, $120,000, $122,056.
Ether Analysis
Ether (ETH) formed a doji candle on Sunday, signaling indecision at record highs. The formation indicates:
- Bulls faced significant resistance, pulling prices back down.
- Potential loss of upward momentum, suggesting caution ahead of possible market corrections.
ETH traded 3% lower at $4,624, with support identified at $4,065. Potential pullback suggested by bearish divergence in the relative strength index.
- Support: $4,065, $4,000, $3,805 (50-day SMA).
- Resistance: $5,000, record highs.