After falling below $54,000, Bitcoin partially recovered its lost ground and rose to $57,250. In turn, the price of Ethereum crossed the important price threshold of $3,000. Cryptology experts performed a technical analysis and predicted further price movements for these assets.
Bitcoin
Let's start with higher timeframes. There is a good reversal on the monthly Bitcoin chart. Let us separately note the impulse at the opening of the new month, where we partially tested the imbalance zone. The most important thing is not to fall below the new low for the month.
On the weekly chart, the Bitcoin rate shows clear weakness. Most likely, we will see consolidation in one place or go even lower - into the $48,000 zone.
In one of the recent reviews, a detailed analysis of the daily Bitcoin chart was made. The price clearly hit $54,720, after which there was a good buyback. This reaction from buyers creates the preconditions for an optimistic forecast. To keep the scenario relevant, we need to be in this narrow range before the flight begins.
Ethereum
Ethereum's strong May candle was almost completely covered by the collapse. But there are still chances for further growth. We monitor the reaction of buyers - if they are able to buy back the asset, and the monthly candle closes above the low of the previous month, we will have an optimistic scenario. If this doesn't happen, there will likely be another price cut.
On the weekly timeframe the situation is almost completely similar to the monthly chart. Based on the fact that today is the opening of a new week, we will see the absorption of the candle within two bars or, conversely, a repeated decline to $2717.
There are no options for opening long positions on the daily chart yet. Taking into account the fact that not all liquidation cascades have been lifted and a huge pool awaits us in the range below $2800, we need to be prepared for the final collapse.
On the weekly chart of Ethereum versus Bitcoin, the situation is as follows. We aim to get a drop of 0.06 during the asset correction period.
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