Technical Analysis
Bitcoin Analysis
For the fifth consecutive session on Friday, BTC retested the trend line to gauge buyer appetite. In a choppy session, BTC also retested resistance at $26,500. However, BTC remains below the 50-day and 200-day EMAs, sending bearish price signals. The bearish sentiment left BTC short of the $26,755 resistance level. SEC activity and a lack of progress toward a BTC-Spot ETF market remain headwinds.
If BTC avoids a break below the trend line, BTC should take another run at the $26,755 resistance level. However, updates from ongoing SEC cases against Ripple and Coinbase (COIN) must be favorable to support a BTC breakout.
A bearish cross of the 50-day EMA through the 200-day EMA would signal a break below the trend line and the $25,506 support level.
The 14-Daily RSI reading of 38.91 indicates BTC can test the $25,506 support level before entering oversold territory.
Ethereum Analysis
ETH hovers above the $1,626 support level, with resistance at $1,650 capping the upside. A move through $1,650 and the Wednesday high of $1,664 would give the bulls a run at the 50-day EMA and the $1,746 resistance level. However, ETH would need the crypto news wires to support a return to $1,700.
Failure to break out from $1,650 would leave the $1,626 support level and sub-$1,600 in play.
Looking at the 14-Daily RSI, 38.68 indicates ETH can return to sub-$1,600 before entering oversold territory.
