Bitcoin, Ethereum and Dogecoin — Daily Technical Analysis | 01.06.2021
Bitcoin price started a steady increase above the $36,000 resistance against the US Dollar. BTC even broke $37,000 and it is now showing positive signs.
Bitcoin gained bullish momentum above the $35,000 and $36,000 resistance levels. The price is currently trading well above $36,000 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair. The pair could correct lower, but the bulls are likely to remain active near $36,000.
On the upside, an immediate resistance is near the $37,500 level. The first major resistance is near the $38,000 level and the recent high. A clear break above the $38,000 zone could set the pace for a larger increase. The next major resistance is near the $40,000 level. An intermediate resistance could be near the $38,800 level.
If bitcoin fails to clear the $38,000 resistance, it could correct lower. An initial support on the downside is near the $36,500 level.
The first major support is near the $36,000 level and the 100 hourly simple moving average. If there is a downside break below the $36,000 support, the price could decline towards the $35,200 support zone in the coming sessions. Any more losses could clear the path for a retest of the $34,000 level.
The DOGE price has been moving between $0.30 and $0.31 over the past couple of days. The asset tried to breach through the resistance at $0.3101 today but failed as sellers took over. At the time of writing, DOGE was witnessing a push and pull from the traders, but the overall scenario has remained bullish.
However, this push and pull can mean a minor correction for DOGE. There was significant resistance visible at the $0.31 level, which was recently rejected. As the coin was still trading close to this level, buying pressure was increasing.
As the price retraces from resistance, DOGE may slump close to its support at $0.30 as Stoch RSI was also entering the trading range.
Ethereum would need to avoid the $2,567 pivot to bring the 38.2% FIB of $2,740 and the first major resistance level at $2,859 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,800 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $3,100. The second major resistance level sits at $3,012.
A fall through the $2,567 pivot would bring the first major support level at $2,415 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,200 levels. The second major support level sits at $2,123.