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BTC/USD Recovers But Sends Mixed Signals

BTC/USD goes in recovery mode from Thursday losses although the upside seems to be limited. Meanwhile, ETH/USD struggles to break through the $250 level.

BTC/USD

Bitcoin (BTC) recovered from its slump on Thursday, gaining a 4.88% increase in the last 24 hours at the time of writing. BTC/USD currently trades at $7,968.50 and has a $47,134.52 24-hour volume.

Bitcoin (BTC) Chart - May 24

Despite the recovery, however, BTC is vulnerable to new losses as the upside momentum remains weak, according to FXStreet.

“There are a lot of significant technical barriers clustered on both sides of the current price. It makes BTC prone to range-bound trading until a strong catalyst – either fundamental or speculative – push it outside the channel.”

Resistance levels

  • $8,000 – DMA5, 23.6% Fibo retracement weekly, SMA100 1-hour, Pivot Point 1-day Resistance 1.
  • $8,100 – upper boundary of 4-hour Bollinger Band
  • $8,380-$8,400 – the highest level of the previous week, Pivot Point week-1 Resistance-1

Support levels

  • $7,550 – 38.2% Fibo retracement daily, SMA50 on 1-hour and 4-hour charts, SMA10 and SMA5 on 4-hour chart.
  • $7,500 – Pivot Point 1-month Resistance 3, previous daily low.
  • $7,200 – 61.8% Fibo retracement weekly

ETH/USD

Ethereum (ETH) is yet to break through as the ETH/USD pair remained in the $240 range earlier today. But the pair now trades at $250.28 at the time of writing.

Ethereum (ETH) Chart May 24

According to FXStreet:

“After a failed breakthrough attempt, ETH/USD slipped back inside the triangle pattern clearly visible on a 4-hour chart. The second largest digital asset with the current market capitalization of $26 billion is hovering around $244 handle, unchanged both on a day-on-day basis and since the beginning of Friday. The coin remains range-bound, driven mostly by technical factors and speculative sentiments.”

| RELATED: BTC/USD Price Plummets, More Losses Are Imminent

Source: FXStreet

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