Bitcoin, Ethereum technical analysis: BTC to $42,550 ceiling as bullish momentum continues

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BTC traded higher again as bullish momentum extended during today’s market session. Bitcoin rose to its highest level in 11 days, breaking the USD 42,500 resistance. ETH also moved higher, reaching a 10-day high. Bitcoin BTC Climbed Higher for Fourth Consecutive Day Pushing the World’s Largest Cryptocurrency Past a Key […]

BTC traded higher again as bullish momentum extended during today’s market session. Bitcoin rose to its highest level in 11 days, breaking the USD 42,500 resistance. ETH also moved higher, reaching a 10-day high.

Bitcoin

BTC climbed higher for the fourth consecutive day, pushing the world’s largest cryptocurrency past a key resistance level earlier in the day.

After bottoming out at $40,961.10 during Wednesday’s session, BTC/USD sped to an intraday high of $42,709.75 earlier in the day.

This is the highest point bitcoin has reached since April 10. However, on that occasion, prices fell towards the $40,000 level.

At the time of writing, momentum appears to be bullish on this occasion, with the 10-day moving average now pointing upward, typically signifying an incoming price increase.

If such a surge were to occur, the target for bulls would likely be the $44,800 ceiling, which has not been reached since April 6.

Price power has also recently broken out of a 50.35 ceiling and appears to be trying to recapture the 55 level. This could be enough to send the price to $44,800 if it materializes.

Ethereum

ETH has also recorded its fourth consecutive higher high, with prices also moving past a long-term resistance point today.

After a false breach of the $3,150 ceiling yesterday, prices fell as low as $3,045.29 on bult-day.

However, on Thursday, this breakout finally held up, as ETH/USD rallied as high as $3,166.33.

Today’s high is the highest ETH traded since April 11, and comes as the 14-day RSI has also risen to its own 12-day high.

Price strength now follows at 52.85, with the cap of 55.15 clearly the next focus for current ETH bulls.

As we mentioned yesterday, if this ceiling is reached, we will likely see ETH hover near the $3,300 level, with some even eyeing the $3,500 point.

What’s Behind This Recent Bullish Sentiment In Crypto Markets? Leave your thoughts in the comments below.

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