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BITCOIN AND ETHEREUM CHART ANALYSIS - IS THE SUPPORT BREAKING?

 


Bitcoin and Ethereum are in a crucial phase. Does the support break and do we immediately fall  into a bear market? Or will we manage to reverse the trend in time? 


Bitcoin is in a crucial phase. After being heavily rebuffed at $ 52,000, we saw a rapid sell-off. We are currently at around $ 47,500.


On the 4H chart we can see that we made a slightly higher high and briefly left the range between USD 46,000 - USD 52,000, but were sold off immediately.



Unfortunately, our important zone at around USD 48,000 did not hold up either, after we saw a small bounce upwards beforehand. We have also broken down the 4H-EMA ribbons.


At the moment it is important that we can maintain this level. Should we see another sell-off, the chances are high that we will fall into the USD 46,000 area again, as this is our next support.


At the same time, this would be the chance that we could create a double-bottom chart pattern and that a trend reversal would finally be heralded . The RSI is now in an oversold area.



Furthermore, we are currently right on our little uptrend, which was formed by the low at around USD 41,300. If this breaks, we will very likely see lower prices again.


Ethereum has also seen significant discounts. After having been rejected several times at the 200 SMA (last 200 average candle / purple) on the 4H chart, we are now at around 3,760 USD.


Here we are currently in the middle of a larger support zone, which goes up to approx. 3,650 USD. So we still have some air to see a bounce.



If this zone breaks, the first stop would be around USD 3,500. After that, we could target the $ 3,400 area again. Here, too, we have broken down the important 4H-EMA ribbons. The RSI is also in an oversold area.

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