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BITCOIN AND ETHEREUM CHART ANALYSIS – BEAR MARKET!?

 


Bitcoin can stabilize somewhat. First of all good news, after we have meanwhile traded below the important psychological mark of USD 30,000. However, that doesn't mean anything.


We're currently just over $31,000 and seem to be able to reconfirm monthly support S2 as support. The RSI is still in the oversold territory.


It is now important that we recapture the area around USD 32,700 – 33,000 as quickly as possible. There lies our last low. We have to confirm this as support in order to get some calm in the market.

On the daily chart, let's take a look at how low it could go. For this we use the Fib. Levels from the Corona Crash to the all-time high. On the one hand, this gives us hope, on the other hand, another strong correction could follow.


There we can see that the golden pocket (0.618 – 0.65 Fib. level) is from 27,000 – 29,000 USD. That means for us that we could come again in this area and then get a bounce.


At the latest when we break this range, we are in a bear market. However, as long as this area holds and has not yet been tested, the USD 30,000 is highly relevant as a psychological mark.


In the short term, stabilization in this area and the USD 33,000 mark are important. This should happen as soon as possible, otherwise there is a risk of another dump.


Ethereum is very closely based on Bitcoin. Not surprising after such rapid sales. Recently, we retested the recent lows and saw a bounce here.


We're currently trading at around $2,350. Here we are still under the monthly support S1. An important mark since we were last rejected here and before that was used as a support.


So we have to close a daily candle at ETH above USD 2,450 to get further stability in the market. However, the USD 2,600 mark is more important, since that is where our last high is and the 4H-EMA ribbons, which speak for the downtrend.

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