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BITCOIN AND ETHEREUM CHART ANALYSIS – POSITIVE WEEK?

 


Bitcoin has moved little over the weekend. Our CME Futures GAP (institutions don't trade on weekends) is around USD 29,200, so it's still a bit below us and could still be filled.


We are currently trading around $30,100 in a symmetrical triangle. We have been consolidating in this for some time and could break out to the upside later today.


However, this requires a significant increase in trading volume. This had recently decreased further and has not yet confirmed a valid breakout. The probability of a fakeout is high.


Right now we can truly say that the probability of a breakout to the upside is 50/50, so we need to look closely at the resistances and support zones.


The resistance to the top is significantly greater. Directly above us there is a strong resistance zone up to around USD 30,800, which has already been tested twice. However, a 4H close above this zone is very important for a sustained breakout to the upside. Then courses up to 35,000 USD are in it.


We have support down to around USD 28,800. However, this has been tested many times and is therefore not strong. Another retracement would likely mark the break and we are very likely to see the $24k – $25k range again. That's where most of the liquidity is.

For Ethereum, we see more of a sideways consolidation phase. Here we have significantly fewer swings up or down than with Bitcoin. The volume is very low.


We're currently trading at around $2,000. The resistance to the upside is very strong and must be broken as the volume increases. Initial resistance is around USD 2,100 and goes up to around USD 2,400. Only after this zone do we have a little more breathing space.


On the downside, the support zones leave a lot to be desired. Our big wick from the sell off has the most liquidity. Thus, there is still a higher chance that we will first grab the area around USD 1,700 before breaking out to the upside.

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