BITCOIN AND ETHEREUM CHART ANALYSIS

BITCOIN AND ETHEREUM CHART ANALYSIS – PUMP?

Bitcoin has been trading within a range of $23,000 – $24,500 for a few days now. We were not able to sustainably break out, either up or down.

Right now we're trading at around $23,800. This morning we had a brief and impulsive pump into the $23,400 region. We were immediately rejected there.

However, there it is very important that we break through this area. This candle was formed with a lot of volume, making it very likely that we will revisit this area later in the day.

If we can get a 4H close above this last morning's high, it looks good for another pump into the $25,000 region and above .

However, if we are rejected again, we will have to be prepared for significantly falling prices. Initial support is in the $23,200 region. If this support also falls, in the worst case we will be able to fall back into the area around USD 20,600.

At the same time, a rising wedge chart pattern is forming. This is accompanied by falling volumes and bearish divergences on many timeframes. Thus, the prospects (in the short term) are rather bearish at the moment.

Ethereum also had a short pump, which was immediately sold off again. Here we are still in a clearly visible uptrend, which still has some room to grow.

We are currently trading around $1,880 and consolidating. Pretty much the same applies here as with Bitcoin. If we manage to clear the last high with a 4H close, we could continue to climb.

However, if we fail to do this, our first support is around $1,820. That's where the uptrend is. If this breaks, it will very quickly go into the area around USD 1,750 – 1,700, since there is hardly any support to be found in between.

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