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BITCOIN AND ETHEREUM CHART ANALYSIS – CORRECTION?

 


Bitcoin starts the new trading week somewhat cautiously. After seeing another pump above $25,200 tonight, we were unable to hold that level and were immediately sold off.


Right now we're trading at around $24,000. The 4H-EMA ribbons are giving us some support at the moment, however, it looks like we may dip a bit lower.


The RSI on the 4H chart corrected somewhat, but we have been at a high level for days. The trading volume has also recently decreased significantly.


We have formed a bearish divergence in the 4H chart. This could now play out. While the higher high had significant increasing volume, we were unable to get a candle close above the last high.


Thus, the area around USD 23,000 is particularly interesting. There we started an impulsive move. We could now fill this up again and start a new attempt upwards from here.


Also in this area is the 200-SMA (last 200 average prices/purple) and the 200-EMA (yellow) as additional support. If these supports break, we could drop back down to the $21,000 – $21,500 area.


Ethereum has recently rallied strongly. However, we also have a bearish divergence here, which now seems to be pushing us down a bit.


We are currently trading at around USD 1,900. The 4H-EMA Ribbons give us support. The first stronger support is around USD 1,840. This zone must hold.


Otherwise, we see a larger drop to around $1,700. With hardly any support zones to be found in between , there could be a quick sell off from this level . However, the course should then stabilize there. 

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