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BITCOIN AND ETHEREUM CHART ANALYSIS – WHERE ARE WE HEADED?

 


Bitcoin continues to consolidate in a range between $19,500 – $20,700. Nevertheless, volatility has decreased significantly. It will be important in which direction we will see a breakout.


Right now we're trading at around $20,200. The downtrend has now been broken, but it has done so with very little volume and no impulsiveness that we want to see.


Trading volume continues to decline. Overall, we still have a downtrend as we haven't made a higher high yet.


On the 4H chart, let's take a look at the Fibonacci level. According to this, the Golden Pocket (0.618 – 0.65 Fib. Level) is around USD 21,000. We also have a small inefficiency there.


A test of this zone would therefore be decisive for the further course. If we are rejected here, the downtrend is still intact and we see significantly lower prices in the region around USD 18,000.


If we break the resistance, we have room to move up to around USD 22,400. That's where our last high is. Nevertheless, we are still in a downtrend here. In the market as a whole, there is currently nothing to suggest a bullish trend. The only question is when will we be rejected.


Ethereum also continues to consolidate, but we have seen a faster recovery here. We are currently trading at around USD 1,580. Yesterday we briefly traded below the USD 1,500 mark.


The 4H chart is scratching the overbought territory again. Also, we have a lot of resistance ahead in the form of the 200 SMA (last 200 moving averages/purple) and 200 EMA.


These resistances could disrupt the upside and take us back into the $1,300 region. Here, too, little speaks for a rally, but rather for a further sell-off.

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