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BITCOIN AND ETHEREUM CHART ANALYSIS - SIGNS OF DUMP?

 


Bitcoin has moved little over the weekend. We continue to see a consolidation between $19,400 - $20,600. The trading volume continues to decrease significantly.


Right now we're trading at around $19,800. The RSI is in a neutral zone. We have now tested the support between us several times. So it's getting weaker and weaker.


Still, we could climb a bit higher before we could see the next sell-off. The area around USD 21,000 continues to play a role here as a possible turnaround point  . 


On the 4H chart, the EMA ribbons are holding us back a bit. Until we break this to the top, we are in a short-term downtrend.


If we get the breakout, target the $21,000 area. That is where the golden pocket (0.618 – 0.65 Fib. level) of the downward move is found. The former Uptrend can also be found here.


If we don't make it permanently above this zone, we are still short-oriented and expect significantly lower prices. The target area remains around USD 17,000 – 17,500.

Ethereum has not really been able to detach itself from Bitcoin either. Although we broke above the USD 1,600 mark here, we were immediately rejected at the 200-EMA.


We are currently trading at around USD 1,560 in a consolidation phase. On the upside, we could retest the $1,660 area. There lies the new monthly resistance P. Furthermore, we would remove the last high and thus tap into the liquidity.


Nevertheless, we are still pointing downwards here as well. In the area around USD 1,480 we have created another inefficiency through the pump . We could still get these before we start a new attempt upwards. 

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