Have the Bulls already lost or just maneuvering for the next push; Bitcoin and Ethereum Technical Analysis
- Bitcoin/USD – Crypto Blood Bath
- Ethereum/USD – Ethereum Nukes through Weekly Level
BTC Daily Chart
BTC Weekly Chart
In the last week Bitcoin has decreased in value 16% from about $43k to $36k and at the time of writing, Bitcoin is priced at about $36.1k. I personally expected the $38k level to hold for longer than it did but Bitcoin completely sliced through the level. I did however mention in our previous article that if support were to fail the next area of interest would be either the $35k area or the $30k area. So far, the $35k area has given us some short-term support. My personal recommendation from last week that I will say again this week is that unless you are a profitable trader and have an edge in this current environment, (knife catching/finding bottoms) sitting on your hands and waiting for better opportunities is most likely the best trade to take.
Bitcoin Bull Scenario
Bitcoin rallies from its current level and reclaims the $38k – $42k level.
Bitcoin Bear Scenario
If Bitcoin loses support at $38k, the expected area of support would either be around the $35k or $30k level.
ETH Daily Chart
ETH Weekly Chart
At the time of writing, Ethereum is priced at about $2.4k, and within a week has decreased in value 24% from its weekly open at about $3.3k. I expected the $2.7k level to act as support but the selling pressure was too much for the level to support price and the level was completely nuked through. Ethereum wicked to a low of exactly $2301.60 before the drop came to an end. As of right now we are finding some short-term support at the 2.3k level and we will have to let price develop for further information on what comes next.
Ethereum Bull Scenario
Ethereum maintains the $2.4k level on the weekly time frame and then we aim for the $2.7k resistance level.
Ethereum Bear Scenario
If the $2.4k level cannot be maintained, our first level of interest should be around the $1.8k area.
ETH/BTC Daily Chart
ETH/BTC Weekly Chart
ETH/BTC is currently priced at approximately 0.066BTC and took a -9% decrease last week. I mentioned the midpoint of the range being tested and it was indeed tested, but the level was lost and now price is on the underside of the midpoint. For now, we are seeing some short-term support at the current level, but I ultimately expect the bottom of the range at 0.059 to be tapped in the coming weeks.
Ethereum/Bitcoin Bull Scenario
Ethereum reclaims the midpoint level at 0.068 BTC
Ethereum/Bitcoin Bear Scenario
Ethereum loses its current level, and we go down to the bottom of the range at 0.059 BTC