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Let's start with a quick look at Bitcoin: BTC is currently trading around the price level of $ 3750, which is precisely 50% in decline from the last peak of $ 4,400. It's a reasonable entry point for the bulls looking for a long position, in case they believe that BTC is about to make a second run upwards.
If BTC gets the request for a rebound then it will reinforce the likelihood of a possible reverse head and shoulders formation that is currently developing on the 4-hour chart. The possible rebound mentioned by this current support level could be the right shoulder of the model. BTC can decline even further, and still, keep the option for this bullish training. In the event of a break, the technical goal of this training would be around $ 5500 – $ 5700.
The ETH completes a good race during the last week
The highest candle closed exactly in our previous target area of analysis around the $ 145 level, although the candle wick had reached $ 158 for a short time. In the last days, ETH has had the highest gain among the major altcoins.
There is news regarding an update in the Ethereum system, the reward of the miner's block could be reduced, and it could positively affect the ETH value and support the strong move we noted in the ETH chart.
After the peak, ETH corrected almost 50% (from the last bullish move), as did BTC, and is currently trading above the support level of $ 123.
Looking at the ETH-USD chart
- If the support level of $ 123 remains valid and ETH rebounds to the top, the next target can be found at $ 145 or $ 158 (support resistance), and if it violates these levels, we'll probably see ETH rallying up to $ 170 – $ 180.
- Also note the golden crossover on the 4-hour chart (55 EMA had exceeded 200 EMA). This is usually a very bullish signal, but I would like to see the 55 EMA continue higher and keep above the 200 EMA for a longer period.
- On the other hand, if ETH breaks below the support level of $ 123, then EMA lines may be the first bearish target around the price level of $ 118, and a lower target could be found at the $ 110 support level, which is the Fibonacci 0.618 retracement level of the last maximum.
- The retracement level of 0.618 Fib is another fascinating entry point for bulls looking to pick up some cheap Ether.
- Note also the lowest trend line that has held up well in the last ten days: if the 4-hour candle closes below that trend line, then ETH will probably continue to decline towards the mentioned bearish targets .
Looking at the ETH-BTC chart
ETH is currently trading around the support level of 0.0333-0.034 BTC, after being rejected by the resistance level of the daily chart at 0.38.
BitStamp ETH / USD 4-hour chart
ETH / BTC BitStamp 4-hour chart
CryptoPotato video channel
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