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The encrypted market has marked new annual lows over the last weekend. Bitcoin has reached the price level of $ 3200, which is the lowest BTC price since October 2017, and Ethereum has lost the support of $ 85 to test a price of $ 80 that was last seen in May 2017.
After touching the previous lows, we noticed a short maneuver that has occurred, with the Bitcoin chart that has reached 10%. It is very likely that this maneuver took place, as we warned in our last analysis of this possibility.
When the short positions opened by Bitcoin reach their highest level of all time, it is generally a warning sign for a potential short-squeeze attempt. And that's exactly what we saw yesterday for the second time: the Bitcoin chart reached 43,000 BTC (Bitfinex) before returning to the 37,000 BTC levels.
The hike in Bitcoin's price has started a minimal turnaround, that is to say, a hold so long, but this mini uptrend looks more like a bear flag than a potential fund.
The price level $ 3500- $ 3650, which is currently acting as a strong resistance, must be surpassed with a high volume and must once again be tested as a support, in order to see a possible continuation upwards.
Return to Ethereum
- ETH has achieved the goals of the previous analysis at $ 84- $ 85.
- Since then, the short squeeze had helped ETH get back to $ 110 for a while. At the moment, the ETH chart is consolidating sideways around the $ 90 levels.
- If the bulls manage to keep the uptrend and price ruptures higher than the channel's trendline higher than $ 110, then ETH could try the next resistance level in the $ 122 price area. at $ 126. However, it would not be easy. ETH will need to gain extra strength to successfully overcome resistance along the way, including the mental resistance level of $ 100.
- On the other hand, if the ETH price is breached below the lower trend line of the channel, then the ETH will probably try the $ 80s regions again. If the above breaks, $ 69 and $ 50 are the next potential targets for the currency.
- At the moment on the 1 hour chart, ETH is struggling to stay above the channel support level around the $ 90 price range. The results of this will determine the next short term direction for ETH.
- On the daily chart, we can see yesterday's long Doji candle which follows a fair volume of green exchanges. This is a bullish sign; however, we want to see that the bass of this candle does not break for the next few days before the bulls can begin to smile.
- The RSI of the daily chart is currently creating a positive diversion.
BitStamp ETH / USD 1 hour chart
BitStamp ETH / USD 4-hour chart
Graph 1st day BitStamp ETH / USD
TradingView cryptocurrency charts. Coinigy technical analysis tools.
CryptoPotato video channel
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