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When everyone thinks that a specific scenario should take, what will probably happen? Exactly, exactly the opposite.
While everyone in the encrypted markets was waiting for Bitcoin to break down the $ 3,000, turned out to be the perfect point for a brief squeeze and a countermove or perhaps a "dead cat rebound"?
At the time of printing, the price of BTC has increased by 27% from the last minimum of $ 3120 and is trading above the price of $ 4000. BTC could try to test the resistance level $ 4200-4350 or even higher, around $ 4400 – $ 4500.
If we use the Fibonacci retracement tool from the top down in the area of $ 6000, at the lowest point around $ 3000, we see that the rally of the last three days has as its objective the retracement level of 0.382 Fib (~ $ 4500), which is the typical goal of a "dead rebound" move.
Ethereum has also earned: the ETH price has risen 40% in the last three days and is currently trading at the $ 112 level. As expected, the main altcoins are increasing a bit more than the Bitcoin.
In our previous ETH analysis, we predicted that if the bulls manage to regain control and violations of the ETH prices above the upper trend line and maintain, then they will probably conduct a new $ 100 resistance level test. Well, this it's exactly how things went.
Looking at the 4-hour chart:
- ETH is currently struggling to open a breach above 200 EMA (marked with a white line). If the currency breaks above, the next target may be at the next resistance level of $ 124 – $ 130 or even $ 135.
- The retracement level of the 0.382 fibres (of the long decline) is currently at $ 135, as is the daily 55EMA, so ETH could try to reach this level before it was thrown back. This could be followed by a type of "falling star" candle, which signals a final for the current movement.
- Overcoming these levels will not be easy; if the ETH tries to go higher, it will probably have to go through a bit of consolidation before breaking (to regain momentum).
- We must always remember that the markets do not move in a single straight line and that the price moves in waves. So, after such a rally, there must be a side move or some sort of
- The ETH chart has a significant support level of around $ 100, along with a weaker support area at the $ 108 level, close to where the currency is trading at the moment.
- The 4-hour RSI indicator is in overbought regions but does not yet show any negative deviations, which is a good sign for the bulls.
- The MACD indicator is moving well in the upper half of the channel and the histogram keeps ticking higher.
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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