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Side action. Soon to break down?



The cryptographic markets or more precise, the Bitcoin market has been trading in an upward trend channel in the last ten days: since August 30, the price of 30 Bitcoin has gained around 4%.

Looking at a lower time window of the daily chart, the BTC still moves laterally within the range of the formation of the descending triangle or the formation of the falling wedge (depending on the point of view).

Now for Ethereum: ETH has gained 14% since August 30 and currently negotiates within the upper channel (in the following table).

Looking at the 4-hour chart

– The ETH has risen above the resistance level of the last trading channel ($ 205- $ 206) and has gathered up to $ 222, almost touching the level of resistance mentioned in our previous analysis, l & # 39; # 39; goal at $ 224

– In the past 24 hours, we have seen a correction of 4.5%, but there is still strong support near the current price level. Note that the last resistance ($ 205 – $ 206) has become support and that the EMA 200 (exponential moving average) and the 55 EMA lines are currently positioned in the same area and make the support even stronger. Sellers will have to show a lot of strength to break below this level of support.

– In case the bears manage to bring the price below the support level from $ 205 to $ 206, then ETH could fall to the $ 197 or even lower area – to the next level of support of $ 192.

– In case the bulls take over, we could see ETH trying to attack the next resistance level ($ 224) once again.

To summarize the above, we are in a side market. Cryptographic markets are waiting for the next significant news that could influence the trend. Be careful and be patient, opportunities will open at the right time.

BitStamp ETH / USD 4-hour chart

TradingView cryptocurrency charts. Coinigy technical analysis tools.

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