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From our previous analysis, the cryptographic market has not done much and continues to operate sideways. The Bitcoin chart is currently attempting to overcome the downward resistance level of the trend line that has maintained the price below it in the last 14 days.
If the price of BTC breaks the trend line and the price remains above with a huge volume, it could be a positive sign for the bulls, at least for the short term.
On the other hand, if the BTC fails due to the resistance level (looking for firing of a stellar candle or a big red candle), it could be a sign that the bears still have control and we can expect a continuation of the fall.
It is not clear at the time the market is heading (in the short term), and this attempt to break the resistance level will most likely indicate the direction of the next few days.
In our last analysis, we presented two continuation estimates on the ETH time chart. We can see that ETH chose bear estimate and broke below the trend line support level. Since then ETH has moved sideways.
Looking at the ETH chart
- The ETH is currently trading at the price of $ 90, at the top of the 21 EMA.
- In the event that Bitcoin exceeds the resistance level above and continues higher, then we expect the coin to move accordingly, with a potential target of around $ 97- $ 100. In that area it places the next resistance level.
- If BTC fails to break the downtrend, then ETH will most likely fall to its last lows around the price level of $ 85. Below is the $ 80 support, before discovering a new annual minimum (the next one support would be around $ 66).
- Looking at the daily chart, we can see that the RSI indicator is still awaiting positive deviations. I expect to see another fall in price action, creating a lower minimum, while RSI is building the third highest minimum, it could be a very positive signal before a next bullish move (as we can see in the following table).
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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