Bitcoin Technical Analysis (BTC).
We start our market point with a Bitcoin (BTC) price analysis at monthly view. The latter allows us to understand the macro situation at stake of this asset.
Within 15 days, the latter should close and it is easy to identify the level to maintain. A close below $ 35,000 would indicate a much larger phase back for the price.
Indeed, the next macro price zones are between $ 20,000 and $ 9,000. These areas correspond to the level of the old ATH on the one hand, and the upward movement momentum on the other.
Figure 1: 1M Bitcoin Analysis (BTC)
Now let’s expand on the weekly view to clarify. What is very clear now is forming a range between $ 31,200 and $ 61,800. In this area, the price moves irregularly between the two limits. We take this range in context, that is, after a significant bullish phase.
It is still too early to tell if we are in a re-accumulation phase or a distribution phase, the two results being different.
Figure 2: Bitcoin Analysis (BTC) in 1W
This interval is specified in the daily view and we can observe two things:
- The price lost its last low at $ 37,250, confirming its downward trend,
- For the price to resume its upward path, will have to cross the $ 47,000.
Currently, the price is still very bearish, which means that any increase this week will be a setback for the bearish movement.
Figure 3: Bitcoin Analysis (BTC) in 3D
The 4h view will give us the same type of information with local levels that would indicate the potential setback phase.
A $ 31,600 recovery, it would allow us to go back to the $ 37,300 to $ 40,000 level.
Figure 4: Bitcoin analysis (BTC) in 4 hours
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Ether (ETH) Technical Analysis
Our next analysis will focus on the price of Ether (ETH). As with Bitcoin, the price at monthly view it follows the same structure.
The last low at $ 2,250 shows us the last area that allows the price to maintain its microalist structure. In case of closing below this level, a more important setback scenario will occur. The first shopping area is about $ 1,110 while the latter is at $ 225.
Figure 5: Ether analysis (ETH) at 1M
On a weekly basis, the price also ranges from $ 2,000 to $ 4,000. A close below $ 2,000 will be the first bearish signal that will trigger the biggest drop scenario.
In the meantime, this technical point it should allow you to see bounces even in the short term. We must pay attention to the closure and the information that the daily unit can give us.
Figure 6: 1W Ether (ETH) analysis
Again, this unit of time allows us to identify 2 important areas:
- The price lost its last low at $ 2,490, confirming its bearish continuation
- For the price to reach the upper end of the range, the latter will have to close above $ 3,500.
Figure 7: Ether analysis (ETH) in 3D
In case of bounce, the price will be in a downward phase. In the 4 hour view, we can see the $ 2,400 area, which will allow us to go back up to $ 2,700 – $ 2,900 initially. As long as this area is not crossed, the price may continue to fall towards new supports.
Figure 8: Ether analysis (ETH) in 4 hours
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The courses of Bitcoin (BTC) and of Ether (ETH) they are currently at their lower limits and last area of defense. In the event of a downward movement, the deepest setback scenario occurs, with minimum targets of $ 20,000 for Bitcoin and $ 1,100 for Ether.
The price could rise this week in the current area, but we can not consider it a structural rise. We must first surpass the last highs to change the current bearish pattern. Therefore, any rebound should be considered a simple setback and therefore a quick takeover is preferred.
Limit exposure while waiting return of trend movements then it seems mandatory for less experienced actors.
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Chart sources: TradingView
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