The latest technical analysis on bitcoin and ether is far from optimistic

The latest technical analysis predicts even sharper falls in bitcoin and ether, following last week’s turmoil.

This Wednesday morning, bitcoin is below the $ 30,000 mark, 2% in 24 hours. Ether, on the other hand, also fell by 2% and stabilized at around $ 2,000. Monero and litecoin cryptocurrencies hold up a bit better, but the sentiment is quite negative.

In recent weeks, there has been some form of correlation between major cryptocurrencies and the Nasdaq, this seems less true in the short term. The Nasdaq recovered well on Tuesday with a rise of almost 3%. This is not what has supported cryptocurrencies and there is no additional catalyst. The market always gives this feeling of being ready, with a real risk of stopping.

In fact, while the cryptocurrency market experienced strong turbulence last week, the latest technical analysis on bitcoin and ether gives particularly bleak forecasts.

True, this can be bypassed-but not unless you’re a techie who knows what he’s doing. time limit. .

Bitcoin and ether relapses?

In fact, we know market analysts: the more violent the flow, the more we anticipate scenarios that will be even more violent. For example, Ether has lost 60% of its value since its last highs. The technical analysis of the research firm 22v does not rule out a new long-term 80% relapse, up to the $ 420 target.

For his part, chart analyst John Roque believes the signals are worrisome: a situation of daily and weekly overselling, a marked weakness in an attempt to surpass $ 2000 decisively … Therefore, we must be careful about the ether according to him.

The same goes for bitcoin: Fairlead chart analyst Katie Stockton predicts a 40% drop in current levels if bitcoin does not significantly recover the key $ 27,000 level.

Again, all this is just pure graphical analysis, mathematical projections, but it usually works with major cryptocurrencies. Notamnt because the main players in traditional finance use it and program their algorithms to make their decision.

In the end, we probably won’t end volatility in the next few days if, once again, bitcoin and ether fail to maintain their supports better than they are doing right now.

Antoine Larigaudrie edited by PA

Leave a Comment

%d bloggers like this: