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Bitcoin, Ethereum Technical Analysis: Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines During Saturday’s Session ; This week’s sell-off in cryptocurrency markets worsened on Saturday, with bitcoin falling below $21,000 for the first time in nearly a month. Ethereum also continued its descent in today’s session, as the price of the token dropped under the $1,700 level to start the weekend. Bitcoin Update !! Bitcoin (BTC) continued to reside in the red to start the weekend, as prices of the world’s largest cryptocurrency fell below $22,000. Saturday saw BTC/USD fall to an intraday low of $20,868.85, with the token edging closer to a key support level. This floor has been at the $20,800 point, which was the last hit on July 16, when prices were trading below $20,500. As a result of these declines, the 14-day relative strength index (RSI) dropped to a low of 32.97, which is its lowest point since July 12. Bitcoin prices have since rebounded, and as of writing are back above $21,000. BTC is currently trading at $21,191.27. Taking a closer look at the chart, it can be seen that the 10-day (red) moving average (MA), is nearing a downward cross with the 25-day (blue) MA. Should this trend continue, this could signal further declines, with BTC likely falling below $20,000. Ethereum Update !! After a strong start to the week, Ethereum (ETH) has begun the weekend trading over $400 away from Monday’s peak above $2,000. ETH/USD, which dropped to a bottom of $1,695.15 on Friday, fell even lower in today’s session, hitting a low of $1,611.34. This is the lowest level Ethereum has traded at in the last sixteen days, after falling below the $1,600 level on August 4. Honing in on the chart, it appears as if ETH bears are attempting to take prices towards a support point of $1,565. However, bulls have so far resisted this possibility, pushing back from earlier lows, with the token currently trading at $1,636.11. The rebound came as the RSI hit a floor of 43.00, and as of writing, RSI is tracking at 44.90. Should this head back towards 50, we may see the token rise back above $1,700. Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade. Thanks for your time, we hope our work is good for you, and you are satisfied, we wish you a good day and big profits. THANK YOU.
by CryptoSanders9563
12
KEY LEVEL FOR BTC Hello friends As you can see, in the daily time frame, we have hit the resistance line of the descending channel, and the bulls and bears have been fighting in this area for three days. The future of the market depends on how Bitcoin reacts to this line. I saw that in some analysis it is mentioned that USDT.D has come below the 100 day resistance in the weekly time frame and if it stabilizes there today, we will see Bitcoin rise. But I still do not see this as a convincing reason. I would rather see the bitcoin candles in the next two days and then make a decision. be profitable
by Duximo
Bitcoin: Price Still Moves Within a Bearish StructureSince early 2021, Bitcoin has been moving in an approximate range of $29000 ~ $66000. The price movement has been divided into clear bullish and bearish segments. In each segment, we can identify continuous chart patterns supporting each movement.  As we previously forecasted in our BTCUSD analysis, the price has broken its bearish flag channel and fallen to the bottom support level, reaching a new low of $27000. This is a very strong support area and we expect a period of consolidation from this level. Currently, the price is still moving within a bearish segment. In the chart, we can see the price has formed a bearish pennant channel after a strong bearish impulse. This is a clear bearish structure; therefore, we expect at least another retest of the recent low of $27000. For a bullish reversal to occur from the support level, we need to first see a reversal pattern being formed. Then price breaking above the pattern would suggest a possible reversal. Check out our previous cryptocurrency trading ideas below :)
by NicoBeau_Capital
WHY You should not be Bullish #BitcoinWHY I BELIEVE ITS TOO EARLY TO BE BULLISH ON BITCOIN AND WHY YOU SHOULD TOO. Since 26th December 2021 we can see that Bitcoin has been trapped in what I call the falling wage pattern which is between 52k higher high and 32k lower low. According to babypis, falling wedge can either be a reversal or continuation signal. As a reversal signal, it is formed at a bottom of a downtrend, indicating that an uptrend would come next. As a continuation signal, it is formed during an uptrend, implying that the upward price action would resume. The wage trend line has flagged off several times and now is the 2nd time for the bulls to retaliate by driving the bears to the resistance side. Now price action trapped the market in the middle. the bulls currently drive the trend to resistance line making it the 3rd time the resistance line would be tested which if the bears charges back, we would see the market much lower at the support at 36k I won't be surprised if that Happens as we can see the H4 RSI showing over bought. Moreso Horizontally zooming out, you can see the red rectangular shape showing that 51k and 39k has been an area of interest between the bulls and bears since July 30th even before the last 68k bull run. (After the first broke out in 2021 we saw an all time high and currently it's below the resistance line and the question is would we see another dipper market?.) 💡 IDEA : Bitcoin is yet to close above the wage pattern trend line therefore I don't believe the Bitcoin bull run has commenced until H4 candle close above 46,700 and retest the the trend line while holding the bull motion. Conclusion : if you believe that Bitcoin bull run has commenced, you can long it until another all time high is attained But if you are a rational trader. You can wait until the trend line is broken, Then can ride from any side of the breakout. How ever bear traders can open a position now at $42,940 and keep your sl at $43,670 which is 1.73% risk Tp at $36,360 which is 15.27% Profit. This is for educational purpose and not an investment advice. If you find this content helpful you can follow and upvote If you have a contrary opinion or another point of view I would be glad to hear it on the comment side. Thanks
Short
by Italkbet
4