Bitcoin continues to unnerve traders in a tight sideways range. Although not the most reliable indicator, interesting to note that fear and greed index is still in the zone of fear - amazing if you think about it, with bitcoin trading just below $ 60K, which was a dream just a year ago.
People are emotional and nothing drives them crazy.more than uncertainty. For a bitcoin trader on lower timeframes right now, it is probably best to just ignore it. As investors, we always buy long term.
When in doubt, zoom out and watchto the big picture. As you already know, Bitcoin has been in this upward channel for almost ten years. Whenever the middle line of the channel turned into either support or resistance, the price was directed towards its corresponding border. In the past few months, the middle of the channel has been tested and confirmed as support, which means if the pattern repeats itself once more, the market will reach the upper border of the channel: six-digit prices, easy.
Don't let the market shake you out and fool you when a long-term chart looks like this. Be patient.
Bitcoin is trading sideways. This is not the time for unnecessary movement. Sitting on your hands is a valuable skill for working in the markets.
On the weekly chart, there is still not much to look atwhat. The previous weekly candle closed in the form of a hammer, the current week can potentially form a doji. These are signs of a potential reversal and at least market indecision. At the moment, the weekly chart does not show clear signs of further decline, unless we assume a cleaner retest of support at $ 53,000. Personally, I believe that the small front-run of this level, which we received as a result, can be considered a fairly intelligible retest. The 50MA is also lower on the weekly chart, but has already been tested earlier this year.
Bollinger bands are narrowing slightly, and the lowerthe border stopped declining - a positive sign for the “bulls”. The way the resistance at the center line has worked out looks much less encouraging, but this can be expected from the first attempt. A positive signal for the indicator for the bulls would be the price recovery above the center line, consolidation in the upper part of the indicator and the expansion of the bands upwards. Today this indicator still looks bearish, although the lower border is beginning to bend higher.
Bullish trend on the daily chart is technically stillpersists, with successive large lows and highs marked on the chart. A question mark means that this larger low has not yet received confirmation in the form of a new larger high. The price at the time of writing is trading in the area of local support at $ 56.4K, the current candle is not closed yet. The market made a clear attempt to get back above the 50MA. In my understanding, this still remains a horizontal "haircut", and I do not yet have a convincing thesis in favor of any particular direction.
The market has once again confirmed the hidden bearishdivergence on multiple timeframes, which means that our beautiful bullish divergences from the "oversold" zone are no longer relevant. Hidden bearish divergences, with higher highs in the RSI and lower highs in price, indicate a likely continuation of the downside movement, but this is historically a rather weak signal.
Strong resistance at the blue line, sendless wicks above it and candle closures below. Finally, the price broke the downward blue resistance - only to dive lower again. Welcome to technical analysis! We now have a new resistance line that we can consider significant for now - black. It will be possible to speak of a return to growth only if the price closes above it.
This is a form of market trolling. At the moment there is nothing to trade here - "haircut".
ETH / BTC
Absurdly bullish weekly chart.
Ethereum discreetly outperforms bitcoin for more thantwo years after bottoming out in ETH / BTC in September 2019. In terms of price, ETH appears to have substantially more upside potential, although I still believe that Bitcoin is a more “important” asset that investors should focus on first.
After the breakout of the downward resistance in Apriland a test of long-term resistance, ETH moved to consolidate in the form of a bullish flag. Now the price is trying to get out of this pattern and continue the trend. If the week closes above the downward blue line, we will consider this move as confirmed. The target level for this pattern is determined based on the length of the flag pole (range of movement before consolidation) and is marked in red on the chart. And the ultimate goal of the initial breakout of the black oblique resistance is still the historical maximum, with the determination of new price levels in case of its breaking.
ETH / USD
Breakout of resistance, retest it as support. It looks like a fail. We'll see how the candle closes.
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