Bitcoin and Ethereum chart analysis - correction over?!

Bitcoin Chart Analysis

Bitcoin and Ethereum chart analysis - correction over?! Bitcoin and Ethereum chart analysis - correction over?! Source: Tradingview*

Bitcoin put in a correction of over 10% at times on Friday after we were rejected again at our key resistance and failed to confirm it as support on a sustained basis.

Currently we are at around $57,000, up more than 5% from yesterday’s low at around $53,300. Here we have seen a strong bounce to the upside and the bulls have shown strength.

After trading sideways all weekend with hardly any volume in the market, we had another exciting evening yesterday.

Bitcoin Outlook

Bitcoin and Ethereum chart analysis - correction over?! Bitcoin and Ethereum chart analysis - correction over?! Source: Tradingview*

So what is important for the continued strong start to the new trading week? We are currently just above our big blue falling wedge chart pattern. We could consolidate here for now.

After that, we definitely need to get above the big 12H resistance zone, which goes to around USD 59,000. If we make it over here, Bitcoin can tackle new highs and continue the bull market.

Furthermore, it would now be important that we do not see another sell-off. After such a bounce to the upside, this would be a bad sign and would increase the chances to around 50,000 – 51,000 USD.

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