Bitcoin and Ethereum Chart Analysis - Is the Correction Coming?

Bitcoin Chart Analysis

Bitcoin and Ethereum Chart Analysis - Is the Correction Coming?Bitcoin and Ethereum Chart Analysis - Is the Correction Coming?Source: Tradingview*

Bitcoin continues to be in an uptrend but is now struggling around the $46,000 area. This is where we have strong resistance. At the moment, we are at around 45,900 USD.

On the 4H chart, we can continue to see a bearish divergence in the RSI. This has been building for days already and has not been corrected yet. After the rise from around 29,000 USD to almost 47,000 USD, a correction would be needed to continue a healthy bull market.

Bitcoin Outlook

Bitcoin and Ethereum Chart Analysis - Is the Correction Coming?Bitcoin and Ethereum Chart Analysis - Is the Correction Coming?Source: Tradingview*

Also on the 4H chart, we can clearly see a rising wedge. This was exited to the downside during yesterday evening and currently Bitcoin is not making it back into this chart pattern.

The price target is the beginning of the chart pattern at around 37,500 USD. However, there is strong support below. Especially in the area of 40,000 – 41,000 USD, a bounce could follow. This correction should be enough, also to let the RSI cool down a bit.

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