Bitcoin and Ethereum Chart Analysis - Is the next sell-off looming?

Bitcoin Chart Analysis

Bitcoin and Ethereum Chart Analysis - Is the next sell-off looming?Bitcoin and Ethereum Chart Analysis - Is the next sell-off looming?Source: Tradingview*

Bitcoin continues to consolidate in a range between 46,000 – 47,200 USD. At the moment, we are not managing to break through 47,200 USD sustainably. At the moment, we are at around 46,300 USD.

On the 1H chart we can see the formation of a possible symmetrical triangle. This has already been confirmed (on the 1H chart) to have broken out to the downside. The price target would be in the area of USD 43,000.

This is also our strong support, where we already experienced a bounce last time. At the moment, it is questionable whether we can expect that again.

Bitcoin Outlook Weekend

Bitcoin and Ethereum Chart Analysis - Is the next sell-off looming?Bitcoin and Ethereum Chart Analysis - Is the next sell-off looming?Source: Tradingview*

Let’s now take a look at the Fib. Retracement level to help us and draw this from the top at around 52,900 USD to our last low at around 29,300 USD, we can see that we are currently at the 0.236 Fib. Level (47,230 USD) has been rejected. However, our most important support lies elsewhere.

Our golden pocket (0.618 – 0.65 Fib.retracement level) is in the USD 38,000 area. Here we have strong support and would additionally form a higher high on the larger time units.

After failing to gain enough momentum to the upside so far, we could fall into this area once again to find support here and then rise to the upside once more.

See also  Bitcoin price seeks new moves after $50,000 rejection