Bitcoin and Ethereum Chart Analysis - Weekend of Decision?

Bitcoin Chart Analysis

Source: Tradingview*

Bitcoin is on a clear downtrend on the daily chart. Currently, the lower downtrend line is serving as our support. In the last few hours, we see little change in price and are currently at around $31,200.

Should we break the support line, there is little support below us and it will be up to the bulls to buy us back up. One possibility would be that we see another bounce on this line and rise towards the upper resistance line.

However, for this to happen we need a lot of volume, which has been decreasing over the last few days. Another sign that a big move is coming. The only question is in which direction?

Bitcoin short-term trend

Source: Tradingview*

On the 1H chart, we could potentially form a double bottom pattern (W formation). Furthermore, if we see another lower low in the current hour, we could additionally see a bullish-divergence (lower low on the chart/higher high on the RSI).

There is definitely uncertainty in the market at the moment. For days we have been seeing slightly falling prices and hardly any buying or selling volume in the market. All indications are that it may not be long before we see massive price action. The only question is who is stronger? The bulls or the bears?

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