CALM BEFORE THE STORM? ⛈️ ETHEREUM, BITCOIN & CARDANO UPDATE!
So were updating bitcoin and ethereum in this very short update today, ill be doing a tv show which is going to be live on tomorrow, at 2 p.m, at eduardo set, which is a dutch television channel and also on a sunday just before business class. You will be seeing me discussing crypto in the new, show, bulls and bears so therefore, a very short update, but before that, do not forget to subscribe and hit like the youtube update and follow me on twitter and instagram, where you can find content on all the Cryptocurrency markets that is out there lets discuss bitcoin um bitcoin at this point, pretty much doing what we wanted it to be doing. Ive got this entire scenario written down, in which uh you always have some very consolidate or some small retest, and in this case, if the market is going to reverse, you, dont really want to get a very heavy correction happening, because if it reverses – and it goes All the way back down towards the initial levels where it actually reversed it will be showing some weakness overall, because not many buyers are stepping in and in that way you want to get some very short and minimal corrective movements, signaling that some buyers are stepping in. On higher levels through which you get a support, resistance flip and if you watch the chart here on the left, we have described this entire range construction. So the sideways action of that range is where were acting in once again, but to get there and to have that sideways consolidation happening at this stage.
You have to flip the range low, which is the support for support once again and if you can check the chart here. Weve had this heavy crash one and a half week ago in which price has dropped beneath 47k and has been moving south and has been creating this bullish divergence and then weve had the wick on a late litecoin fake news day and since then price has been Reversing actually, as it took the liquidity on the lows, but what we can see is that price couldnt break back above 47k and right now, price has been breaking back above 47k, through which we are back into this entire range that we are seeing on the left. Here, through that, yesterday, weve had a beautiful retest, so price broke back above the range and weve actually retested the levels that i wanted it to be: retested and thats very normal to be having at this stage in which we get some consolidation going on the bitcoin Markets so beautiful retest of this entire green block. If that green block is lost, i think were going to overshoot towards 44k again, but then i might become very interested in shorting the bounce here towards potentially lower levels at this point. So, for me, this entire region between 46 to 47k is very crucial to watch through which, as long as we stay above it, we could be seeing continuation to watch the range highs which is 50k and then im assuming were going to get some sideways action through Which altcoins will be doing absolutely great and once we break above 50k, i think bitcoin will be grinding all the way back up to whats a new all time high.
So the price action on bitcoin itself is quite normal at this stage, through which we can see that we have this consolidation happening. For me, the crucial level is this entire region. Next resistance on around 50k ethereum against uct, quite similar structure here, in which we have described that the level that it had to hold is a little bit lower than the one that were currently bouncing from so were bouncing from this previous high. But i think ill be looking at this range here around 34. If i want to get an entry point, of course, you can use the dca strategy if you want to get into this one. But this is the level that im looking at, which is very similar to the bitcoin level between 46 to 47k. If this holds and we as we see, we are reversing the trend at this stage with ethereum, i think we are going to have consol continuation towards the range high, which is around 3840 towards 4k, when were looking at ethereum against bitcoin were still seeing. That support is holding, we are just consolidating um ive been describing that the zero seven one left was a very important level to watch for any continuation to be happening. So the critical level for ethereum to watch is this entire region that we have around zero. Seven. Two um, and if that holds, i think, were going to have new heights relatively soon. So its just doing fine, pretty much standard price approach here for ethereum when were looking at cardano, which is the final altcoin at this stage, not too great of a price action.
But very similar to what weve witnessed earlier weve also witnessed a very nice impulse wave here. You can see some dutch texts on here, as we might be discussing it in a tv show, but what we see and what is the important level and ill just do it like this? Is this entire block, as long as cardano is going to stay above that level of 1.90, i think its going to continue moving itself right now, its just finding a new equilibrium after the fact that we had the smart contracts launched, and that is usually going with A slight corrective move before were going to have continuation so as a conclusion of the markets right now, very normal consolidation, very healthy to have it as normal right now, with the corrective move or consolidated period before were going to accelerate once again. So that is my short update later today, ill be back with some altcoin news. Dont forget to subscribe to this youtube channel and also do not forget to like me on uh.