BITCOIN & ETHEREUM GOING FURTHER DOWN?!😰
What were going to discuss today is where are we looking at with those prices, and also later today, at 5, 30 central european time were going to have a live stream once again, every week im live on monday, 5 30 central european time, but before were going To continue do not forget to check out my twitter and instagram beneath subscribe, but needs to like this youtube, update and dont forget to subscribe to our newsletter as we starting off this week today with a new fresh product, which is the newsletter. The first three issues are free, so do not forget to check that out in the link that is in the pin reply beneath and also in the description. What were looking at with the price movements of bitcoin is that weve had a beautiful breakout during saturday, or at least weve had a beautiful bounce which went all the way towards 60k. But, given the fact that the price has been making the movement during the weekend, i always remain a bit more cautious, as the price often comes down all the way back towards the um, the price before it started to break out of the price before the weekend. As the cme gap is often getting closed at the moment that the new weekly candle starts, which is the case right now, as price, has been dropping down swiftly, all the way back towards the level before the actual seam before the actual weekend started.
As we can see on the cme chart, which is the btc one, you can see that the weekly closed last week at 57.8 and right now, weve had closed that entire level already through which we do not have a cme cap left anymore, and we can continue Moving with the markets, but where are we heading right now? That is the obvious question that were looking at and when were looking at the price action of bitcoin. We can conclude that were still trending south, given the fact that not only based on the drop for the cme cap, weve all also rejected a resistance zone here. So when were looking at the price action of bitcoin overall, we can see that this level at 60k was pretty remarkable to keep as support in the previous period when the market was running upwards, and we can also see that when we cant really break above that Level once again, it turns resistance, which is currently the fact and then weve got another battery support resistance, flip, which might result in a further corrective move of the markets which is taking place at this point. So what are the levels that were looking at for support at this stage for the market? Well, given the fact that bitcoin has just been dropping south from that 60k level, it does not seem unlikely that were going to test lower levels before we can continue moving at all and when were looking at higher time frames.
The conclusion can draw can be drawn that the support level is found around this block here. So anything in this block is very important to keep in your mind as a potential support zone. Weve discussed that previously, when that is lost, were going to look at the level around 50k for the potential higher low in this entire case, but were just still chopping around, which means that i think were just going to have a longer job. We might be getting a scenario where we drop back to support, make a bounce test another time, and then we continue moving. Do not look at the time scale because of the fact that im just showing it – and i cant – do it within the weeks. But i would not be surprised if we get such a such a run in which we retest support bounce back up make another drop just like this structure here before were going to have a new bull run, taking off in q1 of 2022. At this stage, im still remaining relatively cautious when it comes to bitcoin. Why is that? Well? To be honest, the price action has just been rejecting 60k, which is not an indication of often showing strength. I think were going to have some re test around the lows, and then the question becomes how strong support will be in which we can continue moving towards the upper regions. Crucial levels to breakthrough are still the same.
60K, 63k are still the levels that im currently watching if we want to see any breakout taking place on the markets. At this point, when were looking at ethereum against bitcoin, its actually showing strength, while the rest is showing weakness, layer ones overall, doing great weve seen that before um fox eagle, all are doing great harmonies, also starting to wake up. Happily, ethereum against bitcoin is still showing this pennant, and it has made a beautiful bounce from this first support level in which were currently starting to face the higher rate region of this planet. I would not be surprised if we get a structure like this in which were going to make another run to make that high make a fake out above the previous resistance and then have a final correction before we started to break out after january into q1 of 2022 in which were going to have the biggest odd season ever what other levels to watch for ethereum against bitcoin, quite simple, its the level that weve got here, which is currently the area around the bullish planet or the highs around the bullish planet. If that is not going to break, we, i think were going to have a fake out, and then we have to wait until we break out ethereum against uct. Pretty much followed the scenario right, but the levels that we were watching here also rejected. As you can see, so most likely were going to have another drop in which we test.
The support, just like bitcoin, has been doing as right now were just in the middle of two levels: resistance support, and that is usually no trade area thats. The short update for today ill be back later today with the live stream.