Bitcoin Chart
The four day Bitcoin chart has not seen any significant changes over the last one day. The daily Bitcoin chart is currently showing a bearish Divergence with the RSI trending to the downside, below a descending line of resistance. This suggests that the price of Bitcoin is likely to see either some choppy sideways press action, or a slight pullback in the price.
MACD Indicator
The daily Bitcoin MACD recently saw a bullish cross, however the momentum is still very flat. This suggests that there is not a lot of bullish momentum and the market is relatively neutral in the shorter term.
Bitcoin Price Stays in Neutral Zone
The price of Bitcoin is in a neutral zone right now, with no strong direction. According to technical analysis, there is a bullish price target of around 31.5 thousand dollars due to the falling wedge pattern. However, it is unlikely that the price will reach this target within the next few days, as there is a lack of momentum.
Support and Resistance Levels
The 38.2 percent Fibonacci level of support is currently sitting at around 28.9-29 thousand dollars. If the price breaks below this level with significant closers confirming the break, then the next important support is sitting at around 28 thousand dollars. On the other hand, the previous Fibonacci level of support is now acting as new resistance, sitting at around 30 thousand dollars.
Bullish Divergence
Currently, there is a shorter term bullish divergence playing out, which means that the price is taking a small pause from the short term bearish trend. This divergence does not necessarily invalidate the larger bearish divergence on the daily time frame, which is causing the current pullback.
Bitcoin Price Retesting Support
The Bitcoin price is currently retesting a previous descending line of resistance, which is potentially acting as new support. This support is currently sitting at approximately 29.3 K. If the price of Bitcoin breaks back below 29.3 K, then it is likely to head down towards the Fibonacci level of support at around 28.9 K to 29 K. At the moment, the price of Bitcoin is in a choppy sideways price range in between around 29 000 to around 30 000.
Ethereum Price Oscillators
The Ethereum price is currently trading above an important area of support sitting in between around 1770 to 1820. The daily Ethereum RSI is looking relatively linear, while the daily Ethereum MACD just recently confirmed a new bullish cross.
Making Money in a Choppy Sideways Price Range
In a choppy sideways price range, traders can make money by taking advantage of the short-term price movements. This can be done by taking a long or short position, depending on the direction of the price movement. Traders should also use stop-loss orders to limit their losses in case the price moves in the opposite direction. Additionally, traders should use technical indicators to identify potential entry and exit points.
This 50 retracement level, which is still sitting at around 1820 to 1830 and so, if we see a confirmed break above this level, then in that case, I would expect the price of it to start moving up towards the 1870 to 1880 resistance area.
ETH to US Dollar
The ETH to US Dollar is currently crossing back in the bullish direction, however, momentum is lacking and so it is likely that we will see relatively mild price action. The short term support to pay attention to is the 50 retracement level, which is sitting at around 1820 to 1830. If there is a confirmed break well below 1820, then the golden pocket area of support is sitting in between around 1760 to 1770. On the other hand, the resistance in the shorter term is the previous Fibonacci level, which is acting as resistance and is sitting at around 1870 to 1880. If there is a confirmed breakout well above 1880, then the next resistance to watch is the level at around 1930.
Retesting the 50 Retracement Level
The price of ETH to US Dollar is currently retesting the 50 retracement level, which is sitting at around 1820 to 1830. If there is a confirmed break above this level, then the price of it is expected to start moving up towards the 1870 to 1880 resistance area. It is important to note that, even though the ETH to US Dollar is technically crossing back in the bullish direction, this does not mean that we will definitely see a massive bullish move due to the lack of momentum.
ETH to US Dollar Chart
The ETH to US Dollar chart is currently showing a short term bearish trend, with a line of resistance sitting at around 1850 and a line of support at 1840. A small bullish divergence is playing out, with lower lows in the price and higher lows in the RSI. A breakout above 1850 with candle closes or a retest of that level could set up a bullish price target for this new falling wedge pattern, which would be sitting at around 1870 to 1880.
Fibonacci Level
The Fibonacci level is currently sitting at around 1830. If the price drops back to the downside, this level should act as immediate support before heading down towards the lower Fibonacci level.
Previous Descending Line of Resistance
The previous descending line of resistance is potentially now acting as new support. This line is currently sitting at around 1830, approximately. This could provide immediate support if the price drops back to the downside.
Bullish Divergence
A small bullish divergence is playing out, with confirmed lower lows in the price while confirming higher lows in the RSI. This suggests that the price is taking a pause from the short term bearish trend.
What is {{YOUTUBE_VIDEO_TITLE}}?
{{YOUTUBE_VIDEO_TITLE}} is a video discussing the potential for a breakout in the price of Ethereum on the eight hour time frame. The video looks at the current price action of Ethereum and suggests that a breakout to the upside could potentially occur, with a potential target of 1870 to 1880.
What is Ethereum?
Ethereum is a decentralized, open-source blockchain-based platform that enables developers to build and deploy decentralized applications. Ethereum is the second-largest cryptocurrency by market capitalization, behind Bitcoin. Ethereum has been gaining traction in recent years due to its smart contract capabilities and its ability to facilitate the development of decentralized applications.
What is the Potential for a Breakout?
The video suggests that a breakout to the upside could potentially occur, with a potential target of 1870 to 1880. The price of Ethereum is currently in a sideways price range in between this support and this resistance. If the breakout does occur, it could potentially be a very profitable trade for leveraged traders. However, it is important to note that the move would likely be a small one, as the video is discussing the eight hour time frame.
