This Pattern Will BREAK SOON (Get Ready)!! Bitcoin News Today & Ethereum Price Prediction (BTC, ETH)
Bitcoin and Ethereum Technical Analysis
In this video, Josh provides a technical analysis of Bitcoin and Ethereum. He discusses the current resistance levels, support areas, and trends for both cryptocurrencies on different time frames.
Bitcoin Technical Analysis
- The three-day chart shows significant resistance with a large bearish divergence. No changes have occurred in the last day.
- On the daily chart, Bitcoin is still running into a range of resistance between 28,000 to 29.5K while trending in a bullish direction with support at around 24.3K to 25.2K.
- The four-hour chart indicates neutral momentum in the short term with important resistance above the price of Bitcoin.
- The two-hour chart shows an invalid inverse head and shoulders pattern forming over the last few days due to no confirmed breakout above 29K.
Ethereum Technical Analysis
- On the daily chart, Ethereum is trading at the high end of its range of resistance between 1770 to 1820 without any confirmed breakouts yet.
- The next significant resistance level is sitting at around $2000 with support coming into play between 1650 to 1.7 K.
- On the four-hour chart, Ethereum is looking very neutral just in the short term due to being in a choppy sideways price range between support at around 17 10 to 1730 and resistance at around 18 30 to1850.
- The potential inverse head and shoulders pattern that was forming over the last few days on the two-hour ETH/USD chart is now invalid due to no confirmed breakout above neckline level which means there's no technical price target based on this pattern.
Ethereum Technical Analysis: Rising Wedge Pattern
In this video, the speaker discusses the technical analysis of Ethereum using a rising wedge pattern. The speaker explains that this pattern is bearish and more likely to break to the downside than to the upside. They also discuss an active bearish divergence on the two-hour timeframe.
Support and Resistance Levels
- Support line is at approximately 18 10 to 18 20.
- Resistance line is at around 1840.
- If there's a break of one of those levels, it means that the price is breaking out of this pattern.
Bearish Divergence
- There's an active bearish divergence on the two-hour timeframe.
- Confirmed higher highs in price but lower highs in Ethereum RSI indicate losing bullish momentum in the imminent short term.
Short-term Pullback
- A pullback may occur in either choppy sideways press action or slight pullback in price.
- If this pullback continues below support line, it would activate a technical price target based on this rising wedge pattern.
- Technical price target upon confirmed break below support level would set up at around 1720 which falls into an area of support right here.
Technical Price Target
- Another way of looking for a technical price target based on a rising wedge pattern is simply targeting the bottom of the wedge which is sitting at around 1.7 K.
- Targeting this area of support between around 17 10 to 17 30 approximately if we do end up seeing a confirmed break below this line of support mentioned earlier.
Sideways Price Range
- This short-term pullback occurs within choppy sideways price range on the 4-hour timeframe.
Maximizing Profits
- Check out these videos popping up on your screen to learn how to maximize profits in crypto whether or not the price is going up, down, or sideways.