Bitcoin and Ethereum start the new trading week cautiously. With little volume it goes down. Can we expect a bigger sell-off today? Or can we finally reverse the trend through the resistance?
Bitcoin has seen little to no movement over the weekend. We are just below Friday's close of around $42,300. In the RSI we can still see the downtrend.
We are currently trading at around USD 41,800 and are therefore still in our green support box, which continues to give us support. At the same time, the 200-EMA (yellow) is there as additional support.
Trading volume has decreased significantly over the weekend so could signal a move in the next few hours and indicate where we might be headed this week.
At the moment, the probability of breaking through to the downside is significantly higher. Our initial support goes up to around $41,000. Breaking that one we have a lot of confluence in the $39,500 - $40,000 range.
There lies the 200-SMA (last 200 moving averages/purple) and our former resistance range, which could be confirmed as support. Furthermore, we could see a retest of the uptrend.
The possibility that we break these support zones, at least in the short term, is high. There it then becomes important to close above USD 36,500 to form a higher low and thus confirm the uptrend (superordinate).
For Ethereum, we also see little movement at the beginning of the week. We continue to consolidate around $2,800 at monthly support P and 200-SMA which continues to provide support.
The 4H chart shows a slight bullish divergence in the RSI, which can also be a trap if trading volumes continue to fall. A dump is also possible here.
The golden pocket (0.618 – 0.65 Fib. retracement level) at around USD 2,590 is a possible price target. Again, we would be talking about a higher low if we didn't push the golden pocket to the end.
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