BITCOIN AND ETHEREUM CHART ANALYSIS - VOLUME IS POOR

 

Bitcoin and Ethereum saw another small pullback and then attempted another breakout, which failed. The volume just isn't enough. Will we see an eruption soon?

Bitcoin attempted to take out our last high again throughout the day but failed. The resistance zone above us was unbreakable on this declining volume.

Right now we're at around $44,000, just below that zone. After we broke resistance in the 4H RSI and had a successful retest, things went up quickly.

Now we are again on the edge of the overbought area, which means that another (short) setback seems possible again. Enough support for a bounce is still between us.

Our initial support is between $42,000 - $42,500. There are currently the 4H-EMA ribbons, which are often tested as support in an uptrend and have last held.

If, contrary to expectations, these do not hold, a retest of our major uptrend at around USD 40,000 would still be possible. Here we continue to have a lot of confluence through the monthly support P and the 200 SMA (last 200 moving averages/purple).

Until we see an impulsive/strong breakout with increasing trading volume to take out the last high, things continue to look rather bearish/sideways.

We see a similar picture with Ethereum. After breaking the uptrend to the downside over the weekend, it was retested yesterday and we were rejected.

Now it will be interesting to see if we can get enough volume to overcome this resistance again. If not, it's possible we'll see another pullback.

This could go up to around USD 2,900 in a bearish case, as we also have a lot of confluence here. This is shown in the form of the 200-SMA, monthly support P and our recent low.

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