BLOCVERSE MARKET ANALYSIS- BTC/USD & ETH/USD (DAILY TIMEFRAMES)

223
0
Market Analysis

_______________________________

BTC/USD:

So, compared to last week’s analysis, BTC/USD price couldn’t hold, and it broke through the bullish trendline, smashing through $21,000 support and taking out all the liquidity down from $21,000 to $20,000.

Chart showing performance of BTC/USD(on Daily Time Frame). Source: Trading View

As seen on the daily time frame, there is a CHOCH at $21378.54, which gives a more bearish indication that the market direction is looking downwards.

A very bearish market may be seen in the future depending on how price dances on the $23000-24000 supply area.

A bullish break of this supply will drag the price towards the $25000 major resistance.

_______________________________

ETH/USD:

Last week, ETH/USD price bounced off a rejection from the $1674 resistance zone. Breaking lows and clearing liquidity. 

Chart showing performance of ETH/USD(on a Daily Time Frame). Source: Trading View

Bouncing off the $1374 support, the price gave a clean reversal reaction. Now heading back towards the $1674 resistance. A break above this resistance should change the direction of the market.

_______________________________

Learn and stay accustomed to these basic trading abbreviations and terminologies here

_______________________________

⚠️This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding.

Leave a Reply

Your email address will not be published. Required fields are marked *