Bitcoin (BTCUSD) (3-day/8-hour)
Bitcoin remains range-bound, and “choppy” with very little changed in the past weeks on the macro level.
Last week we saw our 3D green “optimal trade entry” zone hold support, with multiple tests. The longer we see price hang out down here without any significant reaction, the more nervous bulls should be. So far, even with some dramatic drops into the halfway point of this green “OTE” box, we haven’t seen any follow-through to get us past the orange “neutral” zone.
This could simply mean we will need one more flush to the $25k area before there is enough buying momentum to push through further, but if this green box gets broken, this range will be invalidated.
The more zoomed-in 8hr chart shows buy support stepping in just before our “fakeout” level for bears, which could give bulls some hope, but the picture is still unclear until we see some trending moves from BTC.
It seems as if we are rangebound between roughly $30k-$40k, until either of those levels break with a higher timeframe candle body, we are in limbo.
Ethereum (ETHUSD) (3-day/8-hour)
Ethereum has been getting absolutely beaten down for weeks while Bitcoin was remaining relatively flat, since the weekly open last night, Ethereum seems to have picked up some reversal momentum and this could be a good sign for alts in general, particularly DeFi projects that run on ETH.
Though in the macro range on our 3-Day chart, price still sits in our green “OTE” zone, the more zoomed-in 8-hr chart looks like a failed breakdown from this bear range, with support stepping in perfectly at our “fakeout level” (red-line.)
Ethereum can be a good gauge for overall alt-market interest, and a lot of what sparked the rise ...
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