Cryptocurrencies track global exchanges and come into play after gains in January. Today we have US producer inflation data, as well as retail sales, both of which lead to a slowdown inflationary perspective, which is positive for both markets.
On the monthly chart of Ethereum, we can see an upward trend, as we had a bullish bottom forming, i.e. a higher bottom than the previous low, and at the moment we are looking for a bullish top.
However, I get it that The structure of building the bullish trend as a fragile structure, because the bullish bottom formed was very close to the previous bottom, that is, the bears were able to hold the price near the previous bottom and I see that EMAS 12 and 26 are the potential for resistance.
Well, we know that the chart needs a rising high.
On the weekly, we can also see an upward trend, in the same way as the previous chart. The bulls are trying to push the price higher, the chart is calling for a bullish top, and even after winning the EMAS indicator, I see a clear resistance area at the top of the penultimate high as a hurdle. At the moment we are in an upward trend.
On the daily chart we can see a very similar bullish trend BTC. sThe bulls carried the price away from the previous high and the previous low, but in the past few days we are seeing signs of exhaustion of bullish strength.
Then there is a need to find the rising top to form a rising bottom later. So from my point of view, at any moment, the bears will control the price to form at least an upward bottom.
Therefore, we can say that ETH is still pegged BTC, very similar movements. And that the daily charts of both need to be corrected to continue the healthy upward trend. (See full review).
Bitcoin daily chart continues to hold at $21,460.0. I think we can accumulate in that area that you marked in the box where the price is.
With the price back below the box, we will have confirmation of further declines for BTC, with odds to go and look for Fibonacci retracement areas at 0.5 and 0.61. But if the price stays above this resistance of $21460.0, we will have the possibility to come and get the funds from $22k to $25k.
We are still above the 20, 40, and 80 period averages, which still brings buying pressure, but since they are far from the averages, there may be a pullback to approach the averages again.
The RSI is still overbought, in this area it is very risky to want to take long positions, as the market may roll back to look for the pivot area which is at $17k to $18k. (Learn more about Bitcoin).
BTC rIt has broken the downtrend line it has been respecting since August 2022 and since its recent low at 15476, it has provided more than 30% upside.
Another important point is that we do not see BTC Higher than 12 and 26 emas since March 2022. Many Altcoins followed the move BTC And some exceeded its height by 100%! Investors who have stayed out of the action and conservative bulls are waiting for market corrections in search of a price base.
Let’s take a closer look at the next steps BTC , while observing resistance and upcoming movements. (See Cryptocurrency Ideas).
on 09/01/23 AVAX has entered our radar and, after testing a very relevant area for the week, has left signs that it could make a strong move.
Now that the move has happened, what can we look forward to? In my reading we can wait for a test in200 immediately after the correction begins.
The areas where I would watch the price reaction are $13.00, the POC area of consolidation and gap closing on the last push bar. (See PivotChart).
Not giving an opinion: The analyzes presented here are studies only. They are not investment, buy or sell recommendations, and do not reflect the opinion of the media outlet in which they are published. These studies target people with knowledge and experience in the financial market.
Our authors: Thaysa Paiva, IG Cripto, MRscot, and Leandro Sander.