Can Bitcoin and Ethereum Pass Support Test?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
On Friday after the market closed, the Gilead drug Remdesivir's data was released fo the public to digest. It wasn't all that promising. Honestly, it could have saved a sell off in the markets late Friday. Now that the news has passed I expect the markets to shrug it off. As of writing the futures markets are up nearly 1%. On this post we are going over Bitcoin and Ethereum . Let's dig into the charts!

On Support

Late yesterday, Bitcoin and Ethereum sold off and now are bouncing off support. The two charts below are the channels I am using to gauge whether the rally has ended. Both are 4-hour charts.

Both channels are must holds. Should the rally continue, I have been calling for $12,000 Bitcoin . Though the Bitcoin chart is a lot less clear.

Ethereum's chart, on the other is a lot more clear. A potential inverse head and shoulders set up has been spotted with targets as high as $280. On the daily chart below we review Ethereum volume and momentum.

As it stands CMF remains in positive territory and there is a divergence since the price peak May 19. Despite this finding, momentum is not on the side of the bulls. Something tell me that the daily close today is critical for continued upside.

As a trader you take what the charts give you. If Bitcoin and Ethereum begin closing below the channel highlighted above, there has officially been a change in trend. For now my bias on this trade will remain until a clear change in the trend happens...Bias: Bullish


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