█ BTC daily chart
It looks like BTC is going to be ranging in this area, currently trading at 35k usd after touching a major support price at 32k.
The RSI is showing a nice descending diagonal resistance line plotted in green on the chart, which is looking pretty similar to what happened one year ago. The RSI started to break above this line before turning it into a support after ranging around it for a while (red ellipse), so this is what I would expect for Bitcoin in the next weeks/days, before getting back to the bull track.
Another thing to look at is the 20 days EMA which acts like a magnet for the price. Right now the price is way below the EMA which means it will climb back up and touch it again, but needs to strongly break through it to mark the end of the bear market.
█ NASDAQ and Bitcoin correlation
Bitcoin seems to follow the NASDAQ index, as if investors were following the same orders. Everytime the NASDAQ crashed, Bitcoin did too. That is why I think this chart is interesting, because if the stock market were to crash further due to FED bad news about rates or a WW3 between Russia and the rest of the world were to happen, I would expect Bitcoin to follow.
█ ETH versus Bitcoin
Ethereum has been crushing Bitcoin over the last year, and might seem to continue that way.
We got a triple divergence: RSI is falling while price is making higher lows. If this long time ascending support holds, I would give good chances for Ethereum.
It looks like BTC is going to be ranging in this area, currently trading at 35k usd after touching a major support price at 32k.
The RSI is showing a nice descending diagonal resistance line plotted in green on the chart, which is looking pretty similar to what happened one year ago. The RSI started to break above this line before turning it into a support after ranging around it for a while (red ellipse), so this is what I would expect for Bitcoin in the next weeks/days, before getting back to the bull track.
Another thing to look at is the 20 days EMA which acts like a magnet for the price. Right now the price is way below the EMA which means it will climb back up and touch it again, but needs to strongly break through it to mark the end of the bear market.
█ NASDAQ and Bitcoin correlation
Bitcoin seems to follow the NASDAQ index, as if investors were following the same orders. Everytime the NASDAQ crashed, Bitcoin did too. That is why I think this chart is interesting, because if the stock market were to crash further due to FED bad news about rates or a WW3 between Russia and the rest of the world were to happen, I would expect Bitcoin to follow.
█ ETH versus Bitcoin
Ethereum has been crushing Bitcoin over the last year, and might seem to continue that way.
We got a triple divergence: RSI is falling while price is making higher lows. If this long time ascending support holds, I would give good chances for Ethereum.
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RSI tested this big descending resistance once again and is not ready to break it yet.
ETH/BTC with the big bullish hammer on the weekly, which should confirm the divergence with the RSI.
My plan is to wait. Watch Bitcoin fall and wait for a reset.
Then I'll start looking at layer 1 tokens and gaming infrastructures.