Bitcoin (BTC/XBT) & Ethereum (ETHUSDT/ETHBTC) W-Bottom Breakout!
Bitcoin and Ethereum are breaking out to the upside.
Bitcoin (BTCUSDT)
Bitcoin is in the mother of all symmetrical triangles. A break to the upside would give us a potential target of ~$50-52K, whereas a break to the downside would give us a target of $20-22K. In short, which way this triangle breaks will determine whether we resume the bull market or enter into a prolonged bear market.
On the more immediate term, Bitcoin is forming a potential W bottom with the neckline at 36.5K. If we can get a strong candle close above 36.5K with good volume, price should be able to rally higher. That said, we do want to be somewhat cautious because right above the 36.5K level is the 200MAs @ $37K, which has served as resistance since we broke down.
Ethereum (ETHUSDT)
Ethereum is in a similar situation to Bitcoin and has formed a W bottom with the neckline of 2450-2500, which price is testing right now. A break above 2500 should give bulls some more momentum, though similar to Bitcoin, we want to also clear the 200MAs at 2550. Volume has been pretty good though, so lets see if price and volume can continue to go up in sync and break resistance and give us a rally.
Ethereum (ETHBTC)
The ETHBTC chart is showing the same pattern as the BTCUSDT and the ETHUSDT charts as it is also forming a W bottom. It is actually leading the BTCUSDT and ETHUSDT pairs as it has broken the neckline @ 0.0685 and is actually above both MAs with strong volume. Im personally taking a speculative long on the ETHBTC pair.
As always, Im not a financial advisor, and you should do your own research, and be safe!
Bitcoin (BTCUSDT)
Bitcoin is in the mother of all symmetrical triangles. A break to the upside would give us a potential target of ~$50-52K, whereas a break to the downside would give us a target of $20-22K. In short, which way this triangle breaks will determine whether we resume the bull market or enter into a prolonged bear market.
On the more immediate term, Bitcoin is forming a potential W bottom with the neckline at 36.5K. If we can get a strong candle close above 36.5K with good volume, price should be able to rally higher. That said, we do want to be somewhat cautious because right above the 36.5K level is the 200MAs @ $37K, which has served as resistance since we broke down.
Ethereum (ETHUSDT)
Ethereum is in a similar situation to Bitcoin and has formed a W bottom with the neckline of 2450-2500, which price is testing right now. A break above 2500 should give bulls some more momentum, though similar to Bitcoin, we want to also clear the 200MAs at 2550. Volume has been pretty good though, so lets see if price and volume can continue to go up in sync and break resistance and give us a rally.
Ethereum (ETHBTC)
The ETHBTC chart is showing the same pattern as the BTCUSDT and the ETHUSDT charts as it is also forming a W bottom. It is actually leading the BTCUSDT and ETHUSDT pairs as it has broken the neckline @ 0.0685 and is actually above both MAs with strong volume. Im personally taking a speculative long on the ETHBTC pair.
As always, Im not a financial advisor, and you should do your own research, and be safe!
