Last week was with a strong advantage bears. Bulls in one fell swoop lost half of his success. Our idea is that a breakout of the $8000 is a trap that was correct. The price dropped to $1300.
How can behave the bitcoin price in the future, as well as a little about Ethereum will tell the CEO of the service cryptorg.net and regular contributor ForkLog Andrey Podolyan.
BTC/USD weekly chart
Here’s how it looks on the daily chart. Again, the reversal occurred near the point, about which many spoke. But now the big players are not like last year, clearly practicing pivots. Now they give hope for a breakdown, driving more traders into the trap and only then begin a strong reversal. So it was before the breakdown $6000 down and a recent breakdown of the $8000 up.
BTC/USD daily chart
Intraday 4-hour chart suggests that the decline is not over yet. Most likely the price will tend to $6600, which was formed inverted head and shoulders, and there only can be followed for more serious shopping (on the graph marked in yellow horizontal line).
BTC/USD chart, 4 hours
For the bulls the perfect weekly candle will be a drop in the neighborhood of $6600 and the subsequent rebound in the neighborhood of $7100, then get a doji reversal with a bullish body and you can continue the ascent to the level of $8400. If the reversal candle this week does not work, then there is every chance again to test the $6000.
Ethereum, unfortunately, broke months of daily support. Now his goal may be testing support around $365-$350, and only from there can follow intensive purchase.
ETH/USD weekly chart