Technical Update - Ethereum could soon again test 1K. Bitcoin is looking at 10K
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Bitcoin BTCUSD is trading in a more and more narrow falling channel, a wedge like formation. Failing to move above the 200 weekly SMA BTCUS could be testing the June lows at 17,567.
If broken Bitcoin is likely to drop to the 1.618 projection at 12,841 close to where Bitcoin took off back in Q3 2020 after breaking above 12,564.
However, Bitcoin could try to test the 10K mark. A psychological level.
Ethereum ETHUSD seems to be trading in a wide falling channel. A correction that took the Crypto currency to just above 2.000 could now be set for lower levels. Break of support at 1.420 is likely to fuel a sell-off down below 1.000. If taking out July lows at 879 a move to around 500-440 is not unlikely. 440 is around the level where Ethereum broke bullish in Q4 2021.
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