Bitcoin (BTC) Technical Analysis
Let’s start our analysis of the week with Bitcoin (BTC) and its fence weekly which took place overnight. Compared to our analysis of the past week, the price of Bitcoin has remained rather stable. Indeed, the closing was done on the $30,200 with a volatility over the week of 9%.
This does not give us relevant information as it stands, we can note that it nevertheless ends below the bottom of the range established previously. For the moment, however, this passage below this point is too weak to conclude that there is a real breakout.
We will have to remain attentive to see if the price will really continue its decline to come and revisit the areas of the old ATH ($18,850) and the impulse zone between $11,400 – $14,000.
Figure 1: analysis of Bitcoin (BTC) in 1W
View Daily will provide us with details on the movements of the week. We note a drastic reduction in volatility with a delay close to our area support. The areas mentioned last week are still valid, namely:
- The first area of sale situated at $36,500which corresponds to latest hollow the old local uptrend;
- The second important area located at $46,000 – $47,000 and corresponding to last peak. Exceeding it on one or more daily closings would be a signal very strong of a bullish recovery more important.
A rebound is therefore possible up to these zones acting as retracement and of reload of bearish movement. To put it simply, we would resume selling forces on the upside before continuing the initial movement.
Figure 2: Bitcoin (BTC) analysis in 3D
The most relevant unit of time this week is that in 1 hour. Indeed, we can observe a very clear range scenario on this view. The upper boundary takes place at $30,700 for a lower bound at $28,700. We observe a first phase of DETOUR » until $31,300 followed by a retracement to the lower limit. The likely scenario is now a retracement bullish up to $31,000before doing a fall phase to the area of the $28,300 .
From here, I would like to see an upside recovery to really start the retracement of the bearish movement towards $37,000 at a minimum.
Figure 3: Bitcoin (BTC) analysis in 1 hour
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Ether (ETH) Technical Analysis
Ether (ETH)remains in the same configuration as its counterpart. Indeed, Bitcoin having regained dominance in financial exchanges, the latter sets the pace for all the others.
Its weekly configuration is logically the same, and the price of Ether is also at its lower limit of the range. The latter is between $1,850 – $4,000and the loss of the lower bound would cause it to revisit lower areas as well.
- The first being that of the old ATH at $1,300;
- The second being that of the bullish impulse between 428 – 488$ .
Figure 4: analysis of Ether (ETH) in 1W
Let’s zoom in on the daily view to understand the internal movements in the range. Here again there are two areas of interest for our analysis:
- The area to $2,490 corresponding to the last downward trough;
- The area to $3,500corresponding to the last peak that will have to be resumed to relaunch a bullish momentum.
As long as these two zones are not recovered, the price may come to retrace on these points while maintaining a bearish momentum . This means that there are two trading options:
- The first option is a purchase in the current area to play a retracement with securing profits on the mentioned areas;
- The second, not to take new positions and secure its old positions on the mentioned areas.
Figure 5: Ether (ETH) analysis in 3D
On the 4h view, we also find this range phase which has been developing since last week and which temporizes the selling attacks. It will be necessary to wait for a resolution of the latter to come and place itself accordingly (for purchase or sale).
Figure 6: analysis of Ether (ETH) in 4 hours
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Technical analysis of The Sandbox (SAND)
Today, I come back to my analysis carried out for Cryptoast a few weeks ago where I mentioned the possibility of a full retracementsome movement. It involved movement up to 0.66 – 0.88$. Despite a lot of very aggressive comments on this hypothesis on my Twitter account, the price came to revisit this area. There is nothing magical about this, and it is simply explained by a retest of the pulse area . This order block zone (denoted on the chart) served as the starting point for a particularly violent upward move. The market must correct its excesses by regaining strength in this area.
Interestingly, the SAND price setup is now bearish on local time units. It is therefore necessary that the price regains the $2.43 passing them, to see the structure change from bearish to bullish. Until then, it will be possible to bet upwards on a retracement.
Be careful, however, the price amplitudes will be significant, because this cryptocurrency is very volatile.
Figure 7: Analysis of The Sandbox (SAND) in 3D
the Bitcoin (BTC) and Ether (ETH) are both on the bottom of their range respective. The volatility of recent weeks has gradually disappeared giving way tomovements more horizontal without trend. In this chaos, short-term range scenarios are gradually emerging, creating opportunities for speculators and impatience for investors. There are still very local areas that the price will have to revisit before starting a phase of retracement of the downward movement. In this logic, it will be interesting to secure its profits or reduce the losses on the sales areas.
For The Sandbox (SAND) the price is on a shopping areavery interesting. However, he too remains in a local bearish pattern, forcing speculators to secure their profit in the event of a retracement of the bearish move. A recovery from $2.43 would be a very good sign for a deeper bullish rally .
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Graphic sources: TradingView – cryptOdin
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