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Bitcoin Friday: The support is holding us – wait for the reaction!

The Wednesday evening saw cryptocurrency markets in a decent chaos regarding the Evergrande bankruptcy FUD. Bitcoin reacted as well with a sharp decrease. The current situation will be analysed in the following article.

Support is close

Very strong support is really close. This is the level between 62 565 – 63 309 USD. Between these two price points, Bitcoin has to see a bounce upwards. We have already touched this level with one of the wicks on the Wednesday evening, but as it is usual with Bitcoin, it jumped right back up. But right now we can see a slow decrease to those levels again.

We are very close to those levels, which can again be a reactive zone. Moreover, below this level we have one more strong support in the form of the trendline, which in the ideal case, we need to hold. This is the most probable scenario right now and before any continuation I need to see how Bitcoin reacts at those levels in the upcoming hours. If it does, next levels should be around 70 233 USD.

Bitcoin 4h chart Bitcoin 4h chart

Has something changed on daily chart?

The daily chart has not even shown any crucial downtrend. The chart looks stable for now. The problems could arise once Bitcoin breaks down below 56 380 USD. But it does not look like that should happen any time soon.

Bitcoin 1D chart Bitcoin 1D chart

Ethereum not looking good

To be honest, Ethereum does not look good. Here we can see almost perfect rising wedge, which in some situations could lead to the uptrend, but most of the time it leads to a decrease. So far, ETH is still holding the trendline, but the increasing pressure from the sellers side can be easily spotted. Currently the situation is stable, but I am expecting the price to fall back down to 4 380 USD.

Ethereum 4h chart Ethereum 4h chart

Jakub is a crypto trader and founder of Trader 2.0 project, which helps hundreds of traders from central Europe to understand cryptocurrency trading and its challenges. Jakub not o...

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