We’ve dropped from $29,000 to $26,000 in the past weeks, let’s take a look at the weekly & daily charts of Bitcoin and Ethereum.
As you can see in the chart, the price continues in waves. We broke the $28,700 level hard and the price pulled back to the $25,467 levels. In general, the prices of $ 25,500 and $ 24,300 are important for the market. If Bitcoin shows price action below the black zone, it can deepen the decline by breaking the weekly bullish trend.
The resistance zone we need to follow on a weekly basis is $28,700, we need to follow the levels that we can look at as intermediate resistance on a daily basis.
#Bitcoin daily chart
Looking at the daily chart, we are stuck between the $26,578 black zone and the $25,800 level. The $25,800 level is very important in this area, the price will tend to close below this level and clear the liquidity it left below.
It is very important for the uptrend that the monthly pre-closing price rises above the black zone, that is, $26,900 in the coming days.
Another thing we need to pay attention to is the price range of an area between 15 June – 29 August. If this area is lost by closings below the lower high (RL), the price is definitely below equilibrium prices; We can talk about the possibility of testing the $21,000 and $19,000 levels.
In short, the coming days are very important. A daily close above $27,000 and then a weekly close above that price is a must. If we do not see these closures, it is better to be careful.
#ETH weekly chart
Looking at the weekly chart of Ethereum, we are on a very thin line weekly for now. The level of $ 1.628 is very important on a weekly basis, if it closes below this level, it will tend to test the liquidity area of $ 1.461 and then the red circle.
It is very important that ETH can close above the $1.767 level on a weekly basis.
If the price wins this level again, we will have a good confirmation of the uptrend.
#ETH daily chart
When we look at the daily chart, although the price moves below the $1,630 level, daily closes are above this price. We can think that it may tend to clear the liquidity I circled on the chart in daily closes below this level.
Again, when we look at the graph, the red region is our s/r flip region. It is very important that the price can make a daily close above this region. As long as it stays under this zone, we can interpret it as risky.
I wish everyone good luck.
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