Last week saw the drop to the low 30K region before we started to see a bit of a reaction in a strong support zone. This week, we look at whether or not this is a bottom for Bitcoin or if this is just another bull trap. To get the full technical analysis, click on this week's video below:
WEEKLY BTC/ETH TECHNICAL ANALYSIS
From a macro standpoint, BTC is in the perfect spot to make a running flat that could make a strong move to the upside. Looking at the TDI chart, BTC is oversold, which leaves plenty of room to move up; however, even a smaller corrective move could reset the TDI, setting us up for more downside. IF we break above 42000, we could be looking at the bulls taking over. if we fall below 33000, we may be able to expect much further moves to the downside between 18-26K.
ETH has a similar story with its rally, and as with BTC, this rally does appear to be corrective. ETH is following BTC's lead here, so the same decision points are in place. Key levels would be 3200 to the upside (if it breaks through the bulls may be stepping in), and the low-side invalidation is around 2200. If it drops, it could easily fall to near 1200