Welcome to the NewWave Traders Weekly BTC and ETH analysis. this weekly update happens every Monday and you can catch the latest videos on our Youtube Channel. Let's get into it:
Check out this week's analysis video:
Bitcoin is looking to bottom out here as it gets close to test the supply zone near the bottom of the December wick lows. this zone creates a lot of potential as even a corrective move could push price up to retest some areas of resistence near 45,000. should Bitcoin push through the 45000 resistence area, the bulls may be stepping in and looking to push the price further up to test all time highs. In either scenario, this presents tradable opportunities as demonstrated in the above video.
ETH is looking at a smiliar pattern, but had more strength in a recent test to the upside, so it present a much cleaner and stronger opportunity that Bitcoin. Key areas will be the 3600 resistence level, and if ETH can push above the 3800 price point, it may be a sign that the Bulls are stepping in. check out the video for a more detailed analysis of key levels for ETH.
Given Cardano's recent move to the upside turned a lot of heads, but it is important to look at the macro outlook here. Cardano may have finished a marco 5 wave move, and could be correcting the entire structure. This could mean that the recent move up is part of a larger correction that is following BTC and ETH's moves as well. The Bulls would argue that the five wave move may not be done yet, so this could be the start of the 5th wave, which would be more probable if this move tests the recent highs. Check out the video for more insights on how we are looking at trading ADA.