Bitcoin (BTC) and Ether (ETH) Rejected at Resistances Again – Bigger Drop Expected?

Bitcoin (BTC) Technical Analysis

In the past weeks we have been talking about a retracement movement which would take place after a bullish rebound. I am talking here about the movement of the bullish movement of the price of Bitcoin (BTC) at the beginning of February until the $45,500and from its retracement at the end of February until $34,000. Since then, the price has returned once again to this point of resistance at $45,000 – $46,000 before being rejected again.

What should we expect now?

Let’s take it weekly view as always to begin our analysis. Bitcoin is currently between 2 important areas :

• The supply zone (resistance / sale) at $39,500 – $47,000 ;
• The request area (Support / Purchase) at $31,000 – $34,500.

The price is in a neutral phase where the latter seeks to create liquidity. Indeed, the price cannot perpetually go up / down without generating buying or selling. In general, it will be accepted that prices will be manipulated in the opposite direction to the desired movement.

From this observation, we can establish a hypothesis that the price will be one last time pushed down before actually resuming the upward path.

Analysis of Bitcoin (BTC) in 1W

In order to clarify this hypothesis, let us look at the daily view (3D). Here, the price gives us more information in order to refine this analysis. We notice this:

• The supply area of $44,000 – $46,000 has been tested several times;
• A demand zone has been created at $36,500 – $39,500 ;
• There remains the order block zone at $29,300 – $32,500.

As long as the price holds the demand zone, the price will have a strong chance to resume the upward path. I’objective of this bullish recovery would initially be the zone of $49,000 – $51,000.

In case of loss of this area, it is the order block zone that will serve as the last bullish point. A loss of the latter will be a sign of a deeper reversal in the market.

Bitcoin (BTC) analysis in 3D

Let’s zoom in a bit more on the 4h view to further clarify. The course took a bullish structure on this unit of time. This is a first encouraging sign, despite the significant range of motion.

I identify several interesting areas to place yourself:

• Two request areas:
  • The $37,000 – $38,000 ;
  • The 34,300 – 35,500$;
• The supply area at $43,000 – $46,000 already mentioned.

I find it relevant to take long positions on the demand zones with an exit order in protection under the $36,500. Thus, this will allow us to play the potential movement at $50,000 and to protect us in the event of sales manipulation.

Analysis of Bitcoin (BTC) in 4H

Ether (ETH) Technical Analysis

On the Ether (ETH) price side, the situation is much the same as for the Bitcoin (BTC) as the volumes are turned towards the latter.

On the weekly viewthe price is also stuck between two areas:

• The supply area at $3,000 – $3,300 ;
• The demand zone at $2,500 – $2,700.

Here again, there is an order block zone at $1,800 – $2,100 which has been tested and which could act as a liquidity zone.

Analysis of Ether (ETH) in 1W

On the day viewEther (ETH) confirms this configuration with almost similar zones. The price must keep the area of ​​the $2,300 – $2,500 not to continue its fall towards the previously identified order block zone.

Ether (ETH) analysis in 3D

On the view in 4 hoursthe price remains within a bearish technical patterne, and the last buy point before a bearish continuation is located at $2,300 – $2,400. It will absolutely require a reaction to contact with this zone, otherwise the latter will continue its fall until the next macro zone. A recovery of the $3,000 would be a sign of bullish recovery up to $3,400 initially.

Analysis of Ether (ETH) in 4H

Axie Infinity (AXS) Technical Analysis

For this week’s analysis, I have chosen to return to Axie Infinity (AXS). I will focus on its analysis in 3 days to give you the keys to invest correctly in this token. From what we observe at first sight, it is the very bullish structure of the latter.

The price of the AXS made a lot of very impulsive upward movement without ever retesting all its points. Since July 2021, the price has slowed down to begin a phase of progressive distribution and the price has started a slight fall in December. Since then, the latter has been slowly slipping on its demand zone at 35 – 44$.

I also see a strong area of ​​untested interest at 14 – 20$ which would allow the price to regain strength. There are nevertheless 2 zones of the same type lower, one at $10 and corresponding to a former ATH, and the other 3 – 5$ corresponding to the beginning of the bullish movement.

For now, what seems most likely to me is a retracement in the demand zone and in the event of a loss it is the scenario of a retracement up to $14-$20.

Analysis of Axie Infinity (AXS) in 3D

Conclusion

the Bitcoin try so hard to resume its uptrend despite the rejections of his resistance by $46,000and on its side Ether is in trouble. It remains correlated to the movement of Bitcoin with a slight lag. It will therefore be necessary for Bitcoin to rebound on one of the local areas and exceed $46,000 to hope to see an upward movement to $50,000.

For its part, the token AXS seems to want to correct its areas of interest. This assumption will only be valid if the price closes below $35. In the meantime, the latter is in a buy zone and a strategy is possible over the medium term.

Whatever happens, there’s no need to take positions in a hurry, you can build them up little by little in areas of interest.

It was cryptOdin to serve you.

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