Bitcoin (BTC) and Ether (ETH) Rejected at Resistances – Is This a Sign of a Return to the Bottom?

Bitcoin (BTC) Technical Analysis

Let’s start with the Bitcoin (BTC) price analysis. Last week, we were talking about the possibility of a bullish recovery in the short term. This movement developed perfectly last week.

Where are we on our analysis?

The weekly view will give us an overview of the situation. Indeed, the closing of the week was done last night below the local resistance level at $43,100. We observe a wick up to the most important point of resistance, namely the $46,000. The structure is still bearish in the short term, as we were rejected locally.

the next bracket on this unit of time remains that at $32,200. The presence of an order block (a block that groups together the losing orders of large portfolios) in this area makes it an area of ​​interest for purchase.

Analysis of Bitcoin (BTC) in 1W

The grouping of units in 3 days will give us more information on the internal structure of the macro movement. The same resistances are observable, with a clear rejection of the movement. We can observe that BTC has not yet resumed an uptrend on this time frame as well.

If we are looking to be bullish, our purchases will focus on the area of ​​39,000 – $36,200 which correspond, again, to an order block zone not yet revisited. Macro support is still valid on this view.

Bitcoin (BTC) analysis in 3D

The 4h view will be more interesting in this analysis. Here is what I observe:

• The structure is bullish on this unit of time;
• A demand zone has just been created at $39,000-$38,000. It corresponds to the former sales area which had retained the price 3 times;
• A new block order zone was created at $37,000 – $36,500 and was not revisited;
• BTC has made a very large upward move and it finds itself in an overextended situation. It will naturally have to retrace its movement.

On this basis, it will be interesting to establish short-term purchase plans, to take advantage of a technical rebound in the most classic case, and of a real bullish reversal on macro time units.

Analysis of Bitcoin (BTC) in 4H

Ether (ETH) Technical Analysis

Now let’s move on to the price of Ether (ETH). As usual, the latter follows the example of its elder with a more readable structure.

On the weekly viewEther validates its bearish retest with a clear rejection on the $3000 resistance. the support of $2,300 have already been tested, the next point will be on the $1,900 – $1,700. The structure therefore remains bearish at present, and a reversal is not yet validated.

Analysis of Ether (ETH) in 1W

Now let’s zoom in on the 3-day view to clarify this analysis. Here again, this macro release can be seen perfectly in this view. I also observe the formation of a demand area on the $2,700 – $2,300 which could serve as a point of support for a bullish reversal. However, the order block zone at $1,900 – $1,700 remains the most likely retracement zone currently.

Ether (ETH) analysis in 3D

As with Bitcoin (BTC), the 4-hour view will give us very interesting short-term indications. One order block formed on the $2,590 – $2,650, in an uptrend dynamic on this unit of time. This could allow for a technical rebound to support this new dynamic.

This offers short-term opportunities, thereby reducing the time of market exposure for people who have a lower risk appetite.

Analysis of Ether (ETH) in 4H

Cardano (ADA) Technical Analysis

This week I made the choice to analyze the price of Cardano (ADA). This cryptocurrency currently sits in 7th position in terms of capitalization, and benefits from a large fan base. So what about the macro vision for this cryptocurrency?

On the view in 3 days, we can observe a large distribution stage price after an impressive expansion phase (+4000%). The ADA is currently on its support area which has been tested more than 8 times now.

I expect to see this support break lower in the next few days, which will accelerate the price of ADA lower. If you look at my graph, you will see 3 yellow rectangles with the mention “Imbalance”.

These rectangles highlight a phenomenon that we will assimilate to “liquidity holes” that were generated during this significant growth. The white rectangle corresponds to an order block left by large wallets. The ADA usually retraces its movement in these areas to fill in the gaps left by the imbalance and to close the losing positions in the order block. Everything seems to indicate that the ADA will retrace to the low in the zone from 0.3 – 0.6$.

This will allow you to place yourself at procurement with the primary objective of retesting this area lost to $1 for a return of 186%.

Case to follow!

Cardano (ADA) analysis in 3D

Conclusion

the Bitcoin and Ether rebounded as announced last week. The courses were rejected on the points of resistance that we had evoked, and these last remains in bearish trends on large units of time (mainly daily).

From areas of interest for a purchase have not yet been revisited, and this would result in a final bearish wave. However, on the time units in 4h, we observe a local uptrendwhich requires a bearish retracement so that the movement regains its vigor. There will therefore be positions to take on the areas identified in this article.

On the ADA side of Cardano, price is currently in a very clear bearish pattern. I expect a loss of the major support, which will cause the bearish movement to accelerate. Areas not revisited close to the 0.3$ are present, and would make it possible to position oneself for the purchase. In the meantime, you will have to be patient in order to position yourself correctly.

It was cryptOdin to serve you.

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