Bitcoin Technical Analysis (BTC)
Last week we were talking about a movement slow to consolidation which would absorb the bearish movement at the start of the month. We noted several zones interesting for our analysis and today we are going to take stock of the situation.
Yesterday the weekly closing was made at $ 46,700, and in the area that must be kept. We can note that it is a area of high interest and that the price of Bitcoin (BTC) is resting there. For the moment, do not panic, despite a moderate drop the course still has not lost important point.
3D Bitcoin (BTC) Analysis
Despite my medium term bullish vision, it is interesting to observe how the price is structured to fully understand where we are.
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A downtrend characterized by troughs and peaks lower than the previous ones, we can clearly observe this phenomenon on the current price. I compared to you the same diagram which had caused the price to lose the support of $ 50,000. The situation is slightly different, however, and the context prevails.
Indeed, Bitcoin (BTC) is on a major point that he had to come retested. Losing this point will lead to a change of structure on the macroeconomic vision. Thus, this would initiate a dynamic completely different that we haven’t seen since early 2020 (more commonly called bear-market).
Bitcoin (BTC) analysis in 1D
We are not there yet!
If we zoom in on the view in 4H, it will be easy to note the establishment of a lateralization phase (a range), which allows the price of consolidate before his next expansion phase. I expect thereafter a phase of ” handling “Which will correspond to a movement of feint breaking from the bottom, in order to trap the” breakout traders »Before going back to rise.
Bitcoin Analysis (BTC) in 4 hours
Ether Technical Analysis (ETH)
The weekly closing of the Ether was made just above the identified area last week. The $ 3,900 are therefore for the moment kept on this unit of time. This is a good thing in view of the current Bitcoin situation.
Ether Analysis (ETH) in 1W
Let’s zoom into the daily view to see what it is. We can observe this time that the price closed twice below the pivot area from $ 3,900 – $ 4,100.
It is possible to see a quick turn on the $ 3,300 to go get the liquidity necessary while fencing above $ 3,900. At the moment I am not sure of anything, because the price movements are very volatile due to the little liquidity present on the end of year market. We stay bullish by default and as long as the $ 2,700 are held in closing.
In all cases, the area of $ 3,300 represents the last entry area interesting in a bullish logic. Below is a scenario of retracement much more important that awaits us.
3D Ether Analysis (ETH)
Technical analysis of Axie Infinity (AXS)
The Axie Infinity (AXS) blockchain game token also benefited from the metaverse frenzy. Today, it technically presents interesting entry points. The latter being in a dynamic strong bullish, it is relevant to make strategies in trend following.
I have noted the area of interest to me below and we will detail my analysis. The $ 79 – $ 94 zone represents a beautiful buying opportunity, because it corresponds to theold summit who once broke had started a strong bullish move (+ 85%).
Of course, this point must be retested to consider a healthy bullish pursuit. In this strategy, we can also identify a invalidation point light. The $ 50 should be kept for the macro structure to remain bullish.
Indeed, this corresponds to the last hollow of the uptrend, but also of a old retest of a summit. It is therefore considered that this point will have less chance of permanently retaining the price if retested.
Axie Infinity Analysis (AXS) in 3D
In conclusion
Despite a downtrend in the short term for the Bitcoin (BTC) and Ether (ETH), I expect a bullish movement after one lateralization imposed by the end of year celebrations. Many will be trapped trying to trade them small volatilities, and it is better to configure inputs / outputs on the macro view of cryptocurrencies. The patience will be rewarded. Enjoy it for you form, read, or just enjoy the holidays.
For the token AXS from Axie Infinity, the configuration also remains bullish. A beautiful entrance area is currently offered to us with an invalidation under the $ 50.
I take this opportunity to wish you all a Merry Christmas. See you next week for a new analysis. It was cryptOdin to serve you.
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