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Start for freeBitcoin's Market Behavior and Predictions
Welcome back to our cryptocurrency analysis. Today, we're focusing on Bitcoin's recent market activities which suggest a continuation of its bullish trend. Observing the 3-day chart, Bitcoin is forming higher lows and higher highs—a classic indication of a bull market. Additionally, a significant hidden bullish divergence has been identified, indicating potential for continued upward movement.
Short-Term Volatility vs. Long-Term Trends
In the short term, Bitcoin experiences daily fluctuations which might seem chaotic; however, these are part of a larger bullish trend when viewed on larger time frames. Currently, Bitcoin is testing support levels between $67,000 to $68,000. Should it break below $67,000 with confirmation, it might retreat to the $63,000 to $64,000 range. Yet for now, the market remains neutral in the immediate short term.
The Formation of a New Pattern
On the 4-hour chart, a new symmetrical triangle pattern is emerging. This pattern indicates that Bitcoin is consolidating within a tightening range—suggesting an imminent breakout either above resistance at approximately $69.1k or below support around $67.2k.
Trading Strategies for Upcoming Movements
For traders looking to capitalize on these movements, watching for confirmed breakouts above resistance or below support will be key. A breakout above could target around $74.8k (an 8-9% move), while breaking down could see targets near $61.8k (also about an 8% move). Traders can position themselves with long or short trades depending on these breakouts.
Ethereum's Current Signals and Opportunities
Turning our attention to Ethereum (ETH), it currently displays promising signs on its daily chart with an active bullish breakout from a falling wedge pattern targeting around $4070.
Critical Levels to Watch
Ethereum is retesting a crucial Fibonacci level at approximately $3820 on the 8-hour chart. A confirmed breakout above this level could propel ETH towards local highs around $3950 or even towards strong resistance just under $4100.
Short-Term Support Zones for ETH
In case of any pullbacks in price action in the short term due to rejection at key levels or other factors causing price dips; there exists substantial support between approximately $3600 and $3650.
Furthermore, Ethereum shows signs of hidden bullish divergence on its 4-hour chart suggesting potential continuation of its current uptrend in price action.
Conclusion
The cryptocurrency market continues to offer significant opportunities for both seasoned traders and newcomers alike through careful analysis of patterns and signals across different time frames.
Article created from: https://www.youtube.com/watch?v=dyQLbsfR2-8&t=551s&ab_channel=CryptoWorld
