Technical Analysis
Good Morning!
Both Bitcoin (BTC) and Ethereum (ETH) are nearing the critical supports of 29'000 USD and 1'700 USD.
Bitcoin BTC (daily)
How low can it go? Probably down to 20'000 USD. If you look at the liquidity pool structure, there was not much trading on the way up, except a bit around 23'000 USD. What surprises me is the very low volume we are experiencing while grinding lower. It potentially signals that sellers are exhausted and that the market is waiting for some positive news.
Ethereum ETH (daily)
In terms of the derivatives market, we are seeing a similar picture. Trading volumes have returned to lower levels ever since the May 2021 crash, but OI has recovered in both BTC and ETH. Though you have to look at it in kind (and not in terms of USD). Funding rates have been neutral for over eight weeks.
It is tough to offer a meaningful analysis. I am sticking to my call that if we break 29'000 USD with good volume, then we can say hello to the low 20'000 USD levels.
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