Technical Analysis
Good Morning!
Bitcoin BTC (4h)
When we look at the BTC 4h chart, we can see that BTCUSD has been losing momentum since the beginning of March (see momentump indicator). The RSI shows a first negative divergence against the price trend. However, there is no danger yet, as long as we do not break through the support line of the lower short-term trend channel. If we do break through the support lines, 43'800 USD would act as a strong support. On the upside, the all-time high of 64'600 USD is a resistance, after which the space towards the upper trendline is open.
Supports: lower trendline (currently at 49'000 USD), 43'800 USD, 30'400 USD
Resistances: 64'600 USD, upper trend line (currently at 70'000 USD)
Ethereum ETH (daily)
In the ETH daily chart (log), we can see the strong momentum and the well-formed trend. On the downside, USD 2'500 USD and 1'960 USD are strong supports. However, while at an all-time high, calling a resistance is fundamentally difficult. Only 4'000 USD and the upper trendline of the trend channel at 4'500 USD can be mentioned as resistances. The strength against BTC is astonishing. Currently, BTC dominance is at about 48%, and ETH is at 15%. Perhaps we will soon see a revival of the word "the flippening", which has been forgotten since 2017. "The flippening" refers to the moment when Ethereum replaces bitcoin in terms of market capitalisation.
Supports: lower trendline (currently at 2'500 USD), 1'960 USD
Resistances: 4'000 USD, upper trendline (currently at 4'500 USD)
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