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BTC/USD & ETH/USD Appear Poised for Another Dive Lower

BTC/USD & ETH/USD Appear Poised for Another Dive Lower

Paul Robinson, Strategist

BTC & ETH Technical Highlights:

  • BTC/USD sideways price action to lead to big move lower
  • ETH/USD forming a descending wedge that should lead to selling

BTC/USD has been dead in the water for the past couple of months after the spring sell-off. This type of price behavior doesn’t bode well for it moving forward. The next targeted level of support below 28600 is the 2017 high at 19666.

ETH/USD has been in the process of developing a descending wedge, a pattern that is set to lead it lower. The 1420 area is an important one to watch. If it can’t hold a broader move below 1k could unfold.

Longer-term, looking at the weekly log charts, both cryptocurrencies will remain in uptrends even if they experience another round of violent selling. Something to keep in mind despite the bearish near-term outlook and how far they are off their record highs.

For the full details, check out the video above.

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BTC/USD Daily Chart

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BTC/USD Chart by TradingView

ETH/USD Daily Chart

eth/usd daily chart

ETH/USD Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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