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.
BTC/USD Daily Chart
ETH/USD Daily Chart
Resources for Forex Traders
Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.
---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
