BTC/USD & ETH/USD Charts Continue to Build Bearish Patterns
BTC & ETH Technical Highlights:
- BTC/USD treading water sideways, 28600 the big level to watch
- ETH/USD working on forming a nice-looking descending wedge
BTC/USD continues to meander sideways, with more downside expected. It could still rally a bit from here up to around 36k or so and still have a bearish look to it. In fact, if it does that could make for a solid wedge formation. In any event, a break below 28600 is seen as triggering another sell-off to at least the 2017 high at 19666.
ETH/USD is forming a nice-looking descending wedge that is poised to send it lower. The pattern could of course trigger to the upside by breaking the top-side trend-line of the pattern, but is seen as the less likely outcome. A breakdown below 1700 will have 1420 and lower in focus. The size of the wedge implies we could see a measured move down to around 700.
For the full details, check out the video above.
BTC/USD Daily Chart
ETH/USD Daily Chart
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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.