Technically Speaking – November 11, 2022

Bitcoin

We’ll keep this short and sweet because it’s more of an update to the charts in the November 9 Technically Speaking article

On Wednesday, analysts were observing the failed test of the breakout above the triangle on Bitcoin’s chart. Analysts are now looking at an area near yesterday’s high near the $18,00 value area. 

BTCUSD Daily Chart

Why? Because for some analysts, the criteria for a retest of the breakout below the triangle has been completed. And unless something drastic changes, the failure of bulls to prop up BTC’s price could signal another round of selling, likely towards the $11,000 range. 

Ethereum

The same thing with Bitcoin; analysts are looking at the broken trendline on Ethereum’s ($ETH.X) monthly chart. 

ETHUSD Monthly Chart

At the time of writing, it shows that bears have made multiple drives below the trendline, but analysts believe there are signs of bulls defining that trend line. There’s plenty of November left, though, so we’ll keep a close eye on it. 

Traders anticipate a move below the $1,000 value area if the trend line fails to hold as support. 📈

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Technically Speaking – January 9, 2023

Lots of nice big breakouts and moves across the board since last week. Looking at the top 25 cryptocurrencies by market cap, all are in the green for the past seven trading days, with 20 out of 25 in double-digit percentage gains. 

However, analysts warn that a pause in the near-term upward momentum may occur. Not necessarily a cessation of the current bullish momentum but a pause as the rest of the market digests what the moves mean. We’re going to look at key price levels that investors, traders, and analysts are looking at as resistance. ✋

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