THE NEXT BREAKOUT JUST STARTED (New Target)!! Bitcoin News Today & Ethereum Price Prediction!

Welcome Back to the Crypto Channel: Bitcoin and Ethereum Update

Hello everyone, my name is Josh and today I want to provide you with an update on the current state of Bitcoin and Ethereum. In this article, we will discuss the hidden bullish divergence in Bitcoin, the breakout in Ethereum, and what these trends mean for the future of the crypto market. So, let’s dive in!

Bitcoin: Weekly and Daily Analysis

Starting with Bitcoin, we can see that the price is currently facing an important area of resistance between $36,000 to $38,000. However, the weekly candle close is indicating a third consecutive bullish confirmation, which strengthens the overall bullish trend in the market. On the daily chart, we do have a bearish divergence, but it is important to note that the recent dump in the DXY (dollar index) is a bullish signal for Bitcoin. This could potentially lead to a new higher high in the price while maintaining a larger bearish divergence. The daily MACD is also showing signs of a potential bearish cross, indicating a slowdown in bullish momentum. However, it is crucial to remember that we are still within the larger bullish trend on the weekly timeframe.

Looking at the 8-hour chart, Bitcoin is still trending upwards within an ascending parallel channel, forming higher lows and higher highs. The support line is currently around $34,500, while the resistance line sits at approximately $35,700. Zooming into the 6-hour chart, we can observe a hidden bullish divergence, which suggests a continuation of the bullish trend in the short term. Despite the bearish signals on the daily timeframe, the shorter timeframes indicate a more bullish outlook for Bitcoin.

It is worth mentioning that there is a significant amount of liquidations and liquidity around $33,900 to $34,100. If there is a confirmed break below the support line on the 8-hour chart, we could see a potential drop to these levels.

Ethereum: Bullish Breakout and Price Targets

Now let’s shift our focus to Ethereum. On the 3-day ETH to USD chart, we can see a bullish breakout from a falling wedge pattern. The price has already surpassed the halfway point between the breakout and the bullish price target of $2,100. If you entered a long position at the breakout, you are currently in significant profits. It is advisable to move your stop loss to at least your entry price to secure profits in case of a reversal. Ethereum is showing more bullish than bearish signals on the daily timeframe, with no confirmed trend reversal. The MACD indicates a slight loss of bullish momentum in the short term, but a breakout above the resistance level could reignite bullish momentum.

On the daily chart, Ethereum is approaching an important area of resistance between $1,850 to $1,890. A daily candle close above $1,890 would confirm the breakout and potentially push the price towards the next resistance level at $2,000 to $2,030. The bullish breakout from the broadening wedge pattern also suggests a price target of $1,980. If you entered a trade near the breakout, you are currently making substantial profits.

Zooming into the 4-hour chart, Ethereum has experienced a breakout above an ascending line of resistance, which has now turned into support. As long as the price remains above $1,860, the short-term outlook for Ethereum remains bullish.

Conclusion

In conclusion, Bitcoin is facing an important area of resistance, but the weekly candle close confirms the ongoing bullish trend. The daily chart shows a bearish divergence and a potential slowdown in bullish momentum. However, the shorter timeframes indicate a more bullish outlook. Ethereum has experienced a bullish breakout from a falling wedge pattern and is approaching an important area of resistance. The daily and 4-hour charts suggest a bullish outlook for Ethereum. It is important to monitor these trends and adjust your trading strategy accordingly.

Frequently Asked Questions

1. What is the current state of the crypto market?

The crypto market is currently experiencing a mix of bullish and bearish signals. Bitcoin is facing resistance but maintains a larger bullish trend. Ethereum has broken out from a falling wedge pattern and is approaching an important resistance level.

2. What is a hidden bullish divergence?

A hidden bullish divergence occurs when the price of an asset forms higher highs while the corresponding indicator forms lower highs. This suggests a continuation of the bullish trend in the short term.

3. How can I trade these market trends?

You can trade these market trends by using platforms like Bybit or Bitflex. Bybit offers leveraged trading and a deposit bonus, while Bitflex allows trading without KYC requirements. Make sure to set stop losses and enter trades based on your risk tolerance and trading strategy.

4. What are the price targets for Bitcoin and Ethereum?

For Bitcoin, the next important resistance level is between $36,000 to $38,000. For Ethereum, the immediate resistance is between $1,850 to $1,890, followed by $2,000 to $2,030. The price targets for Ethereum based on the broadening wedge breakout are around $1,980.

5. How should I manage my trades in this market?

It is advisable to set stop losses to secure profits and protect against potential reversals. Moving your stop loss to your entry price or in profits can help minimize risks. Stay updated with the latest market trends and adjust your trading strategy accordingly.

Remember, trading in the crypto market involves risks, and it is essential to do thorough research and make informed decisions. Always trade responsibly and never invest more than you can afford to lose.