CRYPTO LIQUIDATIONS COMING?! (New Chart)!! Bitcoin News Today & Ethereum Price Prediction (BTC, ETH)

Welcome Back to the Crypto Channel: Bitcoin’s Resistance and Liquidation Zone

Welcome back to the Crypto Channel, everyone! In this article, we will be discussing the current state of Bitcoin and its encounter with a critical area of resistance. Additionally, we will explore the possibility of a liquidation zone in the short term. So, let’s dive right in!

Daily Bitcoin Chart Analysis

Taking a look at the daily Bitcoin chart, not much has changed over the last day. The price of Bitcoin is still trading within a short-term bullish trend, forming higher lows and higher highs. The MACD (Moving Average Convergence Divergence) indicator is showing a more bullish than bearish outlook, but with less momentum compared to previous moves. Similarly, the RSI (Relative Strength Index) is still trending upwards, forming higher lows and higher highs, indicating an active bullish divergence.

To invalidate this bullish divergence, we would need to see a breakdown in the RSI or the price into lower lows and lower highs. However, since this has not yet occurred, the bullish divergence remains active. This suggests that we can expect either choppy sideways price action or a bullish relief, which has been playing out as expected in recent weeks.

The price of Bitcoin is currently facing a significant area of resistance between 27.9k to 28.2k. This resistance is based on previous price levels and the volume profile, which indicates a high amount of selling pressure in that range. To confirm a breakout to the upside, we would need to see a confirmed breakout above 28.2k, preferably with a daily candle close or flipping that level into new support. If this breakout occurs, the next significant area of resistance to watch for is between 29.1k to 29.4k.

In the event of another rejection from the resistance, we can find some support levels at around 27.6k to 27.7k, 27.1k to 27.2k (based on Fibonacci levels and a previous descending resistance line), and 26.7k (in a more bearish scenario). On the upside, there is a small area of liquidity between 28.2k to 28.3k.

Ethereum Price Analysis

Turning our attention to Ethereum, not much has changed on the daily ETH to USD chart either. The price of ETH is still trading within an important area of resistance between 1620 to 1660. To confirm a breakout to the upside, we would need to see a confirmed breakout above 1660 and ideally flip that level into new support. This would provide more confidence in a shorter-term bullish trend and potentially lead to a retest of previous highs.

In the short term, ETH is currently struggling between the resistance and an ascending line of support around 1610. The daily Ethereum MACD is showing almost no momentum, indicating a lack of strong direction on the chart. The RSI, on the other hand, is still trending upwards, forming higher lows and higher highs, suggesting an active bullish divergence.

Zooming into the 6-hour ETH to USD chart, we can see that the price of ETH is bouncing from just above the golden pocket area of support between 1605 to 1610. It is currently facing short-term resistance at the 50% Fibonacci retracement level around 1635 to 1637. A breakout above this level could lead to a move towards the more significant resistance at 1660. A breakout above 1660 would be a bullish signal, potentially pushing the price towards at least 1.7k and previous highs at 1740 to 1750.

In case of a breakdown below the golden pocket support, the 78.6% Fibonacci level between 1570 to 1580 would provide additional support. Currently, ETH is experiencing choppy sideways price action in the short term, similar to Bitcoin.

Grid Bot Strategy for Profiting from Sideways Price Action

In the short term, both Bitcoin and Ethereum are exhibiting choppy sideways price action. If you want to learn how to profit from this type of market movement, consider implementing a grid bot strategy. This strategy takes advantage of the range-bound nature of the market, allowing you to make money even when the price is not experiencing significant upward or downward movement. To learn more about the grid bot strategy, watch the video in the bottom left of your screen.

Frequently Asked Questions (FAQs)

Q: How can I profit from choppy sideways price action?

A: One way to profit from choppy sideways price action is by implementing a grid bot strategy. This strategy takes advantage of the range-bound nature of the market, allowing you to make money even when the price is not experiencing significant upward or downward movement. To learn more about the grid bot strategy, watch the video in the bottom left of your screen.

Q: What is the significance of the resistance levels mentioned in the article?

A: The resistance levels mentioned in the article are important price levels where selling pressure has historically been strong. Breaking above these resistance levels with confirmation, such as a daily candle close or flipping the level into new support, can indicate a bullish breakout and potentially lead to further upward movement in the price.

Q: What are the support levels to watch for in case of a breakdown?

A: In case of a breakdown, the support levels to watch for are mentioned in the article. For Bitcoin, these levels include 27.6k to 27.7k, 27.1k to 27.2k (based on Fibonacci levels and a previous descending resistance line), and 26.7k. For Ethereum, the support levels include the golden pocket area between 1605 to 1610 and the 78.6% Fibonacci level between 1570 to 1580.

Q: What are the next price targets to the upside?

A: For Bitcoin, the next significant area of resistance to watch for is between 29.1k to 29.4k, assuming a confirmed breakout above 28.2k. For Ethereum, a breakout above 1660 would be a bullish signal, potentially pushing the price towards at least 1.7k and previous highs at 1740 to 1750.

In conclusion, both Bitcoin and Ethereum are currently facing important areas of resistance. The price action in the short term suggests choppy sideways movement, providing an opportunity for a grid bot strategy. It is crucial to monitor the breakout or breakdown of key levels to determine the next direction for these cryptocurrencies. Stay tuned for more updates on the Crypto Channel!