Recent days have shown noticeable changes in the trajectories of BTC and ETH. This article examines the current trends for both currencies and offers recommendations for investors.
BTC Trends
The current trend for BTC confirms the previous forecast. After breaking lower, the price tested resistance, closing with a long upper wick, indicating selling pressure. The rise in price did not see an increase in trading volume, while recent price declines showed higher trading volumes, indicating stronger bearish forces.
Currently, the price is around $119,000. It is suggested to enter short positions at $120,000 with take profit levels at $110,000 and lower support at $101,000. A stop loss is advised at $126,000.
Contrarian Views
There are various views in the market regarding the current trend. Some consider it a continuation of a breakout from a flag pattern. However, there are strong reasons to maintain a bearish stance. Analysts emphasize that technical analysis should rely on larger patterns rather than smaller ones, which may play a minor role. Thus, despite potential optimistic prospects, bearish sentiments prevail.
ETH Trends
Similarly to BTC, the ETH trend aligns with previous forecasts. The price was expected to exceed $4,300, and recently reached $4,366. This movement is viewed as a successful breakout, with a healthy price-volume relationship. However, the price has been oscillating around $4,350 and slowly declining. It is recommended to set long positions above $4,000, targeting $4,640, $4,868, and $4,990. A stop loss is advised below $3,850.
Current trends in BTC and ETH offer different opportunities for investors. BTC calls for caution, while ETH shows signs of growth. Investors should monitor the market closely.
