Bitcoin price unable to pick a side as 4-month long consolidation continues
After getting rejected just under \(20,500, Bitcoin price has been trending downward, currently trading around \)19,300. Over the last few hours, we’ve had multiple demand zone taps which have been absorbed at \(19,200. It appears that bulls are stepping up to defend the \)19,000 level ahead of the CPI numbers expected this week. This strategy could backfire horrendously as traditional markets such as SPX are not showing any signs of strength and tech stocks — often correlated with Bitcoin — are also weak.
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BTC Technical Analysis
Trading near the \(19,000 support, Bitcoin appears weak, since bounces are not backed up by significant volume. Moreover, the more a support is tested, the higher its chances of breaking down. If Bitcoin ends up losing \)19,000, bulls will be looking toward \(18,500 next. On the upside, \)20,500 is the big resistance.
ETH Technical Analysis
Ethereum has been lagging for weeks, unable to make any major moves. However, we can finally see the daily Bollinger band squeezing, implying incoming volatility. We can have some sense of direction from the ETH/BTC pair as it’s under long-term resistance and unable to break through. It is more likely that the price breaks down and tests our expected target range of \(1,200-\)1,150.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.