$BTC 24 Hour High $42,603
$BTC 24 Hour Low $43,601
$BTC -0.9% past 24 hours; -8.9% past 7 days
Conviction builds: Prices actions follow July’s patterns
Good morning and happy Friday. Despite the bearish sentiment in the digital asset markets, it has become more evident that we are still in a bull run based on our historical data. As long as $BTC’s crucial support at $42,500 continues to hold and the weekly close is above $39,500, the bull run will stay intact.
We also found that the current price movements behave exceptionally similar to what we saw during June and July 2021. As such, a close above $46,000 by the end of the week will be a big boost to the bulls’ confidence. As long as $42,500 holds, $BTC’s price consolidation phase will continue and act as the base for the next run higher. Before $BTC regains its strength, it may tap the $41,000 area for further liquidity which can however serve as a fantastic buying opportunity for the long-term holders. After mapping Fibonacci retracement levels from April-high and July-low, the 0.382 level at $42,616 is found to be strong support for $BTC.
Based on the weekly chart, $ETH remains in a bull market as well, where long entries at these levels could look very enticing for those with the conviction of a continued run over the coming months. Until we see a lower-lower on the larger time-frame at around $2,500, we can yet to confirm that the bear market has arrived. In essence, we are still far away from a trend reversal. However, there is a chance for $ETH to slip towards $3,177 in the short term. That said, keep an eye on $3,500 as our weekly close target to confirm whether sideways action will continue until the end of January.
Learn more from today’s Trader View video.
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- BTC miners caught in internet blackout amid bloodshed in Kazakhstan
OSL Trader View is contributed by Stefan von Haenisch & Ethan Fu.
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