CUE BALL STUCK IN THE CANAL
Hello everyone, colleagues!
There is only one big day on the economic calendar this week, and that is Thursday. So, barring any other news, Thursday could be the most volatile day for the markets.
As I said exactly a week ago, we are very likely to test the $60K level, and as we can see, last Thursday a pin bar formed with a spike of this support level and on Friday we expectedly returned to the $62-63K zone, where the asset stopped for this weekend. To continue growing, Bitcoin needs to exit the downward channel, which has been forming for more than 200 days, and consolidate above the $65K-66K range to begin breaking this trend. So far, Bitcoin is stuck in this channel, but overall, the crypto market has shown growth this weekend.
Regarding Ethereum, I said at the beginning of last week that I expect the price to drop to around $2K, but that is on the condition that Bitcoin is pushed below $60K.
Today, both assets have held, and a triangle on 1D is currently forming on Ethereum. The nearest resistance and support levels are the boundaries of the $2400-2700 range within this triangle. And the exit in one direction or another will also depend on Bitcoin. I repeat once again, if Bitcoin falls below $60K, we can see the $2000 level on Ethereum, where the global ascending support is located.
Given the statistics of previous years on Bitcoin, after the "green" September, the markets will most likely grow in the next three months.
Therefore, a breakout of the descending channel on Bitcoin and an exit from the triangle on Ethereum are just around the corner.
