Bears should be careful of short covering (Btc&Eth outlooks)

Bitcoin (main chart):

After the false break of 42500 short-term resistance, Bitcoin dropped hard and at the moment of writing is trading at 36k, with a more than 15% drop in 48h.
Although the overall trend is grossly bearish, short-sellers should be very careful to an aggressive short-covering rebound.
I expect extreme volatility for the Crypto market and I will try to speculate on this possible rebound. 32k-25k old congestion zone can be a good zone to look for a reversal.
38500-39k zone is now resistance and extends slightly above 40k.

Ethereum:

As usual, EthUsd dives more than Bitcoin, with a more than 25% drop in 48h.
Here also a short squeeze rally is possible and a revisit of 2750 now resistance
2400 and slightly under is where I will look for speculative buys.

Keep in mind that the trend is strongly down and my suggestions are very risky

Best of luck!

Mihai Iacob

Bình luận:

Dive under 35k for stop losses and liquidity?

Bình luận:

Recovered quickly from under 35k as i exoected