((((MENAFN-DailyFX) Bitcoin (BTC) and Ethereum (ETH) charts and analysis
- Bitcoin has fallen by more than 15% since the beginning of the year.
- Currently, multi-month support is being tested.
Bitcoin is testing the last lows seen last September after it was confirmed that it was below the critical $ 45.5k territory. This is a level that has been repeatedly tried over the past few weeks. The sale is partially prompted by the U.S. central bank to tighten monetary policy faster than previously expected by reducing the Fed’s bloated balance sheet by raising interest rates and selling some of its bond holdings. It suggests that. With a combination of weak fundamentals and technical, Bitcoin will test lower levels and try to find the next level of support. BTC is testing a support zone between $ 39.6k and $ 41.7k as we write, a CCI indicator that suggests that the market is oversold, this support zone in the short term May be retained. As always, be careful on weekends when market conditions can be volatile.
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Bitcoin (BTC / USD) Daily Price Chart – January 7, 2022
Pro real-time chart
Ethereum is also printing new weekly lows, surpassing Bitcoin along the way. The second largest cryptocurrency has fallen 35% in less than two months, with little support on the charts until the low of $ 2,646 on September 21st. Again, the chart looks like the CCI indicator is significantly oversold at or near the lows for the first time in months. Ethereum may delay the recent fall, but it will require a lot of price restructuring to make the chart positive again.
Ethereum Daily Price Chart – January 7, 2022
Pro real-time chart
Ethereum’s poor performance against Bitcoin can be clearly seen on the ETH / BTC spread chart, with three large red candles regaining the pair via the 0.0800 zone, which provides recent support.
ETH / BTC Spread January 7, 2022
Chart by TradingView
What do you think about Bitcoin and Ethereum – bullish or bearish ?? Please let us know using the form at the end of this article or contact the author via Twitter @ nickcawley1.
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