Ethereum
$206.32 -1.49%
ETH · 3w

BTC and ETH, paired in their fall or will one rise?

Oct.19 Bybit Analysis:BTCUSD and ETHUSD retracing to key areas!

Today I will go through BTCUSD daily and ETHUSD 4H charts which have shown retracements as mentioned in my last analysis, after some very large moves earlier this week…

BTCUSD

Firstly, we have the BTCUSD 4H chart showing a huge breakout at [1] with the pull back I predicted happening soon after. The pair is about to retrace nicely into the broken descending trendline of the large descending triangle at [2], for a retest, which is also confluent with the 61.8% Fibonacci retracement level. Once we hit this area I expect the pair to go long with a target between the -27.2% and -61.8% Fibonacci extension at price 7400 which is also a historic zone of resistance for the pair.

ETHUSD

Next, we have the ETHUSD 4H chart 2 scenarios that I see can happen for next week, the blue scenario and the pink scenario. Starting off with the blue scenario, we had a large spike to the upside at [1] followed by the pair retracing to the downside, like BTCUSD. The pair is coming into the medium term trendline support where it could bounce at [2] and head to [3] which is the last resistance level for the pair. The pink scenario, however, may also occur, in which we break the medium term trendline and head to [4] which is a key support area followed by a pullback to retest the medium trendline at [5] before falling to [6] which is a strong supportive region at 170.

Thank you for your continued support on my analysis, I hope you use this analysis in line with your own and make great trading decisions! Don’t forget to follow us for more great content!

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