BTC closed yesterday's daily candle at 64130, and ETH at 1768. Their daily RSI readings were 25.6 and 24.6, respectively, and both CCIs plunged below -300. Anyone holding spot positions probably hasn't dared look at their account these past couple of days.
Both are rebounding today. BTC bounced from 61956 to around 65400, gaining over 5%, while ETH rose from 1710 to 1830, gaining 7%—a stronger move than BTC.
The 15m MACD has turned positive, with DIF crossing above DEA. The short-term chart does look like it's recovering.
But the levels haven't changed. Overhead on the 15m chart, BTC faces a moving-average cluster from 65876 to 66984, while ETH faces one from 1842 to 1876. All of the last 96 15m candles have been in a bearish moving-average arrangement, with not a single bullish one.
Further up, the 1h moving-average clusters are at 70028–71903 for BTC and 1976–2045 for ETH, both still more than 7% above current prices. The 4h clusters are even farther away: 75545 for BTC and 2189 for ETH.
I'm treating this move as a rebound after being oversold. Unless BTC reclaims 66984 and ETH reclaims 1876, this is still just a rebound within a bearish trend. My program is currently labeling the broader market RISK_OFF, and I'm not opening a single altcoin long position.
For now, I'm watching today's lows: 61956 for BTC and 1710 for ETH. A break below either would make a new low, wiping out the entire rebound.
#ETH #BTC $ETH $BTC
Both are rebounding today. BTC bounced from 61956 to around 65400, gaining over 5%, while ETH rose from 1710 to 1830, gaining 7%—a stronger move than BTC.
The 15m MACD has turned positive, with DIF crossing above DEA. The short-term chart does look like it's recovering.
But the levels haven't changed. Overhead on the 15m chart, BTC faces a moving-average cluster from 65876 to 66984, while ETH faces one from 1842 to 1876. All of the last 96 15m candles have been in a bearish moving-average arrangement, with not a single bullish one.
Further up, the 1h moving-average clusters are at 70028–71903 for BTC and 1976–2045 for ETH, both still more than 7% above current prices. The 4h clusters are even farther away: 75545 for BTC and 2189 for ETH.
I'm treating this move as a rebound after being oversold. Unless BTC reclaims 66984 and ETH reclaims 1876, this is still just a rebound within a bearish trend. My program is currently labeling the broader market RISK_OFF, and I'm not opening a single altcoin long position.
For now, I'm watching today's lows: 61956 for BTC and 1710 for ETH. A break below either would make a new low, wiping out the entire rebound.
#ETH #BTC $ETH $BTC
