#cryptotradingpro #ETH #BTC
đ #bitcoin and #Ethereum broke through resistance: what happened and what to expect next?
Over the past few hours, the cryptocurrency market has shown a powerful impulse growth. BTC is trading above $68,000 (with a local peak around $69,700), and ETH has risen above $2,090 (with a peak of $2,107).
Let's analyze the charts and mechanics of this movement:
đ Technical analysis (4H)
Bitcoin ($BTC ): The price has been accumulating volumes in the range of $62,200 - $66,900 for a long time. The impulse candle broke the structure (BOS) and removed the liquidation from the local highs ("Weak High"). The Fibonacci extension level of 1.618 ($69,844) has worked as the first resistance zone.
Ethereum ($ETH ): Similar to BTC, ETH has been in the flat range of $1,820 - $1,978 for more than two weeks. The vertical impulse broke the key resistance at $1,978 and the 1.618 Fib level ($2,075).
đ Why did the price rise?
1. Short Squeeze: A huge number of stop-losses and liquidation orders were concentrated above the levels of $67,000 (BTC) and $1,980 (ETH). Breaking these levels caused a cascade of short position closings, which turned into aggressive buying.
2. Accumulation by a large player: Vertical candles of this scale indicate an active entry of institutional capital or a strong fundamental trigger in the market.
đŠ What's next? (Scenarios)
Since a significant impulse imbalance (FVG) has formed on the charts, the market needs a local relief:
Main scenario (Retest and continuation): We expect a local pullback to cover the imbalance.
âĄïž BTC: Support zone for the pick â $66,900 â $67,200. If held, targets open up to $70,000 â $72,000.
âĄïž ETH: Support zone â $2,000 â $2,075. Next targets â $2,150 â $2,200.
Alternative (False Breakout): If the price closes below $66,900 (BTC) and $1,978 (ETH), the market will return to the middle of the previous sideways.
â ïž Tip: Donât buy at the very top of the momentum due to FOMO. The optimal strategy is to wait for a confirmed retest of new support levels.
đ #bitcoin and #Ethereum broke through resistance: what happened and what to expect next?
Over the past few hours, the cryptocurrency market has shown a powerful impulse growth. BTC is trading above $68,000 (with a local peak around $69,700), and ETH has risen above $2,090 (with a peak of $2,107).
Let's analyze the charts and mechanics of this movement:
đ Technical analysis (4H)
Bitcoin ($BTC ): The price has been accumulating volumes in the range of $62,200 - $66,900 for a long time. The impulse candle broke the structure (BOS) and removed the liquidation from the local highs ("Weak High"). The Fibonacci extension level of 1.618 ($69,844) has worked as the first resistance zone.
Ethereum ($ETH ): Similar to BTC, ETH has been in the flat range of $1,820 - $1,978 for more than two weeks. The vertical impulse broke the key resistance at $1,978 and the 1.618 Fib level ($2,075).
đ Why did the price rise?
1. Short Squeeze: A huge number of stop-losses and liquidation orders were concentrated above the levels of $67,000 (BTC) and $1,980 (ETH). Breaking these levels caused a cascade of short position closings, which turned into aggressive buying.
2. Accumulation by a large player: Vertical candles of this scale indicate an active entry of institutional capital or a strong fundamental trigger in the market.
đŠ What's next? (Scenarios)
Since a significant impulse imbalance (FVG) has formed on the charts, the market needs a local relief:
Main scenario (Retest and continuation): We expect a local pullback to cover the imbalance.
âĄïž BTC: Support zone for the pick â $66,900 â $67,200. If held, targets open up to $70,000 â $72,000.
âĄïž ETH: Support zone â $2,000 â $2,075. Next targets â $2,150 â $2,200.
Alternative (False Breakout): If the price closes below $66,900 (BTC) and $1,978 (ETH), the market will return to the middle of the previous sideways.
â ïž Tip: Donât buy at the very top of the momentum due to FOMO. The optimal strategy is to wait for a confirmed retest of new support levels.