For the past few weeks, Bitcoin, Ethereum, and the whole crypto market has been experiencing a persistent bearish market. According to Crypto World “Josh”, today’s market analysis shows a massive fractal in the BTC and ETH chart signaling a significant hint for its future price predictions.
Since the beginning of the year, the crypto market has seen some downsizing trends as the prices hit the lowest of lows causing chaos and fears among investors and traders about the future of the crypto.
Compared to the common prediction last year that crypto might see some significant rise in 2022, especially since the world was finally recovering from the pandemic, completely flipped into a bear market. The prices dropped following the Russia-Ukraine war, high gas prices, and high inflation rates.
Until now, the crypto market is unable to recover from its loss. Many crypto investors are anxiously seeing the constant bearish pattern in Bitcoin and Ethereum prices but today’s market trends indicate some important points for the future price predictions that every investor should know about.
Bitcoin chart analysis and predictions
Based on today’s chart analysis, Bitcoin is seeing some support at 28.6k and a level of resistance at around 30.7K at the time of writing. This indicates some significant points about the support and resistance in the shorter-term analysis.
The three-hour BTC chart indicates a descending triangle, indicating a bearish pattern because the chart has broken down seven times out of ten and three times went upward. Since the downward trend is more, traders see no hope for a bullish pattern for BTC in the coming days.
According to the chart, the trends show a descending resistance with more selling pressure and a stable buying pressure. The buying stability is because Bitcoin hasn’t seen much momentum over the past week.
Despite no apparent movements, the BTC price predictions can be made based on the current descending triangle. The candlesticks indicate if Bitcoin manages to rise from the current price, the investors can hope for a bullish pattern since the triangle doesn’t look much threatening as it is right now.
However, if the prices drop down below 28k, which is also the support line for the descending trend, then the technical price would be around 25k to 26k. Currently, there is no breakout lower than the resistance support line, so the prices will remain stable at 28k at least at the time of writing.
For daily chart updates, there is a bullish divergence active for the past week, especially in the 2-day Bitcoin chart against the bearish momentum. This is quite an improvement compared to the threatening drops a few weeks ago when the price kept dropping to the lowest of lows. The bullish divergence in the price shows that BTC traders will face sideways choppy price action for the next few days in the shorter term.
Nasdaq 100, US Dollar vs. BTC
When comparing BTC against the Nasdaq 100 index and the US dollar for the past year, there are some important differences to keep in mind. For the past year, Nasdaq 100/BTC saw a higher low while BTC/USD saw a slightly higher high in November 2021.
This trend isn’t something new since the Bitcoin market has already seen some big crypto crashes that affected its price badly. For example, in 2017 the BTC prices were at a record-breaking peak, and later in 2018, the bitcoin structure dropped into a bear market.
Then again, the prices exploded with the bull market after the lower price range bounced around for a few months and then dropped again when the pandemic hit in early 2022. However, this panic was short-lived and the prices peaked again with a bull market later in the year.
The current market prices are seeing the same amount of fear and anxiety in the market as in early 2020. Although this doesn’t indicate a precise prediction of BTC price, these fractals are important to keep in mind when looking at the BTC/USD chart especially when the world is pessimistic about the crypto market.
Nothing can be said about BTC price improvement until there is an upward resistance or breakout movement in the market.
Ethereum Chart analysis and predictions
Ethereum’s daily chart is experiencing an active bullish divergence demonstrating an expected sideways choppy price action in the shorter term for the upcoming days. Based on the current chart analysis, ETH is showing a line of support above 1900 to 1910 and two significant resistance levels are around 2060 and 2150.
Based on the 4-hour Ethereum chart, the pattern shows a symmetrical descending triangle indicating a neutral market. The resistance line is descending to lower lows and an ascending line of support showing higher lows, so it is neither a bear nor a bull pattern.
When comparing ETH prices based on the trend it entered into the symmetrical descending triangle pattern, the chart indicates that Ethereum might face a downward trend than an upside. This price prediction isn’t ideally a precise one because the trend doesn’t show any momentum as of now.
Once the ETH breaks out below the line of support currently at 1930, or above the resistance line, currently at 2060, there will be a clear indication of its future price.
ETH/BTC price comparison
When doing chart analysis, it is important to study Ethereum against Bitcoin. Current market trends show a head and shoulders trend for ETH/BTC, which might continue even if the prices bounce back from the line of support.
Based on the previous line of support, the prices dropped to an even lower to 0.064 bitcoin per Ethereum showing a new line of resistance but nothing can be said about the ETH/BTC prices until the prices drop to lower than the previous low. Currently, the chart shows a higher low structure in the line of support.
It is essential to look at the lower lows at a longer time frame, especially when the chart is descending to a lower high and might lead to a downward trend. Even if the market recovers to around the previous lower lows, it will bounce back again indicating a bearish pattern.
Based on the daily chart, ETH/BTC is testing the bullish divergence, so if Ethereum drops lower than its current price against Bitcoin in the shorter term, it will push the daily RSI to below the upper shooting line of support which would invalidate the bullish divergence.
Bitcoin vs. Altcoins
Altcoins are facing hard times in the crypto market as Bitcoin gains more shares. Based on the three-day time frame, BTC is showing an upside breakout which can be alarming for other coin traders. If BTC maintains its dominance, the altcoins will most likely underperform.
Of course, the underperformance level will vary for each coin as there are thousands of crypto coins in the market.
Stock market prices today!
US stock market analysis indicates a bullish divergence on the 4-hour Nasdaq 100 index chart meaning that the stock market will also face a downward bearish momentum in the next few days.
The Crypto market is mainly dominated by Ethereum and Bitcoin, so studying the price prediction for these two cryptocurrencies can help face the market as a trader.
The above chart analysis for BTC and ETH and then the comparison between them shows that the crypto market is stagnant with no clear indications for future price predictions. As mentioned above, once BTC shows a drop or upward trend from its line of resistance, only then the price prediction can be made, and the same goes for the Ethereum coin.
However, the chart also indicates that BTC prices might not drop lower than the resistance level, and will only rise if the current trend rises.
The information presented in this video is for educational and entertainment purposes only and is not financial advice. I am not a financial advisor. Trading can result in a loss of funds. Individuals must consider all risk factors including their own personal financial situation before trading. All individuals are responsible for their own trades and investments. Crypto World, “Josh” and affiliates are not responsible for individual loss due to poor trading decisions or any other actions which may lead to loss of funds.