Tue, May 17, 2022 @ 17:08 GMT
HomeLive CommentsBitcoin breaks 40k, Ethereum breaks 3k, as selloff resumes

Bitcoin breaks 40k, Ethereum breaks 3k, as selloff resumes

Bitcoin breaks down through 39636 temporary support today, after another rejection by 4 hour 55 EMA. Down trend from 68986 resumes and should now target 61.8% projection of 68986 to 41908 from 52101 at 35366. For now, such decline is seen as part of a long term range pattern between 29261 and 68986 only. Hence, momentum to start to diminish below 35366, and a bottom should be formed above 29261 low. Nevertheless, break of 44448 resistance is needed to indicate bottoming, or risk will stay heavily on the downside.

 

Ethereum also resumes recent fall from 4863.75 by breaking through 2927.20 today. Next target is 100% projection of 4863.75 to 3439.00 from 4126.20 at 2701.45, which is close to 2647.30 support. Downside momentum should start to diminish below this level. The question is where between 1715.62/2647.30 would ethereum forms a bottom. But in any case, break of 3411.05 is needed to indicate bottoming first, or risk will stay heavily on the downside. The fall from 4863.75 could eventually extend to 161.8% projection at 1820.95, which is close at 1715.62 low, become finishing.

 

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