Bitcoin (BTCUSD) (3-day/8-hour comparison)
With some continued uncertainty in World markets, and a recent “China Bans Crypto” news story, price action for Bitcoin is looking a bit flat.
Bulls need to break and hold above $45k to feel somewhat secure, until then we appear to be building a range. If price tests lows under $40k again, bears could gain control and push it much lower. Anything outside of a high time-frame candle body above $50k or below $40k just seems like sideways ranging.
Ethereum (ETHUSD) (3-day/8-hour comparison)
Ethereum has seen more dramatic price swings during Bitcoin’s latest moves but is similarly stuck in limbo forming a range.
On our 8-hour chart’s range, we see price lingering with minimal reaction to our green “buy zone”. Until we see a clean move above $3500, ETH will continue to seem a bit sluggish, and in danger of revisiting lows near $2000.
Fundamentals & Correlations (weekly)
Looking at the Bitcoin Dominance chart (BTC.D) and we see it is sitting on long-term support, which could spell danger for altcoins if it bounces and regains a market share greater than 51%. The US Dollar Index (DXY) hints at some greater danger signs for any markets priced in USD as it appears to be forming a high time frame bottom, consolidating under resistance. A strengthened USD could bleed value from assets and trigger larger panic-induced sell-offs, which would mean trouble for Crypto as well as Stock Markets.
