Long

Bears should be careful of short covering (Btc&Eth outlooks)

Updated

Bitcoin (main chart):

After the false break of 42500 short-term resistance, Bitcoin dropped hard and at the moment of writing is trading at 36k, with a more than 15% drop in 48h.
Although the overall trend is grossly bearish, short-sellers should be very careful to an aggressive short-covering rebound.
I expect extreme volatility for the Crypto market and I will try to speculate on this possible rebound. 32k-25k old congestion zone can be a good zone to look for a reversal.
38500-39k zone is now resistance and extends slightly above 40k.

Ethereum:

As usual, EthUsd dives more than Bitcoin, with a more than 25% drop in 48h.
Here also a short squeeze rally is possible and a revisit of 2750 now resistance
2400 and slightly under is where I will look for speculative buys.

Keep in mind that the trend is strongly down and my suggestions are very risky

Best of luck!

Mihai Iacob

Note

Dive under 35k for stop losses and liquidity?

Note

Recovered quickly from under 35k as i exoected

Mihai_Iacob

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by Mihai_Iacob

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