- Bitcoin fell 10.5% last week and Ethereum lost 16.8%
- However, the terra (LUNA) and avalanche (AVAX) tokens turned out to be the leaders of the seven-day depreciation, in which in the case of a landslide they exceeded 20%
- In the same time frame, only chainlink (LINK) gained among the 20 largest cryptocurrencies, adding over 31% to its value
Ethereum stopped the dynamic correction at 3k. hole. ETH / USD bounces back modestly
Last week's declines in ethereum pushed the price out of the consolidation range seen since December, breaking a number of important supports, eventually leading to a test of $ 2,987.60 during Saturday's session. It is true that the final day ended above the psychological level of 3,000. USD, ETH / USD, however, remains at its lowest levels since the beginning of October.
One ETH on Monday pays $ 3,159, until Ethereum returns above the $ 3,400 support zone. and just above the 200 EMA moving average, the downward pressure on the cryptocurrency may persist. Breakout of 3,000 dollars, will open the way to the September lows test just above $ 2,600.
Bitcoin tested 40.5 thousand. hole. Will the "cross of death" trigger a further depreciation of BTC?
Bitcoin quotes, like ethereum, set local lows on Saturday, testing the level of 40.5 thousand. USD, the lowest since September 22. Since then, BTC / USD has tried to rebound modestly, but for the second day in a row it is blocked by the 42.5k zone. lower, where the lows from December run (long wick of the falling candle from December 4).
Additionally, the pattern of moving averages on the daily chart may be worrying. The faster 50-day EMA crosses the slower 200 EMA from the top, which is referred to by analysts as the cross of death and has repeatedly signaled deeper declines in the past.
If the level of 40 thousand. dollars, will not withstand - and is currently a psychological support zone - bitcoin will have a lot of room for declines. Another important level for the bulls will be the hole in July, i.e. around 30,000. hole.
scary situation, although I hope it gain some power soon and hold it's 4oK value
Death Cross is just something everyone knows about and it's the best area where traps can happen. Do not be so scared of.
Bitcoin is now creating a support area, where we can expect an uptrend. In particular, I expect an uptrend until 45k, a set-back and a further raise. All of this just in case that the current support zone is not broken.