Home » Bitcoin (BTC) Lateralizes, Giving Ether (ETH) a Chance

Bitcoin (BTC) Lateralizes, Giving Ether (ETH) a Chance

by Patricia

Last week we did a full post-dump market update, what is the technical situation of the major crypto-currencies today? Focus on Bitcoin (BTC), Ether (ETH) and Axie Infinity’s AXS through the lens of technical analysis

Technical analysis of Bitcoin (BTC)

Last week, we were talking about a slow consolidation move that would absorb the bearish move at the beginning of the month. We noted several interesting areas for our analysis and today we are going to take stock.

Yesterday, the weekly close was at $46,700, and in the area we need to hold. We can note that this is a high interest area and that the Bitcoin (BTC) price is resting there. For the moment, don’t panic, despite a moderate decline the price still hasn’t lost any important points.

Bitcoin (BTC) 3D analysis

Bitcoin (BTC) 3D analysis


Despite my bullish medium term view, it is interesting to see how the price is structured to understand where we are.

A bearish trend is characterized by lows and highs lower than the previous ones, we can clearly see this phenomenon on the price now. I have put in comparison the same pattern that led the price to lose the $50,000 support. The situation is slightly different though and the context is clear.

Indeed, Bitcoin (BTC) is on a major point that it had to come back to test. Losing this point will lead to a structural change in the macroeconomic view. Thus, it would start a completely different dynamic that we haven’t seen since early 2020 (more commonly known as bear-market).

Bitcoin (BTC) analysis in 1D

Bitcoin (BTC) analysis in 1D


We’re not there yet!

If we zoom in on the 4H view, it will be easy to note the establishment of a sideways phase (a range), which allows the price to consolidate before its next expansion phase. I expect a “manipulation” phase to follow, which will be a feint breakout move from below, in order to trap breakout traders before resuming the uptrend.

Bitcoin (BTC) analysis in 4H

Bitcoin (BTC) analysis in 4H

Ether (ETH) technical analysis

The weekly close of the Ether was just above the area identified last week. The $3,900 level is therefore being held for the time being on this time unit. This is a good thing considering the current situation of Bitcoin

Ether (ETH) analysis in 1W

Ether (ETH) analysis in 1W


Let’s zoom in on the daily view to see what’s going on. This time we can see that the price has closed below the $3,900 – $4,100 pivot zone twice.

It is possible to see a quick turn to $3,300 to get the liquidity needed while closing above $3,900. At the moment I am not sure of anything, as price movements are very volatile due to the lack of liquidity in the year-end market. We remain bullish by default and as long as the $2700 is held at the close.

In any case, the $3,300 area represents the last interesting entry zone in a bullish logic. Below it, a much larger retracement scenario awaits us.

Ether (ETH) 3D analysis

Ether (ETH) 3D analysis

Technical analysis of Axie Infinity (AXS)

The Axie Infinity (AXS) blockchain game token has also benefited from the metaverse frenzy. Today, it technically has some interesting entry points. As the latter is in a strong bullish momentum, it is relevant to do trend following strategies.

I have noted below the zone of interest for me and we will detail my analysis. The $79 – $94 area represents a great buying opportunity, as it corresponds to the former high which once broken had started a powerful bullish move (+85%).

Of course, this point must be retested to consider a healthy bullish continuation. In this strategy, we can also identify a clear point of invalidation. The $50 level will have to be held for the macro structure to remain bullish.

Indeed, this corresponds to the last low of the uptrend, but also to a former retest of a high. It is therefore considered that this point will be less likely to hold the price durably if retested.

Analysis of Axie Infinity (AXS) in 3D

Analysis of Axie Infinity (AXS) in 3D

In conclusion

Despite a short-term downtrend in Bitcoin (BTC) and Ether (ETH), I expect a bullish move after a holiday-imposed lateralization. Many will be trapped trying to trade the small volatilities, and it is best to set up entries/exits on the macro view of crypto-currencies. Patience will be rewarded. Take the opportunity to train, read, or just enjoy the holidays.

For Axie Infinity’s AXS token, the configuration also remains bullish. A nice entry zone is currently offered to us with an invalidation under the 50$.

I would like to take this opportunity to wish you all a Merry Christmas. See you next week for a new analysis. It was cryptOdin to serve you.

Related Posts

Leave a Comment