Crypto Prediction: Bitcoin And Ethereum Are Ready For “Big Price Moves” Coming Soon, And Here’s Why

Bitcoin and Ethereum Ready for Volatility

Bitcoin and Ethereum continued to stagnate over the weekend, but a few indicators suggest that volatility is about to resume. Also read: Polygon (MATIC) Maintains Stability Amid Negative Price Corrections

BTC is stuck in a narrow price range between $21,500 and $21,000, while ETH continues to trade between $1,250 and $1,190. Both cryptocurrenciesCurrencies have seen their prices compress in recent days as market sentiment remains “extreme fear”. Interestingly, a certain technical indicator points to the likelihood of a decline.

Sequential indicator Tom DeMark (TD) recently presented sell signals on the Bitcoin and Ethereum nine-hour chart. The bearish formations developed as nine green candlesticks, indicating a correction of one to four candlesticks. Although BTC and ETH took a brief nosedive after technical development, there was no apparent breach of support or resistance.

The transaction history shows two critical price points that can help determine the direction bitcoin will take. About 882,400 addresses have previously purchased more than 570,000 BTC between $20,800 and $21,500. Meanwhile, more than 200,000 addresses have more than 210,000 BTC between $21,500 and $22,100.

Given the lack of resistance going forward, a sustained nine-hour candlestick above $22,100 could be significant enough to trigger a bullish breakout to $25,000 or even $27,000. But if the USD 20,800 support level breaks, the next crucial area of ​​interest will be at $19,000.

The transaction history also shows that Ethereum cannot afford to lose the $1100 support level. Breaking such a vital demand zone could trigger another sell-off that will send ETH to $600. Therefore, it is imperative for Ether to break the $1,320 resistance barrier to have a chance of moving toward $1,700.

The macroeconomic outlook still doesn’t look good as fears of a recession mount. For this reason, it is imperative to wait for a decisive close below resistance or above support to enter the markets. While a few stats suggest the bottom is near, there could be more downward movement before the trend reverses.

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Thomas Estimbre
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