Bitcoin and Ethereum Price Analysis 7/13/2018

zionschum1234567 (27)in #bitcoin • 6 years ago (edited)

Hey Friends

Today we're looking at Bitcoin and Ethereum on Coinbase because their charts have less wicks and are cleaner than most other exchanges for charting.

Starting with Bitcoin on the 4HR chart, we can see that we just recently broke down through the bottom of the Ichi Cloud and have diverging TK lines with increasing bear volume on the breakdown. This is all bearish, but there is some good side to all of this if you're a bull.

We can see that we had a very nice reaction bounce off of the daily bullish order block(light blue) and had an increase on the CMF indicating bulls buying the dip. We dipped to 6075.01 on this exchange and bulls were able to hold us above 6000.

We do need follow through by the bulls to power through the overhead resistance and continue the bounce because on the daily chart we're just forming an inside day.

Now let's talk about Bitcoin's counterpart, Ethereum.

ETH has been weaker than BTC in the past few days and is still relatively bearish. We did also break down out of the Ichi Cloud to the downside with increasingly diverging TK lines. The cloud is forecasting red but is in the process of rolling over into either a continuation red or change to green. But very similarly to BTC, Ethereum had a very nice reaction bounce off of a bullish order block(light blue) and a sizeable increase on the CMF to accompany this. The bullish hammer candle on the bounce was confirmed with an increase up to 442.31 before a small pullback. We'll see if the bulls can keep this momentum going and break the previous high at around 448 going into the weekend.