When we look at the 4h chart, we can see that BTCUSD has been losing momentum since the beginning of March (see momentum indicator). The RSI shows a first negative divergence against the price trend. However, there is no danger yet, as long as we do not break through the support line of the lower short-term trend channel. If we do break through the support lines, USD 43,800 would act as a strong support. On the upside, the all-time high of USD 64,600 is a resistance, after which the space towards the upper trendline is open.
Supports: lower trendline (currently at USD 49,000), USD 43,800, USD 30,400
Resistances: USD 64,600, upper trend line (currently at USD 70,000)
In the daily chart, we can see the strong momentum and the well-formed trend. On the downside, USD 2,500 and USD 1,960 are strong supports. However, while at an all-time high, calling a resistance is fundamentally difficult. Only USD 4,000 and the upper trendline of the trend channel at USD 4,500 can be mentioned as resistances. The strength against BTC is astonishing. Currently, BTC dominance is at about 48%, and ETH is at 15%. Perhaps we will soon see a revival of the word „the flippening“, which has been forgotten since 2017. „The flippening“ refers to the moment when Ethereum replaces bitcoin in terms of market capitalisation.
Supports: lower trendline (currently at USD 2,500), USD 1,960
Resistances: USD 4,000, upper trendline (currently at USD 4,500)Weiterlesen