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More downside for major cryptos?

27 September 2022 By Mark Nguyen

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Following the previous Bitcoin analysis (https://www.gomarkets.com/au/articles/economic-updates/bitcoin-usd-technical-analysis/), bitcoin continues to break below pattern after pattern, recently breaking out and re-testing a descending flag pattern on a 4h time frame as seen below:

With the next major support sitting around $17,619, it won’t be a surprise if bitcoin comes down to that area.

Looking at the correlation between Bitcoin and Ethereum, the last 7 days of price action shows a correlation of .89, which is a positive value that indicates a positive correlation between the two. A positive correlation means that the two moves very similar to one another.

(https://cryptowat.ch/correlations)
(https://cryptowat.ch/correlations)

For ETHUSD (Ethereum), making similar patterns to BTCUSD, has also recently broken out of a descending flag pattern, signalling a probable continuation of the 4h downtrend, there is a high probability of ETHUSD reaching the next major support around $1012.

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