AR
ID
PT
ES
TH
ZH-HANT
ZH
DE
IT
MS
FR
JA
DA
NL
FI
SI
SV
Call: +230 5869 0074 Mail: support.mu@gomarkets.com
Login Open account
Login Open account
AR
ID
PT
ES
TH
ZH-HANT
ZH
DE
IT
MS
FR
JA
DA
NL
FI
SI
SV
Login Open account
News & Analysis
Try free demo Open account
News & Analysis
Try free demo Open account

More downside for major cryptos?

27 September 2022 By Mark Nguyen

Share

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.

Ready to start trading?

Try free demo Open account

Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.

News and Analysis

Join our mailing list to receive market news and monthly newsletters, delivered directly to our inbox.