Great Entry Points For Bitcoin and Ethereum - Transcripts

April 19, 2022

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Episode Summary:

In this episode of the Crypto Breakdown, I do a Technical Analysis of Bitcoin, Ethereum, and Dogecoin for possible price scenarios.

Hosts:

Joe Dewitt Follow at: https://twitter.com/metabitz

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Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.

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Transcript

Hey everybody, my name is Joe Dewitt and this is the crypto breakdown on here. I'll be getting you caught up on everything you need to know regarding crypto any relevant news, anything that you missed, don't worry about it. We'll cover all that good stuff in the morning before you go out and start trading. Hey everybody happy Tuesday. My name is Joe Dewitt and this is the crypto breakdown. Today we're gonna discuss some technical analysis on Bitcoin, ethereum and Bitcoin. Now starting things off as usual with Bitcoin. Bitcoin prices up 5.5% today and is up 4% on the weekly Bitcoin prices sitting at $41,600 and today actually marks a nice green candlestick as we move towards that upwards direction of 42,000. Now, Bitcoin has struggled here for quite some time under that 42,000 zone, I've discussed it quite a bit of this 35,000 support and we are wedged between that 35 42,000 resistance. Now, Bitcoin has been extremely volatile in this stage since about january of this year. Kind of haven't really got out of it. Besides that small break up to about 48,000.

Now, this is not the best case for Bitcoin as when price struggles this much in an area that it has previously Had um resistance in it is typically not a great sign because it shows that price is not quite ready to break above that resistance level and we have retested this about three times now, almost four times testing this 48,000 and Bitcoin price has yet to break above it. So that leads us to um I think that Bitcoin price is going to be valued a little lower. Now ideally we need a strong push of momentum to actually burst above this 48,000. If we want to see a push towards that upwards direction back towards 50,000 if that is not the case then Bitcoin more than likely will definitely be um down trending back towards around 35,000. Now, given the short term analysis, I would say that that is more likely the circumstance as short term price has shown that Bitcoin is not quite valued that high but taking a look long term or at the macro trend, this could definitely be undervalued Bitcoin but until we get a break or some sort of momentum upwards towards that 48,000 right now Bitcoin price is trending towards that 35,000, taking a look at ethereum price, ethereum is up 6.5% today And up 3% on the week. So short term Bitcoin and ethereum have been doing pretty well, although at that medium um sense of a couple of months timeframe um prices really stagnated and just kind of um floated and consolidated in the same area Ethereum very similar to Bitcoin since middle of January has kind of been bouncing between this 2500 and 3500 range. So that $1000 area ethereum has just been bouncing back and forth trying to establish price. Now right now, ethereum price sitting in $3100 It is currently down trending towards the support of 2600. Now the most likely case for a 3M would be to actually touch that support at 2600, which would be a great entry level now pushing back up towards that 3000. Um if if ethereum price fails, I don't want to say that And I said that 1st Blah Blah after that sentence was put this. Now if ethereum price falls to my goodness. Now if ethereum price falls to that 2600 support level and it actually um fails to hold support and falls below, then we're looking at a target of about 1800 for ethereum Um that does seem pretty unlikely just considering how price hasn't really fallen since then, since about July of 21.

So since last summer prices not actually got that low. Now, it's not completely out of the question, but there is a good amount of price action that has to be done before we can make that judgment call, Best case would be a bounce off of that support at 2600 Back up towards that 3200 so we can finally clear this level and push towards 4000 for ethereum here keep in mind that these 2.0 is been teased to release um and quarter two of 2022 which will implement the proof of stake system and get rid of the outdated proof of work, consensus mechanism definitely keep an eye on when it's two point oh rolls around because that will be a very significant time for the price to start moving. Now. Taking a look at dogs coin Dozer coin actually held its 10 cent mark rather well back in March does coin is up 3.5% today and 1.7% on the week. Now does coin actually saw its um short term floor at 10 cents which was its support and it quickly bounced back up getting a high of about 17 cents here. Now does coin is currently sitting in the zone of 15 cents to 10 cents with that 15 cents being its resistance and 10 cents at support. Now prices currently falling towards that 10 cents that it previously tested ideally a second test like this would not be the best sign as it is possible for it to fall below and then down towards about eight cents for those coin which is next support level. Um that would not be ideal for price action here, best case would be a bounce off of that 10 cent support or even it has a smaller level of support at 13 cents if it can hold that 13 cents Um and get a reversal off of their towards 15, that would actually be a very, very nice sign. Although price falls below that 13 then it's definitely heading towards that 10 cents support level, which it will have to clear and if it does clear then we can talk about 15 cents for does going and that's all the time we have today guys, thank you so much for tuning in. You can follow subscribe to the podcast, which will all be the description below. Have a great day quickly. I just want to say that this is not financial advice.

I encourage everyone out there to please do your own research before investing in cryptocurrencies as they are very volatile assets.

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