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February 7, 2022 at 5:00 AM
by NewWave Traders

BTC and ETH continued their bounce from last week, which tracked with our technical analysis. However, it is starting to face some resistence. Will this turn impulsive or corrective, and can they rally regardless? Check out this week's technical analysis video to get all of the details:

Check out this week's Technical Analysis video on BTC and ETH


This last week saw a stong bounce from the lowk 30Ks to rally to 45K. We had been tracking that price point as a significant level of resistence where BTC would likely make a correction before moving more to the upide. Should it break through there and also 52K, the sentiment would be incredibly bullish, but there is reasonable expectations that BTC would make at least a small correction once tapping into 45K before more upside. The market sentiment seems to be extremely bullish on BTC, and so it would not be surprising to see that the bottom is in for now. However, the question remains: If BTC does move up, will it do so in a corrective manner (an ending diagonal) or an impulse manner (a more traditional 5th wave).


ETH had a similar bounce of off its swing low of 2156 and rallied above 3500. This is tracking with the BTC move, and we are facing similar questions about ETH as it approaches areas of resistence. Is the pullback a wave 2 or something deeper. As ETH begins its correction, keep an eye on the 2800 and 2600 levels as they represent potential areas of support.