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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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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.