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OH SH*T! A Massive Crash is Imminent for Bitcoin and Ethereum

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@zdigital222
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The technical indicators are showing potential signs of a bottom at $55.4K. Bitcoin’s price has built a base of support in the mid $50K area recently, with bullish divergence forming on the 4-hour RSI.

It appears that bulls have stepped in and protected $56.2K, which is a technical level of support. The overall trend in on-chain metrics continues to remain bullish despite the recent volatility.

The longer-term trend and structure remain bullish despite the recent drawdown. BTC has been making higher highs and higher lows since the mid-cycle pullback bottom in July.

In case of another liquidation, it’s important to look for the critical technical uptrend support at around $53.2K. This is a key level the bulls must protect in addition to the confluent support at $53K to $52.7K.

Meanwhile, ETH gave some strong signals yesterday that it was turning bullish, particularly on the Bitcoin pair. Today, it has broken above the $4,350 resistance. If this momentum continues, ETH can enter a new rally that can take it back to the all-time high at $4,868 and beyond.

Trading Volume: The break above the key resistance at $4,350 took place on low volume, and this is not ideal. However, so long as the bulls continue to push prices higher, volume can pick up.

RSI: The RSI on the daily and the 4-hour timeframe are moving higher again after curving back up yesterday. This is bullish, particularly since the RSI has been making higher lows.

You can buy, sell, trade Ethereum at Bitmart.

These are my trading signals for the next twenty-four hours.

BTCUSDT SELL START: 54250 STOP LOSS: 56200 TAKE PROFIT: 51700 DURATION: 24 hours

ETHUSDT SELL START: 4100 STOP LOSS: 4228 TAKE PROFIT: 3800 DURATION: 24 hours

Enjoy!

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