Market Analysis Wk1 Sept: BTC,ETH
BTC has stayed relatively quiet over the last few days after breaking below the ascending channel 9 days ago.
September has historically been a red month for the crypto markets, giving credence to a potential drop towards previous lows under $18000.
With the majority of traders expecting a drop, it’s likely that we will see a bit of a bullish push to squeeze early shorts and grab liquidity. Focus is on the $21300-22500 range before a continuation lower to wrap up a bearish year.
What appeared to be a pre-merge run seems to have slowed down with the Ethereum Merge only days away. Over the last few days, ETH has been on its way down the channel. Traders are keeping eyes on the $1270 area, which could likely turn into new support as it coincides with the top of the previous range box and the lower channel trend line.
A BTC bounce will likely see ETH push toward the $1700-2100 region before any continuation lower.
The possibility of a September/EoY drop is almost inevitable given the market history and the current global economic conditions. The market is looking more likely to provide better opportunities to buy cheaper over the coming weeks.
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