Oct.08 Bybit Analysis：Bears slowly but surely coming into play for ETHUSD and BTCUSD Bybit Follow Oct 8, 2018 · 3 min read

Today I will go through BTCUSD 4H and ETHUSD 1H charts which seem to be showing signs of some nice bearish action this coming week…

BTCUSD

Firstly, we have the BTCUSD 4H chart showing that the pair has run into the descending trendline resistance and it looks like the bears will push the pair down this week. We have a medium term trendline support which I foresee will be broken to the downside as shown by [1]. I then expect a retest of that trendline to also meet the major descending trendline at [2] followed by a nice move down to the 6100 area.

ETHUSD

Next, we have the ETHUSD 1H chart showing that the pair has been respecting the upper descending trendline quite well as, even though wicks have pierced above, all bodies have closed below. The initial large spike through was at [1] after which the pair created the next low at 220.49. We have since come up to 50% retracement at [2] and I see the pair falling towards 217.00 area this week at [3].

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