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Seeking Alpha 2022-09-24 12:00:00

Bitcoin And Ethereum Are Parting Ways

SummaryEthereum has made a substantial push higher over key resistance since its June low.While Ethereum and Bitcoin are usually highly correlated, Bitcoin has been mired under resistance since the June low and is likely to go lower.Ether has formed very tight support for a higher low at $1,000. This low presents a low-risk, high-reward swing trade.Bitcoin needs to take out key resistance before it will move upward more freely.Produced by Ryan Wilday with Avi Gilburt and Jason Appel.Incessant DeclineIn my article "Red Flag In Crypto Miners," besides airing caution regarding the long-term prospects for Bitcoin (BTC-USD) mining, I stated how critical $16K is to my Bitcoin outlook. While we already have witnessed a one-year and 73% decline in Bitcoin prices from its 2021 high to its June low, breaking and sustaining below $16K could usher in a deeper bear market.Weak ReversalSo far, Bitcoin has stayed above its $17,100 June low. On Aug. 14 it traded at $25,185, roughly 47% off the June low. But does this strong move indicate the bottom holds? Unfortunately, I can’t say this is the case as the entire move off the June low is corrective in structure. Further, if a low is going to hold, we don’t want the price to break below the .764 retrace of the move off of that low. That level is $19,100 and it was breached on September 6. And as of writing, Bitcoin has continued lower on the hourly chart.This means that the June low is very lik...

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