{"id":479639,"date":"2022-09-27T09:00:25","date_gmt":"2022-09-26T23:00:25","guid":{"rendered":"https:\/\/www.gomarkets.com\/?p=479639"},"modified":"2023-01-31T11:05:56","modified_gmt":"2023-01-31T00:05:56","slug":"more-downside-for-major-cryptos","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/articles\/cryptocurrency-trading\/more-downside-for-major-cryptos\/","title":{"rendered":"More downside for major cryptos?"},"content":{"rendered":"

Following the previous Bitcoin analysis (https:\/\/www.gomarkets.com\/au\/articles\/economic-updates\/bitcoin-usd-technical-analysis\/<\/a>), 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:<\/p>\n

\"\"<\/p>\n

With the next major support sitting around $17,619, it won\u2019t be a surprise if bitcoin comes down to that area.<\/p>\n

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.<\/p>\n

\"\"
(https:\/\/cryptowat.ch\/correlations)<\/figcaption><\/figure>\n
\"\"
(https:\/\/cryptowat.ch\/correlations)<\/figcaption><\/figure>\n

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.<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019t be a surprise if bitcoin comes down to that area. Looking at the correlation […]<\/p>\n","protected":false},"author":68,"featured_media":479702,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4424],"tags":[],"class_list":["post-479639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-trading"],"acf":[],"yoast_head":"\nMore downside for major cryptos? - Wixad<\/title>\n<meta name=\"description\" content=\"bitcoin continues to break below pattern after pattern, recently breaking out and re-testing a descending flag pattern\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/articles\/cryptocurrency-trading\/more-downside-for-major-cryptos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More downside for major cryptos? 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Looking at the correlation ","link":"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/why-has-the-gbp-collapsed-to-record-lows\/","type":"next","category":"forex-trading"},"previous":{"id":479546,"slug":"go-markets-wins-in-the-global-forex-awards-retail","title":"Wixad wins in the Global Forex Awards - Retail","date":"2022-09-27 08:52:50","excerpt":"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\u2019t be a surprise if bitcoin comes down to that area. 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