Sept. 5th Bybit Analysis: BTC and ETH both Running into Crucial Areas!

ETH/USD

ETH/USD Daily chart above shows we are very much in a prolonged downtrend with the 260 level being quite supportive. I have a highlighted the blue zone as an extremely strong level which historically, has acted as both support and resistance during the second half of 2017.
This crypto is also trading within a falling wedge pattern and for long term trades we should wait for this to be broken to either side before coming up with a heavy bias to one side. However, there are shorter term opportunities on this pair to push to the upside which I show below on the 4HR timeframe.

So above, on the 4HR timeframe ETH/USD seems to have broken and is now retesting a symmetrical triangle at the 61.8% Fibonacci retracement level which is confluent with ascending TL support, medium term support (blue zone) and Ichimoku cloud support. If we do get some nice price action here on the 4HR timeframe we may see a push to the 321.50 area, which has previously acted as resistance and lines up with my D2 fibonacci extension at -61.8%.
BTC/USD

Next, we have the BTC/USD daily chart showing the pair at a very crucial area which acted as both support and resistance in the past. Again, it is very much in a significant downtrend and I see an opportunity coming up to short BTC/USD as shown below on the 4HR timeframe.

Above on the 4HR timeframe we see BTC/USD has broken and is now retesting ascending trendline in the Willis zone (space between 50 and 61.8% retracement). However, there is another supportive trendline below which has seemed to be quite significant in creating a rising wedge pattern for this pair. I would now wait on a break and retest of this wedge to go short to 5900 level again as shown by my blue arrows.

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