{"id":391654,"date":"2024-05-13T06:30:40","date_gmt":"2024-05-13T01:00:40","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=391654"},"modified":"2024-05-12T22:49:53","modified_gmt":"2024-05-12T17:19:53","slug":"bitcoin-ethereum-two-levels-where-a-swing-trade-could-be-profitable","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-ethereum-two-levels-where-a-swing-trade-could-be-profitable\/","title":{"rendered":"Bitcoin, Ethereum: Two levels where a swing trade could be profitable"},"content":{"rendered":"<ul>\n<li><em>Ethereum has a slightly more bullish bias for the coming week.<\/em><\/li>\n<li><em>The Bitcoin consolidation phase was still ongoing, and a revisit to $60k was growing more likely.<\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\">Bitcoin [BTC]<\/a> traders were going through a relatively tough period after the easy, straightforward rallies that have been the norm since last October.<\/p>\n<p><a href=\"http:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\">Ethereum [ETH]<\/a> has been more complicated, but BTC&#8217;s halving event last month has changed the market conditions to chop and range formations all over the market.<\/p>\n<p>AMBCrypto investigated what the market sentiment was looking like over the weekend, and where this week&#8217;s price action could go.<\/p>\n<h4>One of the two has speculators expectant of bullish returns in the near term<\/h4>\n<figure id=\"attachment_391658\" aria-describedby=\"caption-attachment-391658\" style=\"width: 1904px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-futures-coinalyze.png\"><img decoding=\"async\" class=\"size-full wp-image-391658\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-futures-coinalyze.png\" alt=\"Bitcoin Coinalyze\" width=\"1904\" height=\"1072\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-futures-coinalyze.png 1904w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-futures-coinalyze-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-futures-coinalyze-1024x577.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-futures-coinalyze-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-futures-coinalyze-1536x865.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-futures-coinalyze-1200x676.png 1200w\" sizes=\"(max-width: 1904px) 100vw, 1904px\" \/><\/a><figcaption id=\"caption-attachment-391658\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/coinalyze.net\/bitcoin\/open-interest\/\" target=\"_blank\" rel=\"noopener\">Coinalyze<\/a><\/figcaption><\/figure>\n<p>The 10th of May saw an increase in the Bitcoin Open Interest, but the OI has been trending downward since the price spike on the 6th of May.<\/p>\n<p>Meanwhile, the price also formed a series of lower highs over the past week, descending from $64k to $61.1k at press time.<\/p>\n<p>The Funding Rate was negative at the start of May when Bitcoin plummeted to $56k. Since then, the Funding Rate has recovered.<\/p>\n<p>However, in the past few days, it has been barely above zero, which indicated the sentiment was not strongly bullish.<\/p>\n<figure id=\"attachment_391660\" aria-describedby=\"caption-attachment-391660\" style=\"width: 1911px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-coinalyze.png\"><img decoding=\"async\" class=\"size-full wp-image-391660\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-coinalyze.png\" alt=\"Ethereum Coinalyze\" width=\"1911\" height=\"1067\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-coinalyze.png 1911w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-coinalyze-300x168.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-coinalyze-1024x572.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-coinalyze-768x429.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-coinalyze-1536x858.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-coinalyze-1200x670.png 1200w\" sizes=\"(max-width: 1911px) 100vw, 1911px\" \/><\/a><figcaption id=\"caption-attachment-391660\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/coinalyze.net\/ethereum\/open-interest\/\" target=\"_blank\" rel=\"noopener\">Coinalyze<\/a><\/figcaption><\/figure>\n<p>Ethereum also saw Funding Rates slip into the negative territory in early May but has since recovered. The past week&#8217;s downtrend saw the funding rate hover around the baseline +0.01 mark.<\/p>\n<p>A slight bounce from $2980 to $3040 on the 9th of May saw the Open Interest and the funding rate jump higher.<\/p>\n<p>This did not repeat with Bitcoin despite a similar price bounce, which suggested that speculators were more eager to long ETH than BTC.<\/p>\n<h4>What are the next liquidity pockets that could attract prices?<\/h4>\n<figure id=\"attachment_391659\" aria-describedby=\"caption-attachment-391659\" style=\"width: 1866px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-hyblock-1.png\"><img decoding=\"async\" class=\"size-full wp-image-391659\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-hyblock-1.png\" alt=\"Bitcoin Liquidation Levels\" width=\"1866\" height=\"1014\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-hyblock-1.png 1866w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-hyblock-1-300x163.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-hyblock-1-1024x556.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-hyblock-1-768x417.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-hyblock-1-1536x835.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-BTC-hyblock-1-1200x652.png 1200w\" sizes=\"(max-width: 1866px) 100vw, 1866px\" \/><\/a><figcaption id=\"caption-attachment-391659\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/hyblockcapital.com\/liquidationlevel-heatmap\" target=\"_blank\" rel=\"noopener\">CryptoQuant<\/a><\/figcaption><\/figure>\n<p>The 7-day liquidation heatmap of Bitcoin showed a bright cluster of liquidations at the $60k area. To the north, $61.8k and $63k are the next bullish targets.<\/p>\n<p>On the 5th of May, we saw prices jump above the $64k mark to collect liquidity before a brutal short-term reversal.<\/p>\n<p>Similarly, we might see a downward plunge on Monday to collect the liquidity at $60k before rebounding higher. Hence, BTC traders would want to buy the dip to the $50.6k-$60k region.<\/p>\n<p>However, traders must also be prepared for a move below $59.4k for BTC, and set their stop-losses accordingly in the event of a dip to $60k.<\/p>\n<figure id=\"attachment_391661\" aria-describedby=\"caption-attachment-391661\" style=\"width: 1866px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-hyblock.png\"><img decoding=\"async\" class=\"size-full wp-image-391661\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-hyblock.png\" alt=\"ETH Liquidation Levels\" width=\"1866\" height=\"1014\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-hyblock.png 1866w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-hyblock-300x163.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-hyblock-1024x556.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-hyblock-768x417.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-hyblock-1536x835.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MD-3-ETH-hyblock-1200x652.png 1200w\" sizes=\"(max-width: 1866px) 100vw, 1866px\" \/><\/a><figcaption id=\"caption-attachment-391661\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/hyblockcapital.com\/liquidationlevel-heatmap\" target=\"_blank\" rel=\"noopener\">CryptoQuant<\/a><\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p>On the other hand, Ethereum has a cluster of liquidity nearby to the north at $2950. This was close to the current market price of $2928. A dip to the $2860 region would likely present a buying opportunity.<\/p>\n<p>The liquidation levels around the $3.1k-$3.2k area present an attractive target. A drop below $2.8k would likely herald a strong short-term downtrend, and traders can cut their losses in this scenario.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Funding Rate was negative at the start of May when Bitcoin plummeted to $56k, but it has recovered since then.<\/p>\n","protected":false},"author":57,"featured_media":391676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,35,360,32,66,3,4,20],"tags":[6427,6425],"class_list":["post-391654","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-bitcoin-news","category-btc-trading-view","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-featured"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - 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