Bitcoin, Axie Infinity & Ethereum — Asian Wrap 17 Dec

Bitcoin price action has been flirting with a final support level that could see prices drop from $47,000 to $37,000 without much effort. The daily candlestick chart warns of continued bearish momentum, but the Point and Figure chart shows a path to rally Bitcoin higher.


Axie Infinity price continues to trade lower, entering into significant bear market structure within the Ichimoku Kinko Hyo system. As a result, profit-taking is expected to continue as speculators look to other cryptocurrencies with better long opportunities.


Ethereum price confirmed a primary confluence zone of support near the $3,800 value area. Holding this zone was necessary to prevent a collapse in prices. However, Ethereum must continue to drive higher to stave off any near-term bearish sentiment.