The fresh trading day began with a significant plunge that wiped out another 100 million from the crypto markets. While the volume remained elevated by nearly 15%, the Bitcoin price continues to drop and is approaching the support at $27,500. Besides, Ethereum’s price maintains some strength and hovers close to $1850 with just a 0.47% drop in its price.
What can you expect from the two cryptos amid the bearish market sentiments? When will they trigger a rebound? Will BTC & ETH price surge above $30,000 & $2000 this month? Let’s see.
The short-term trajectories for both cryptos appear to be extremely bearish carrying the possibility of reaching the crucial support, which is at a certain distance presently. Therefore, the probability of a bullish breakout may not be discarded completely as a popular analyst, Crypto Tony frames a bullish layout for the top dominant cryptos.
Talking about Bitcoin, the analyst says that the BTC price has been displaying the possibility of a bullish breakout but only after a significant drop.
The Bitcoin price has formed a head-and-shoulder pattern and is currently trading at the neckline of the consolidation. Therefore, a breakout from these levels may drive the prices lower to the immediate support below $25,000, close to $24,000.
“Once we lose $27,000 then things should start escalating from here. $25,200 – $24,200 are my main targets for now and where i will shed some profit,”
However, the analyst expects a bounce from the lower support after a brief consultation around these levels. Moving to Ethereum, the analyst believes the second-largest crypto may be primed for a bearish pullback in the coming days.
A similar pattern is seen with the Ethereum price as the trend has reached the neckline of the consolidation. It is important now to hold at this level and trigger a rebound, or else it may enter the same consolidation area that it was stuck in previously for quite a long time.
“Break that support zone at $1,830 and the short trigger begins on Ethereum.Exciting times to be able to trade this comfortably again.
We have had a choppy ride in this range the last few weeks, so now we begin the fun,”
Source: https://coinpedia.org/price-analysis/crypto-market-analysis-heres-what-awaited-for-bitcoin-btc-ethereum-eth-price-this-week/