The beginning of the monthly trade was pretty bearish but as the markets recovered during the last trading day, it seemed as if the bulls may take back the control. The early trading hours were also pretty bullish but very quickly, the bears dominated the rally and squeezed all the gains. Currently, most of the tokens are trading around the same initial region they traded before the previous day’s surge.
A popular analyst, il Cape of Crypto believes that the cryptos may plunge hard to discover new lows. And advised his 328.5K followers to stay safe and ready for a massive drop that is fast approaching into the crypto space.
Presently, the corrective structures are recorded everywhere, and hence BTC’s price slumped hard below $30,000. Therefore dagging the entire crypto space below their respective support levels. On the other hand, Ethereum’s price also tanked below $1800, while XRP’s price is below $0.4. However, now when the top 2 cryptos faced yet another rejection, it could ignite a rebound very soon.
As per a popular analyst, Micheal de van Poppe, BTC & ETH prices could display a potential bounce play at $29,000 and $1720 respectively.
Now when the analyst mentioned the levels where the assets could rebound, the possibilities of them testing these levels are pretty high. Therefore, if the current bearish trend is expected to get intensified ahead and drag the Bitcoin (BTC) & Ethereum (ETH) prices towards the lower mentioned support levels.
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Source: https://coinpedia.org/news/after-this-harsh-rejection-this-is-where-bitcoin-ethereum-price-may-bounce-back/