Short-Term Support Under Threat as Positive Sentiment Wanes

Analysis and diagrams of Bitcoin (BTC / USD), Ethereum (ETH / USD) and Alt-Coin:

The cryptocurrency market ended the week in the red after returning all of its previous gains. A number of Alt-Coins are seeing double-digit losses and the general market tone has shifted from excited to calm in the past few weeks. The response to positive news or tweets is now more subdued than before and the market is likely to become even weaker. Eyes are now turning to recent support levels to see if they hold otherwise, the bears will continue to push the market down. Buyers don’t have to rush into the market.

Bitcoins (BTC /U.S. dollar) continues to fade down after encountering resistance of just under $ 42,000 earlier this week. We’ve looked at a resistance zone between $ 42,000 and $ 43,5,000 for the past few weeks and it held up on the first try. A basic short-term ascending channel has been established in the past 10 days and channel support is now coming under increasing pressure, making Bitcoin vulnerable to further losses. Support levels around $ 35,000 and $ 32,5,000 before $ 31,000 and the all-important $ 30,000. As always, markets thinned out over the weekend make the cryptocurrency market vulnerable to sharp moves.

Bitcoin (BTC / USD) daily price chart

The second largest cryptocurrency by market capitalization continues to depreciate, making new lower highs along the way. ETH / USD is about to hit a three-week low and all of the buzz the coin saw from the end of last year to its high of just under $ 4,400 is now gone. The May 30th swing low at $ 2,180 is now under pressure with a confirmed break opening the way to $ 2,000 or possibly below.

Ethereum / Bitcoin (ETH / BTC) daily price chart

Bitcoin (BTC): Short-term support at risk as positive sentiment wears off

A to Z Crypto: Demystifying the Top Cryptocurrency Jargon

Traders of all levels and skills will find something in the new and improved to help them make better decisions DailyFX Trading Training Center

What do you think about this Bitcoin (BTC),Ethereum (ETH) – bullish or bearish ?? You can let us know using the form at the end of this piece or contact the author via Twitter @ nickcawley1.

Comments are closed.