The new trading day began with a major drop that wiped out another 100 million from the crypto markets. While the volume remained high by almost 15%, the price of Bitcoin continues to decline and is approaching the support at $27,500. Furthermore, Ethereum price is maintaining some strength and hovering around $1850 with only a 0.47% decline in its price.
What can you expect from the two cryptos amid bearish market sentiment? When will they trigger a rebound? Will the price of BTC and ETH break above $30,000 and $2,000 this month? Let’s see.
The short-term trajectories for both coins appear to be extremely bearish, carrying the possibility of reaching the crucial support, which currently lies some distance away. Therefore, the likelihood of a bullish breakout cannot be completely ruled out as popular analyst Crypto Tony frames a bullish disposition for major dominating cryptos.
Speaking of Bitcoin, the analyst says that the price of BTC showed the possibility of a bullish breakout but only after a significant decline.
Bitcoin price has formed a head-and-shoulder trend and is currently trading at the neckline of consolidation. Therefore, a breakout of these levels could push prices down to immediate support below $25,000 near $24,000.
“Once we’re down $27,000 things should start to get worse from here. $25,200-$24,200 are my main goals right now and where I’m going to make a profit,”
However, the analyst expects a rebound from the lower support after a brief consultation around these levels. Moving on to Ethereum, the analyst believes the second-largest crypto could be primed for a bearish pullback in the coming days.
A similar pattern is seen with Ethereum price as the trend reached the neckline of consolidation. It is important now to hold at this level and trigger a rebound, otherwise it could enter the same consolidation zone that it was stuck in before 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’ve had a choppy ride in this range for the past few weeks, so now we’re starting to have some fun,”