The crypto market situation is again moving towards instability as it has lost 11.81% in the previous 24 hours. BTC price is down 5.4% below $43K. Following the Trend ETH too is down by 5% and all other altcoins follow suit as they shed gains.
According to Cred’s newest Technical Roundup email, Bitcoin could drop back between $38,000 and $40,000 as it transitions from support to resistance.
The mid-high $40,000 region is a multi-timeframe barrier for BTC/USD. Resistance overlap exists in the at this level, just as there was a lot of support overlap in the low-mid $30,000s.
The midpoint of the monthly range is $46,000-$47,000 dollars. It’s also the start of the weekly cluster and the pre-breakdown period. Finally, the slow-moving trend indicators (21-week moving average, 50-week moving average, and 200-day moving average) all cluster around $50,000.
At the time of writing, BTC price is trading at $42k With more than 5% loss. Currently, it seems that, Bitcoin would need plenty of support to break back through to $43,000 levels. Failure to move above this level would bring the first major support level at $41,623 into play. Moreover, in the event of an extended downtrend, $40K levels would likely come into play.
On the upside, If the flagship currency moves above the major support at $43K it could test resistance at $45,000 before any pullback. This is because traders can expect plenty of resistance at Friday’s high $43,951. However, on successful breakout, the second major resistance level sits at $44,727.
Cred provides probable price goals for when ETH retests the $3,050 to $3,310 level.
“Above $3,050-$3,310, a definite aim of $4,000 is set.”
On the daily time frame, if $3,050-$3,310 pulls back, a possible higher low region might be located near $2,700, although the trend would have to be very strong for a pullback level like that to hold. Otherwise, our attention is focused on the $1,900 untested range.
According to the report shared by Bloomberg, Ethereum might fall to as low as $1,700. This fall is expected to be followed by an upward correction trend. Additionally, Mike McGlone, the senior commodity strategist, commented that Ethereum could revisit reach $1700 and a new high of around $4800 in November.
At press time ETH price is trading below $3k with more than 5% loss.