Bitcoin Faces Bearish Sentiment
Another weekend saw the market under bullish influence, but sentiment turned extremely bearish as the weekend progressed. Bitcoin faced significant selling pressure, erasing 50% of the gains made in the previous week. While the bulls remain uncertain about the next price action, the bears appear ready to pounce. Consequently, bearish clouds continue to hover over Bitcoin’s price, which is currently fluctuating around a crucial range.
Technical Analysis for Bitcoin
Bitcoin’s price is currently trading within a descending parallel channel. After recent rejections, a drop to the lower support level seems imminent. The token has struggled to breach resistance multiple times, indicating that bullish momentum has significantly weakened. Additionally, the +Di and -Di indicators have diverged from each other when they were on the verge of a bullish crossover, and the RSI also reflects a bearish trend.
Potential Price Movements for Bitcoin
If bearish trends persist, Bitcoin’s price may maintain a downward trajectory and head towards the support zone between $56,099 and $56,813. Should these levels fail to hold, a further decline below $54,000 could be on the horizon.
Ethereum Shows Signs of Strength
In contrast, Ethereum is demonstrating relative strength and appears to have a better chance of rebounding. Over the past weekend, Ethereum’s price experienced minor losses but remained above $2500. Bulls are working hard to sustain this level, keeping hopes for a bullish reversal intact for now. Despite a significant drop in trading volume, buyers seem to be in control.
Technical Analysis for Ethereum
- The MACD indicator is bullish and nearing a bullish crossover, which could validate a potential rise in Ethereum’s price.
- A price increase above $2682 could alleviate concerns about excessive price drainage.
- If bullish momentum continues, Ethereum’s price may rise back above $3000.
Ecosystem
Research
News Network
About