Bitcoin (BTC) and Ether (ETH) on the road to another fall? Beware of these supports which could fail

Still below its $ 32,000 resistance, Bitcoin (BTC) is dangerously approaching its support with a high risk of breaking to the downside. Are BTC and Ether (ETH) inevitably moving towards new bearish targets?

BTC threatens to break out of its low range

It has been nearly a month since the price of Bitcoin (BTC) failed to rise above the $ 32,000. An important resistance level which unfortunately seems to bring the price back to a new low. A new autumn is coming cryptocurrencies ?

Figure 1: Bitcoin h4 price chart

If the medium a $ 29,000 comes to yield again at the close in the next few hours, there will be a strong risk that the price will go back towards $ 25,960 (height of the motif transferred to the place of its break). It will therefore be imperative that the price rebounds on its support, as it had systematically done during previous tests in the past.

As the range is increasing in a ascending wedge, there are even more chances of a bearish breakout. To return to being bullish in the short term, BTC’s price should move back above its own resistence to $ 32,000.

👉 Find our guide to buying Bitcoin (BTC)

cryptoast logo

Discover our Private Group

Content with high added value and quick to consume

toaster icon

Ether (ETH) must maintain its support

As for the price of Ether (ETH), it will absolutely have to keep its horizontal support a $ 1,730 at the close (last low), otherwise the fall could largely continue towards a new low.

Figure 2: Tagado's ether (h4) price chart

Figure 2: Ether Price Chart (h4)

As a reminder, theEther always evolves in a widened descending bevel. A chart pattern that normally ends in a bullish exit, but since the Bitcoin appears bearish, there is a significant risk that the price of ETH will be able to retest the bottom of its pattern towards which $ 1,530. Hence, it will imperatively be necessary to rebound, to avoid falling much lower, in the direction of the bearish breakout target a $ 1.322 from.

To reverse this short-term downtrend, it would still be necessary to move back above the $ 2,000which for the moment seems to be compromised.

cryptoast logo


10% discount on commissions with the code SVULQ98B 🔥

toaster icon

In short

The cryptocurrencies they are still bearish in the short term and will not reverse until they break through theirs resistors respective. In the current context, a continuation of their decline seems preferable.

👉 Follow our section dedicated to technical analysis

Sources of the chart: TradingView

Newsletter 🍞

Get a cryptocurrency news roundup every Sunday 👌 And that’s it.

What you need to know about affiliate links. This page presents assets, products or services related to investments. Some links in this article are affiliates. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.

Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused as a result of the use of a good or service highlighted in this article. Investments related to cryptocurrencies are risky in nature, readers should do their own research before taking any action and invest only within the limits of their financial capabilities. This article does not constitute investment advice.

Leave a Comment