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.

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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.

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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.

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Sources of the chart: TradingView

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