Bitcoin price retraced after failing on a daily time frame. Bitcoin is in another downtrend, it faced another rejection after a 17% drop.
In the last week, Bitcoin lost two significant support and hopes for a recovery.
Bitcoin is trading below the $40,000 mark and the 50-day moving average. From a standard point of view, experts believe the relief rally is capped at $45,550 and could preemptively stop at $42,748.
According to the crypto analyst, Akash Girimath, “if the Bitcoin price produces a daily candlestick close below $34,752, it will invalidate the bullish thesis and suggest the possibility of further descent.”
“In this case, BTC could slide lower and retest $29,100, collecting the liquidity resting below it.”
Short- team
Anonymous crypto analyst Edris, says Bitcoin prices lost two significant supports in the last days, and there’s more fear than hope for a recovery.
“The bearish momentum seems overwhelming on the 4-hour time frame as the price has been breaking below supports with ease. However, it is currently trading in a key Fibonacci retracement zone (between 50% and 78.6%) which could potentially halt the drop in the short term,” Edris wrote.
“A consolidation phase is expected in the next couple of days where the bulls and bears collide between the $36k and $40k levels.”
Ethereum is alive, but surviving
Ethereum price is shakings ad Bitcoin. Nevertheless, the resulting correction pushed Ethereum to a support area.
Ethereum rages from $2,608 to $2,812. It will continue to follow Bitcoin’s steps and attempt a relief rally.
“The upside for the smart contract token is capped at the 50-day Simple Moving Average (SMA) at $2,973 or the lower limit of the supply zone at $3,188. A daily close above $3,393 will forecast a possible retest for Ethereum price at the $3,600 level,” Akash Girimath wrote.