BTC / USD and ETH / USD appear poised for further decline
BTC and ETH technical strengths:
- BTC / USD price side action will lead to a big drop
- ETH / USD forming a descending wedge which should lead to sell off
BTC / USD has been dead in the water for the past two months after the spring sell off. This type of price behavior does not bode well for the future. The next targeted support level below 28,600 is the highest from 2017 to 19666.
ETH / USD is developing a downward wedge, a pattern that should lead it to the downside. Zone 1420 is an important area to watch. If that can’t contain, a wider move below 1k could take place.
Longer term, looking at the weekly journaling charts, both cryptocurrencies will remain in an uptrend even if they experience another round of strong sells. Something to keep in mind despite the short-term bearish outlook and how far it is from its all-time highs.
For all the details, watch the video above.
BTC / USD daily chart
ETH / USD daily chart
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— Written by Paul Robinson, Market Analyst
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