Bitcoin Price Prediction – Here’s Why Market Leaders Might Witness Deeper Correction
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Brian Bollinger Bitcoin, Ethereum price prediction. A sudden sell-off in the crypto market could threaten to reverse the recovery of Bitcoin and Ethereum. The majority of altcoins fell, and were close to the November bottom. Thus, if the selling pressure, the downward spiral may continue and plunge the coin price below the last swing low support.advertisementTop Gainers and LosersSource- Coin360 While the bearish cloud is lurking on the crypto market, the UNUS SED LEO and Toncoin are the only coins in green among the top 100 list. LEO currently trades at $3.91, with intraday gains in the region of 5.34%. TON trades at $2.46, registering a 0.4% increase. Filecoin and Chainv are the top losers. FIL is currently at $3.03 with intraday gains of 21.86%. XCN, at $0.02483, is down 18.67. Binance presented its Proof-of-Reserves Report in partnership with Mazars Group. This was viewed as opaque by many. The news that Mazars Groups had suspended ties to Binance and other crypto exchanges caused more panic in market. This price bull run is part of a bearish continuation trend called an inverted flag. The recent price fall caused a huge break from the support trendline. The long breakdown candle supported by an increasing volume on December 16th indicated the seller’s confidence in further correction. Source: TradingviewToday, BTC trades at $16709 and shows power struggles for surpassing the horizontal level $16825. If the price falls below $16825 or breaks the trendline, Bitcoin may drop 6.7% to reconsider $15600. Source: CoinmarketcapBitcoin and Ethereum are similar in that the Ethereum price rose as a result of a support trendline. The ascending trendline was breached by the altcoin on December 15th. This indicates that market sentiment has shifted to selling in rallies rather than buying on dips. This breached horizontal level offers additional resistance in favor of sellers to maintain the ongoing downfall.Source-TradingviewBy the press time, the Ethereum price trades at $1180 with an intraday gain of 1.15%. The bullish candle backed by lesser volume indicates market participant is more interested in selling activity.advertisementThus, a possible retest phase may revisit the $1180 mark to replenish the bearish momentum. A post-retest downfall could cause the ETH price to plunge back to $1100-$1080.
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. Close Story