Bitcoin, Price Prediction- Technical Chart Hints At A Coming Relief Rally

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Brian Bollinger Bitcoin, Ethereum price prediction. Following last week’s fall, the BTC/ETH prices have been trending in an attempt to maintain lower prices. The crypto market is uncertain because of the low volume and smaller daily candlesticks. This lateral walk has slowed growth in many altcoins, keeping the market sentiment stagnant. As a result, the global crypto market cap shows an insignificant rise of 0.01% in the last 24hr and reached the $809.29 Billion mark.advertisementTop Gainers and LosersSource- Coin360 Amid the ongoing volatility in the crypto market, the sense of negativity in altcoin persists. XDC Network tokens and ImmutableX tokens have the highest gains among the top 100 list. The XDC price has risen 5.5% in the last 24 hour to $0.02509, while the IMX price jumped to $0.434, registering a 3.17% increase. On the other hand, Toncoin and Chiliz are the top losers. IMX trades at $0.02509, registering a 7.69% drop and TON at $2.60 a 4.95% decline. The pattern breakdown could indicate a replenished bearish momentum, which encourages a deeper correction of BTC. At press time, the Bitcoin price traded at $16731, with 0.04% intraday loss. The daily chart also showed three short body candles, which indicates indecisiveness among market participants. Source: TradingviewBut, if Bitcoin prices fall below $16700 or the 4% higher trendline then the continued downfall could resume and plunge the coin 7% to $15550. In the opposite, if BTC prices rise above the trendline, this will invalidate the bearish thesis. Source: CoinmarketcapThe Ethereum price. Similar to bitcoin, the Ethereum market price also followed a bearish continuation pattern known as a rising wedge. The crypto market’s recent decline saw a dramatic break from the pattern’s support trendline, and local support of $1220. The prices fell to $1160 support and began to move in a lateral direction. However, If the market witnessed a certain buying pressure, a 4.5% rise in ETH will retest the $1220 mark as potential resistance.Source-TradingviewadvertisementHitting the new flipped resistance of $1220, the refueled selling momentum will encourage the continuation of the prevailing downfall. The Ethereum prices could plummet by 9% to $1100-$10800 after a post-retest fall.
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