NewsletterBitcoin, Ethereum Price Prediction- Market Leaders Form These Bearish Pattern
Bitcoin, Ethereum price prediction: the BTC and ETH prices continue to walk a sideways path creating uncertainty in the crypto market. However, the ongoing consolidation in these coins indicates a short break before the market resumes its downtrend. The global crypto market stood at $836.78 billion at 7:58 am EST Friday, down 1.22 % from yesterday.
Nevertheless, the total crypto market volume has decreased by 10.5% over the last 24 hours to $50.06 Billion. Currently, the total volume in DeFi is $2.54 Billion, which adds up to 5.08% of the total crypto market 24-hour volume.
Top Gainers and Losers
Source- Coin360
The highest gainer among the top 100 cryptocurrencies in the last 24 hours is Chiliz (CHZ), which rose 9.96% to hit $0.249, while the Stacks (STX) surged 9.35% to reach $0.25. On the other hand, the top losers are GateToken and Synthetix, where the GT price dropped 2.62% to reach $3.6; meanwhile, the SNX price tumbled 2.21% and currently trades at $1.73.
Bitcoin Price
Source- Coinmarketcap
The Bitcoin price went sideways after the last week’s blood bath in the crypto market. However, this consolidation reflects the formation of an inverted pennant pattern. The core concept for this pattern is to offer a break period(consolidation) before the sellers resume the prevailing downtrend.
The Bitcoin price currently trades at the $16766.2 mark and continues to resonate with two converging trendlines.
Source- Tradingview
As per the technical setup, a breakdown below the lower support trendline will signal the replenished selling momentum, which could drop the prices by $15825.
On a contrary note, a breakout above the overhead trendline will invalidate the bearish theory.
Ethereum price
Source- Coinmarketcap
The Ethereum price shows the formation of a descending triangle pattern in the four-time frame chart. The lower higher formation shown in the chart indicates the losing bullish momentum, which may eventually lead to support neckline breakdown.
The Ethereum price currently trades at $1219, and the neckline support for this pattern stands at the $1190-$1180 mark. Thus, a 4-hour candle closing below mentioned support would accelerate the selling momentum.
Source-Tradingview
The post-breakdown fall would tumble the precis 8% down to rechallenge the $1000 support.
Conversely, a breakout from the pattern’s resistance trendline will offset the bearish thesis.
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