Following yesterday’s drop in the cryptocurrency markets, they have extended their losses into today, with most cryptocurrencies trading down slightly. Both Bitcoin and Ethereum are facing growing resistance just above their current price levels.
Bitcoin and Ethereum Face Growing Resistance Near Current Price Levels
Bitcoin has been caught in a relatively tight trading range over the past week, trading between $3,700 and $4,000. At the time of writing, Bitcoin is trading down under 1% at its current price of $3,800.
Over the past week, Bitcoin (BTC) has failed to break above $4,000, which has become a level of resistance.
The Crypto Dog, a popular cryptocurrency analyst, shared his thoughts on the current market conditions, citing declining volume as a threat to Bitcoin’s stability, concluding that a further drop may be necessary in order for a rally to ensue. He also dismissed the possibility of an inverse head and shoulders pattern forming, which would be definitively bullish for BTC. He explained,
I love getting excited about inverse head & shoulders as much as the next guy, but until we see a change in this declining volume trend, I'd like us to fall lower before I try and long BTC
Yesterday, The Crypto Dog also discussed Ethereum (ETH) facing growing resistance at 0.04 BTC (approximately $151 USD), saying:
At the time of writing, Ethereum is trading up less than 1% at $148, just slightly below its resistance level that exists in the low-$150 region. ETH’s weekly trading range is significantly large than that of Bitcoin’s and is between lows of $130 and highs of $156.
Altcoins Trading Down Slightly
The altcoin markets are experiencing a mixed trading session today, with most major altcoins trading down marginally.
Bitcoin Cash (BCH) is trading down 2.2% at its current price of $158. BCH has been able to maintain most of its recent gains and is trading up significantly from its one-month lows of $75. BCH has also seen increased trading volume since it has risen from $75, which signals that it was oversold at these price points.
Add a Comment
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.