Futures Analysis: Bears Destroy Bulls’ Plans
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Last week, bitcoin broke the psychological mark of $ 50,000 and closed the second green candle on the monthly chart. Ethereum comes close to all-time highs around $ 4385.
However, on September 7, a strong correction took place in the market: the price of bitcoin at the moment collapsed by almost 20%, and Ethereum – by 24%.
Is recovery possible in the current situation? Analyzing the price levels of Bitcoin and Ethereum on the Bybit cryptocurrency exchange.
After two weeks of consolidation below the $ 50,000 level, the bitcoin price was able to break through the resistance. However, this move was not supported by high trading volumes.
Unsuccessful retest of $ 50,000 led to a decline to the level of $ 42,600. A technical rebound followed from this level, which traders used to fix short-term longs.
Market participants are in no hurry to buy bitcoin amid a reversal of the mid-term uptrend, which could lead to retesting $ 42,600. In this case, the next strong support will be at $ 37,460.
Break of resistance at $ 3350 ETHUSD led to impulse growth of Ethereum to levels above $ 4000. However, after that, the price of the asset dropped to $ 2950.
If the current downtrend continues, Ethereum may retest the $ 2950 mark. At the same time, the next potential support will be the $ 2440 level.
After bitcoin grew by 40% in August, traders began to take profits and use them to buy altcoins. Altcoin Season Signals the End of the Current Growth Wave.
After the breakdown of the psychological mark of $ 50,000 Fear & Greed Index fell from extreme greed to neutral 47 points. To change the market sentiment, you need to see the continuation of the downward dynamics, which can finally break the medium-term uptrend.