Top 2 price prediction: New lows, bearish scenario continues
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The Cryptocurrency market tries to keep its current levels after yesterday's falls.
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The main indicators are not ending the short-term downward trend, BTC/USD points to $6,100/$5,800.
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Nevertheless, buyers seem to be less afraid than in the past.
The Crypto market continues its correction phase of the recent rises. Technically, the current charts have not been damaged and the scenario has not changed. The current pullback movement of the bearish trend has the potential to turn upward in the short term. The key technical supports are very close to the price and losing them would lead the crypto market to a much more bearish environment.
BTC/USD 1 Day
Bitcoin is trading at $6,343 after hitting the $6,272.69 mark, where it faced the bottom of the channel. BTC/USD has some room down to the lowest uptrend at $6,150. If Bitcoin breaks below this level, it will find support in the February lows, at the $5,874 level.
On the bullish side, the last resistance is still alive and will be Bitcoin's first target. It is now located right at the $6,560 level. Above this level, the next target is at $6,864, where a price congestion level and the SMA100 meet. Beating this resistance zone could lead BTC/USD to the key level at $7,100.
The MACD at the Daily chart shows us a typical setup, where the indicator arrives to the zero level area. The fast average is compressed against the signal line, and this will continue until they make contact. Then, BTC/USD should probably move upwards.
Directional Movement Index shows us the sellers in control, but at the lowest level of the month. The buyers are retracing but it doesn't look like the money that's left in the market is too scared.
ETH/USD 1 Day
Ethereum is trading at $436 after hitting the $427 mark. This level matches an uptrend with its starting point back at April´s lows. Anyway, ETH/USD has some room below this level, having supports at the $418 and $384 levels. If Ethereum breaks below this level, it would get into serious trouble and could trigger massive sells all over the crypto board.
On the bullish side, the first resistance at $460. It is a level that would bring little peace of mind to traders. It will take a move above the $500 level and the EMA50 to start looking to the upside. Above this level, $565 level and the SMA100 could be the end of that potential first upward swing.
The MACD at the daily chart shows us a typical setup where the indicator arrives to the zero level area. In this case, it is more developed than in the case of Bitcoin. The fast average is compressed against the signal line, and this will continue until they make contact. Then, a rejection pattern should appear.
Directional Movement Index shows us how sellers are in control, but without the buyers having backed down. The D- has touched the ADX at the bottom and the pattern tells us that it will decrease in strength.
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