How long is the fall of the crypto market going to last?
Buyers are trying to seize the initiative as some coins have come back to the green zone.
Top coins by CoinMarketCap
BTC/USD
Despite the fall at the beginning of the day, Bitcoin (BTC) has managed to recover, rising by 1.82%.
BTC/USD chart by TradingView
On the daily chart, Bitcoin (BTC) keeps trading within the wide channel between the support at $39,573 and the resistance at $45,478. At the moment, neither bulls nor bears are dominating, which is also confirmed by the low trading volume.
If buyers can approach $43,000 and fix above it, there is a good chance of seeing slight growth to $45,000.
Bitcoin is trading at $42,342 at press time.
ETH/USD
Ethereum (ETH) has gained less than Bitcoin (BTC) as the main altcoin price has risen by 0.32%.
ETH/USD chart by TradingView
Until Ethereum (ETH) is trading above the support at $2,987, there is nothing to worry about even though the selling volume has increased. However, if the price of the second most popular crypto falls below $3,000 and fixes there, bears might seize the initiative and continue the drop to the area around $2,800-$2,900.
Ethereum is trading at $3,134 at press time.
ADA/USD
Cardano (ADA) is the biggest loser today as its rate has gone down by 3% since yesterday.
ADA/USD chart by TradingView
Despite the fall, the mid-term picture is neither bullish nor bearish as the price remains above the $1.4 mark. Thus, the fall has been accompanied by increased selling trading volumes, which means that traders may have fixed their short positions.
If such a scenario comes true, there is a probability to see a bounceback to the zone around $1.5 soon.
ADA is trading at $1.411 at press time.
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Author
Denys Serhiichuk
U.Today
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.
