, 2022-10-20 15:20:26,
- Bitcoin price loses support from the $19,000 level.
- Ethereum price shows the development of a strong bearish trend.
- Ripple price produces a bearish death cross, signaling concerning times ahead.
The crypto market shows evidence of a strong developing downtrend. Key levels have been defined to gauge the strength of the decline.
Bitcoin price losing grounds
Bitcoin price currently trades at $19,181. The 8-day Exponential Moving Average (EMA) has put a halt to the uptrend rebound’s momentum. The rebound comes after an overnight decline, which pushed the Relative Strength Index into oversold territory. At the current time, it seems the bears have full control of the trend. If market conditions persist, a sweep of the summer lows at $17,880 could occur in the coming days.
Invalidation of the bearish outlook could occur if the bulls reconquer the recently rejected triangle apex at $20,300. Said price action could be the catalyst to send Bitcoin price back to $24,300, resulting in a 22% increase from the current BTC price.
BTC/USDT 30-Min Chart
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
Ethereum price shows bearish strength
Ethereum price has been rejected from the psychological $1,300 on October 20, 2022. The rejection comes after a bullish attempt to…
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