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Bitcoin, Ethereum: is it a sign of Major Crash?



MACD: Bearish Zone

Support level: $ 3450

Resistance level: $ 3900

Key points

  • The bitcoin price dropped massively below $ 4000 up to $ 3620.
  • Bears are in attack mode with resistance now under $ 4000.
  • Downward pressure and panic sales could turn into bitcoins, easily breaking $ 3450 support.

Bitcoin price analysis

The bitcoin price recorded a slight improvement above $ 4300. However, fighting the bears above $ 4400, the price failed to overcome resistance between $ 4400 and $ 4500. There was a sharp decline in the price of the bitcoin which led to the biggest support at $ 4000 to break. The bitcoin is currently trading around $ 3600 to $ 3700 and the price will probably fall further down to $ 3450, where the next support will be found. However, this support may not be able to cope with strong panic sales in the market and may result in further price declines.

Bitcoin's price is breaking its low annual record with the price falling to $ 3620. Right now, bitcoin is trying to tackle the main selling attack and trading around $ 3650. Under the $ 3450 support level , c & # 39; is a support level lower than $ 3200 and if the price falls even below this range, it could bring bitcoin to reach up to $ 2500 in the near future.

24 hour graphic BTCUSD

24 hour graphic BTCUSD

The 24-hour chart clearly shows that the bitcoin is experiencing a panic when the $ 4000 support has been broken. Sellers who were previously waiting for a price of $ 5,000 are now stopping at $ 4,000. So it is very likely that bitcoin will move above this range in the near future.

MACD: Bearish Zone

Support level: $ 100

Resistance level: $ 115

Key points:

  • The price of Ethereum is a part of the panic sale that falls below $ 110.
  • The new resistance is set at $ 115 with a major bear attack
  • The $ 100 support is quite fragile and the current panic sale will likely break this support easily.

Price analysis of Ethereum

Once the main support at $ 130 was broken, the price of Ethereum would have probably hit $ 100 as there were no major buyers in this range. Support levels of $ 120 and $ 110 were also easily interrupted due to the sale of panic, which is likely from the initial coin offerings that were probably Hodgers waiting for the ethereum to reach the moon again.

Currently, there are more than half of the ICOs who have not yet sold their holdings in Ethereum. Once the price breaks the support of $ 100, these holders are likely to panic and start selling, which could lead the price to slip towards the next major support at around $ 60. From this point, the price the correction can start again.

ETHUSD 24-hour chart

ETHUSD 24-hour chart

The 24-hour chart clearly indicated that the price of Ethereum is experiencing a huge struggle in trying to tackle the bears. There's a big chance that the currency will slip under the $ 100 support and start trading around $ 60- $ 80.


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