Is $ 85 closer than ever? · Cryptosumer

The Crypto market did not find enough strength to go higher.

At the time of writing this post, the price of Bitcoin is traded at the price level of $ 3700, below the symmetrical triangle formation boundaries (as we discussed in our last post) and is about to retest the previous lows for a possible continuation of the downward movement.

If the bulls start setting purchase orders at those levels, then the BTC chart has the ability to rebound upward from those support levels and execute ABC correction analysis toward the $ 4200 goals. – $ 4600

But on the other hand, if the bears keep pushing the price down aggressively as they currently do, then we could see a new annual minimum with possible targets at the levels of $ 3500- $ 3000 – $ 2500.

The chart of Ethereum, like all other significant Altcoin, is shifting with the correlation to the price of BTC and, as we explained in our last post, a failure to climb above the trend line of the symmetrical triangle will lead to a bad break down and a new test of the price level of $ 100.

For now, the ETH price is set at $ 103 and turned down.

BitStamp ETH / USD 4-hour chart

TradingView cryptocurrency charts. Coinigy technical analysis tools.

• If the BTC chart does not find the support necessary for a rebound towards the high, then the general market will go towards new lows and ETH will probably fall below the $ 100 level.
• The next possible target could be found at the price level $ 85- $ 84.
• If this historical price level does not hold strong support, then the $ 50 area is the next level of mental support of ETH. On the other hand, if the market finds a temporary fund and the spoken rebound will be given by the current support levels, then we could still see an ABC correction towards the top (Elliott wave theory) ) forming possible targets at the $ 113 and $ 125 price levels.

  But with that said, at the moment, we are favoring the bear equity side due to the lack of volume in the market and the very low purchasing power to protect current price levels.

The post Ethereum Price Analysis Dec.5: $ 85 is closer than ever? appeared first on CryptoPotato.

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