Bitcoin price drops to $ 9,600, ETH drops below $ 220, will it drop further to $ 200?

Bitcoin price is retreating after failing to pass resistance at $ 10,200 in the weekend session. Besides, the bulls could not keep holding the support above $ 10,000. Instead, a drop sent Bitcoin back to the aid of $ 9,700 on Monday when the cows were suddenly dispersed.

Attempts to keep prices above $ 9,800 have been hampered by increased selling. Prices are currently digging deeper into the initial support at $ 9,700. Moreover, sellers seem to be taking advantage of the bulls after most of them dispersed into hibernation after stocking.

Bitcoin price analysis

bitcoin-price-drops-to-9600-eth-drops-below-220-will-it-drop-further-to-200[1]

Source: TradingView

BTC/USD plunges to impending $ 9,600. When $ 10,200 Beckons retreats to $ 9,600 could be the key to the next rally above $ 10,000. Increasing sales from $ 9,800 to $ 10,000 must be processed to pave the way for profits to reach $ 10,200. Bitcoin is retreating after failing to pass resistance at $ 10,200 at the weekend. Besides, the bulls could not keep holding the support above $ 10,000. Instead, a drop sent Bitcoin price back to the support of $ 9,700 on Monday when the cows were suddenly dispersed.

Attempts to keep prices above $ 9,800 have been hampered by increased selling. Prices are currently digging deeper into the initial support at $ 9,700. Moreover, sellers seem to be taking advantage of the bulls after most of them dispersed into hibernation after stocking.

The withdrawal is painful for buyers who have recently made progress above $ 10,000. However, both fundamental and technical principles, development, or more are not possible shortly. Therefore, a drop to the next support at $ 9,600 could complete the pattern of the right shoulder of the pattern. In doing so, the reaction to the pattern will push BTC back to the bullish zone above $ 10,000 and $ 10,200, respectively, the bank on the reversal supported by the right volume.

Moreover, after most investors are sold at higher levels, most are waiting to buy lower, preferably at $ 9,600. However, short-term technical analysis so that Bitcoin can sustain gains above $ 9,700 (RSI begins to move sideways), but buyers will not be able to overcome the resistance at $ 9,900 as well as $ 10,000.

At press time, the price of Bitcoin is fluctuating around $ 9,768, down slightly by 2% in the past 24 hours.

ETH price may adjust to deeper

ETH price has started to show signs of correction from the peak of $ 230. ETH continues to decline and is likely to fall below $ 215 shortly if there are no positive moves from Bitcoin.

After setting a new peak of 2020 at $ 230, Ethereum has begun to correct. The coin has now dipped below the support of $ 225 and $ 222.

Moreover, ETH has also broken support of $ 220 and the 100-hour SMA. A buying force is being established at the zone of $ 217, and the price seems stable at this price level.

There was a slight rebound to overcome the Fibonacci 23.6% retracement from a peak of $ 230 to $ 217 bottom. However, prices will still face challenges in the area of ​​$ 224 and $ 225 ahead.

bitcoin-price-drops-to-9600-eth-drops-below-220-will-it-drop-further-to-200

Source: TradingView

On the other side, the support levels to watch are $ 218. Accordingly, a triangle pattern is formed with a support line established near $ 218 on the hourly chart. If ETH cannot hold the 218 price area, the risk of a further correction is entirely possible.

Hourly candle chart of ETH

The next support level is $ 212. If below this level, ETH can fully recover to $ 205 and $ 202. Finally, the threshold of $ 200, pretty hard support.

The previous $ 225 threshold that used to be supported is now a resistance that ETH needs to beat to rebound. If this resistance and the upper boundary of the triangle pattern are crossed, a new rally is possible. Meanwhile, ETH will be able to approach again to retest the price of $ 230.

Overall, the price is still at risk of falling below the $ 218 and $ 215 levels, but the support of 200 and 202 is still quite hard if, unfortunately, that happens.

Key indicators:

  • MACD on the hourly chart: Showing signs of slowing down and in the area of ​​decreasing value.
  • RSI on the hourly chart: Downward and below 50.
  • Important support: $ 218
  • Important resistance: $ 225

In other happenings, only Bitcoin SV showed a 2% increase in the last 24 hours. The top 20 better cryptocurrencies have Ethereum Classic, ChainLink, Huobi Token and Leo coins showing an increase of 1% – 6% in the past 24 hours.

bitcoin-price-drops-to-9600-eth-drops-below-220-will-it-drop-further-to-200[2]

Source: CoinMarketCap

Total market capitalization has increased by more than $ 280 billion, and Bitcoin Dominance is around 63.4%.

Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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