Bitcoin price has faced some mounting downwards pressure, ETH is at risk of being sold off on exchanges
Bitcoin price continuous decline comes after the bulls try and fail several times to break the strong selling pressure that exists below $ 10,000. There is even an analysis that Bitcoin is targeting to drop to $ 7,900.
Bitcoin price is at risk of falling below $ 9,000 shortly
Bitcoin price is approaching the main support that has been established in the range of $ 9,000 to $ 9,200 over the past few weeks.
As AZCoin News reported, after the news that a wallet address containing 50 BTC from Satoshi Era was suddenly resumed, investors were afraid someone would sell Bitcoin and cause a market crash. Therefore, Bitcoin’s ongoing regression was triggered by this news, but the multiple swift rejections have likely perpetuated that it has seen at $ 10,000 throughout the past several weeks.
Sell pressure is back in full force.
Buy the dip season is over.
Swing shorts and scalping from here on out.
— CryptoISO (@crypto_iso) May 21, 2020
This weakness has caused Bitcoin to invalidate a previously sizeable ascending triangle pattern that some expanded had previously expected to give BTC a much-needed boost.
An analyst stated:
“I don’t like this extra-low of rollover we just got. I will let this play out to a lower low under ~ $ 9120 before officially declaring [the triangle] dead. Still, we don’t really have the solid uptrend written like for an ascending triangle any longer at this point. ”
How low will Bitcoin prices go to lows?
Crypto analyst Josh Olszewicz said:
TK c-clamp says be careful with longs up here, we’re about as ‘overbought’ as we were in mid-Feb w/a similar setup
if we retrace, kijun is target at 7888
tenkan at 9.1k also a weaker support
the longer price stagnates up here, the higher the likelihood of retrace pic.twitter.com/gsaCi00Adu
— Josh Olszewicz (@CarpeNoctom) May 20, 2020
This weakness can be invalidated if Bitcoin can send a strong response to its support in the region below $ 9,000.
Can ETH avoid selling off?
ETH has long possessed a special place in the hearts of traders. In it, according to Bitfinex, there are more long positions open for Ethereum than ever before.
Chart of Ethereum longs on Bitfinex (ETHUSD and ETHBTC) | Source: Jonny Moe Twitter
According to a famous cryptocurrency analyst Ceteris Paribus, the exchanges seem to hold Ethereum at an all-time high, reaching approximately 18 million ETH. This is not good news because it is a bearish sign for ETH, indicating that investors are seeking to sell ETH to other tokens or fiat.
— Ceteris Paribus (@ceterispar1bus) May 16, 2020
At press time, the price of ETH is hovering around $ 199, down more than 5% in the past 24 hours. In particular, the altcoin market is also quite gloomy when the top 10 largest cryptocurrencies, according to CoinMarketCap, are all displayed in red, with slight decreases ranging from 3% – 6% in the past 24 hours.
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