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Bitcoin And Ethereum Price Forecast – BTC & ETH Get Ready For Another Day Of Bearish Price Action

The situation in the crypto market remains unchanged compared to yesterday’s levels. Bitcoin price continues to correct lower on the day with declines hitting 0.53%, however Bitcoin volatility levels have tripled in a singled month and the current volatility levels are on par with those recorded in March this year. As of writing this article, BTCUSD pair is trading at $3392.4 down by 3.74% on the day. The immediate upside is capped by the 100 SMA currently at $3,419. The trend line resistance that began last week is still limiting gains but if the buyers can push the price above it, we could see a correction heading towards the first resistance level at $3,500 (seller concentration zone). The next resistance is observed at $3,600 (another seller concentration area). As the pair grinds southwards, it will find a support at $3,300 and the next support target that will come in handy is seen at $3,211.77.

Altcoins resumed the downside after a short-lived recovery

Indicators on the chart are in the favor of the bears that are intent on seeing BTC/USD at $3,000. The digital coin No.1 stays under pressure amid strong bearish sentiments on the cryptocurrency markets as traders seem to focus on uncertainties and negative factors and ignore positive developments. In real life scenario, the world’s largest crypto exchange in terms of volume, Binance, opens its Institutional Investments department. At the same time, American Express celebrates the adoption of Ripple as a transactional gateway and how initiatives arise across the planet that in one way or another legitimize the technology and Cryptocurrencies which can be considered positive news but market also saw news of layoffs of a good part of the staff in several projects, including Bitmain in its office in Israel, dedicated to mining or intermediaries in the sector.

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While both kinds of news hit the market, so far no particular news aside has had any significant lasting impact on crypto market. ETH has been on bearish trend on the long-term outlook for more than three weeks. Last week was not exempted. Ethereum price reached its high of $131 last week and began to fluctuating between the supply level of $131 and the demand level of $103. Today, Ethereum price is fluctuating near $85 to $90 price level, price breakout is imminent. In case the bullish candle penetrates the supply level of $103 and close above it, $157 price level may be its target. On the other hand, in case a bearish momentum breaks the $80 price level downside, the coin will find its low at $60 demand level.

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This article was originally posted on FX Empire

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