BTCUSD’s bearish pattern still dominates trading, having failed to move further above 25k. Even a breakout of the rising wedge pattern on the intraday, triggered a sell-off across the market. Attempts to form an uptrend over the past few weeks have broken and are likely to move further down, still dominating the market sentiment.
The impact of the decline made Altcoin prices experience a massive sell-off again. At the time of writing, BTC is trading at $21.2K, while ETH is trading at $1,611.
From a technical point of view, at H8 the price broke the bullish trendline and moved below Kumo, and the bearish bias is likely to test the 1st support at 20,666. After confirming the price decline through the first support structure, it is estimated that the bearish momentum will bring the price to the second handle at 18,874. To the upside, the 22,513 is the next resistance level. Broadly, bear dominance is still very strong.
From news perspective, the latest cryptocurrency news say the government of El Salvador is working on a recovery plan for the distressed Bitcoin lending company, while in other news, Texas Senator Ted Cruz has been encouraging Bitcoin mining, as according to him, mining gives birth to entrepreneurs and generates family prosperity.
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Ady Phangestu
Market Analyst – HF Educational Office – Indonesia
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