HomeBitcoinTowards a new plunge in Bitcoin (BTC) and Ether (ETH)? Here are...

Towards a new plunge in Bitcoin (BTC) and Ether (ETH)? Here are the decisive levels to watch out for!

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The prices of Bitcoin (BTC) and Ether (ETH) have encountered a substantial barrier area after an optimistic month-long surge. In order to prevent more severe declines in cryptocurrency prices, we must immediately recover.

 

A new negative signal has been sent by Bitcoin (BTC).

The price of Bitcoin (BTC) has started to decline once again approaching a solid support near $17,000 after correcting approximately 50% of its previous plunge. Even though the price has temporarily retraced to its Kijun Daily, it is unlikely that it will stay there for very long due to the cloud-forming resistance and the Tenkan Weekly.

Indeed, since the beginning of November, Bitcoin has been trading inside a narrow range (horizontal price), and in recent days, it has come up against the Tenkan Weekly at $18,400, which also marks the bottom of the previous consolidation, which lasted five months.

When the price attempted to cross this region, the previous support turned into resistance. Since then, it has been perilously close to breaking through the support it had been establishing at $17,000 for the previous three weeks. Keep in mind that the underlying trend is still unmistakably bearish, with high points consistently falling.

Therefore, in order to be positive once more, one would need to anticipate a recovery in this area; otherwise, there is a possibility of a drop down to the bottom end of the tiny range around $15,700. The price might drop to $14,300 if it were to breach this next support, which corresponds to the Bear Flag breakout objective that we have been watching since its breakout some months ago.

The BTC has also just broken an upward bevel from below, and its target price is precisely $15,700. Therefore, the odds still favor a bearish scenario, which would only be disproved in the event that prices rose over the Tenkan Weekly’s 18,600-dollar mark.

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