The buying pressure behind it was not strong enough to support the bullish move and Bitcoin went back into the $750 trading range where it was trading at.
A spike in volume around the $7,800 support level could allow BTC to rebound to $8,550.
Such a retracement could take this cryptocurrency down to $138. Although the outlook for ETH is currently bearish, a series of support points could prevent it from further decline.
On its way down, these are the price levels that could act as barriers stopping the fall: $169, $157 and $147. If these price hurdles fail to act as support points, then this cryptocurrency could soon be worth $138. Nevertheless, if Ethereum is able to regain the $177 level as support the chances for a swing high increase.
A spike in volume could invalidate the bearish outlook taking Ethereum to test the next resistance levels at $184, $195 or even $207.Litecoin.
The bullish momentum was not supported by the necessary volume to allow a higher push to the $64 resistance level.
As a result, LTC pulled back below $57.70 and is currently trading around the $53 support level.
If Litecoin is able to successfully close below the $53 support level, the bearish scenario could be validated.
As seen in this technical analysis, the lack of buying pressure did not allow Bitcoin, Ethereum, and Litecoin to reach higher price levels.
If the sell-off continues and Bitcoin breaks below $7,800 it is extremely likely that the entire market will follow through.
Bitcoin, Ethereum and Litecoin sink as buying pressure fades
gepubliceerd op Oct 16, 2019
by Cryptoslate | gepubliceerd op Coinage
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