Bitcoin (BTC) and Ether (ETH) heading for another fall? Watch out for these supports that can give way

Still below its $32,000 resistance, Bitcoin (BTC) is dangerously approaching its support with a high risk of a downside breakout. Are BTC and Ether (ETH) Inevitably Heading Towards New Bearish Targets?

BTC threatens to break its reach from below

It has been almost a month since the price of Bitcoin (BTC) did not rise above the $32,000† A key resistance level that unfortunately appears to be pushing the price to a new low. A new autumn is coming cryptocurrencies

Figure 1: Bitcoin h4 Price Chart

If the medium to $29,000 returns at the end of the next few hours, there is a high risk that the price will return to the $25,960 (height of the pattern transferred to the fracture site). It will therefore be imperative that the price bounce back from its support, as it had systematically done during previous tests in the past.

Since the range is trending in a rising wedge, there are even more chances of a downward breakout. To turn bullish again in the near term, BTC’s price would have to rise again resistance for $32,000.

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Ether (ETH) must maintain its support

As for the price of Ether (ETH), it will definitely be horizontal support at . have to keep $1,730 at the end (last low), otherwise the decline could largely continue to a new low.

Figure 2: Ether Price Chart (h4) by Tagado

Figure 2: Ether Price Chart (h4)

As a reminder, theEther always evolves into a descending widening chamfer† A chart pattern that normally ends in a bullish exit, but since the Bitcoin seems bearish, there is significant risk that the price of ETH will retest the bottom of its pattern toward $1,530† Then it will be imperative to bounce back, to avoid going much lower, towards the bearish breakout target at $1,322 about.

In any case, in order to reverse this downtrend in the near term, it would be necessary to move back above the $2,000which seems to be in jeopardy at the moment.

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The cryptocurrencies are still bearish in the short term and will not reverse the trend until they pass through their resistors respectively. In the current context, a continuation of their decline seems preferable.

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Chart Sources: TradingView


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