Bitcoin is facing some big-time downward corrections this week. A week that started well is coming to an end, and the Bitcoin price is declining well below $10,000 support. As we discussed the day before yesterday and our predictions are turning out to be accurate, Bitcoin is going through major downward corrections this week.
The support level of $9,800 was our worst-case scenario for the week, but Bitcoin is currently trading at $9,850, and it is facing a hard time to reach the $10,100 and $10,300 resistance area. It climbed up to the $10,100 resistance and traded close to $10,300 level on 15th August. This indicates that the price is forming a strong resistance near the $10,200 and $10,300 level.
The next support is available at the $10,000 mark, and the resistance level of 40% is achieved today. The next key support is present at $9800 and if the Bitcoin price stays bearish, then as the chart predicts, Bitcoin price will continue to decline and may revisit the $9800-$9600 levels.
According to the chart, we can see strong resistance near the $10,200 and $10,350 levels. The current resistance for Bitcoin price lies at $10,400, and the ongoing support is at $9,800, below which the bitcoin price might test the $9600 support level later this week. If the bulls are not able to stop further declining, then bitcoin might also test the $9500 and $9200 levels in the short term.
ETH/USD
Ether turned down from the uptrend line on 14th August showing a bearish sign. ETH is currently trading at $184.14. The bulls failed to push the price above the uptrend line, and the decline in the price displays the lack of buyers at higher prices.
The bears in the market will try to sink the price of ETH below the first critical support level that is at $178.62. If they can break this support, then the next support level comes at $166.55. The RSI has dipped below 30%.
Bearish views can change if the pair somehow manages to jump above the $178.62 level. In this case, the resistance is set at $214.68, and it will be better to wait for it to sustain before you trade at that price.
