- Bitcoin price slowly descends below the 200 three-day SMA, indicating a lack of buying pressure.
- Ethereum price looks ready to breach the support confluence, extending from $2,800 to $3,000.
- Ripple price reenters the buy zone, extending from $0.626 to $0.689, suggesting that there is still hope.
Bitcoin price has slid below a crucial support level slowly indicating that the sellers are overwhelming the buyers into a slow death. Although the last two times BTC tagged this barrier, it resulted in a bullish move, this time around, things are different and could head south. Ethereum, Ripple and altcoins could see a similar bearish fate.
Bitcoin price at wits’ end
Bitcoin price set up an ascending parallel channel on a three-day time frame after connecting the three swing highs and three swing lows since January 13. The last two times BTC dropped lower, it tagged the 200 three-day Simple Moving Average (SMA) and bounced off aggressively.
However, this time, BTC is slowly breaching the said SMA and is heading close to the ascending parallel channel’s lower trend line. Until a breakout from the lower trend line, the setup is bullish and could see Bitcoin price bounce from it.
The resulting upswing could see BTC retest the 50-day and 100-day SMA at $42,074, $41,076. Clearing these hurdles could see the big crypto push toward the yearly open at $46,198 and in some cases, the $50,000 psychological level.
BTC/USDT 3-day chart
A daily candlestick close below the $34,752 support level will invalidate the ascending parallel channel and the bullish thesis.
