- Bitcoin price reveals a massive bearish continuation pattern, hinting at a crash to $11,747.
- Ethereum price bounces temporarily, with bears eyeing a drop to $1,282 and lower.
- Ripple price undoes its bullish charm and reveals the possibility of further downside.
Bitcoin price leans toward a crash as bears win the power struggle. This development has shifted the market’s tide in favor of sellers, and will soon be reflected in Ethereum and Ripples’ prices.
Bitcoin price has more to drop
Bitcoin price has formed a bearish continuation pattern known as a bear flag. This technical formation forecasts a 42% downswing obtained by adding the flagpole’s height to the breakout point.
So far, BTC has tagged the upper trend line of the flag thrice and is currently on its way to retesting the lower trend line. Assuming Bitcoin price breaks out at $20,462, the theoretical forecast method reveals a target of $11,747.
BTC/USD 1-day chart
On the other hand, if the Bitcoin price produces a daily candlestick close above the July 20 swing high at $24,277, it will invalidate the bullish thesis.
