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The crypto market continued its sideways trading all through today. This low volatility points to a continued battle between the bulls and the bears for market dominance.
We also saw good fundamentals for crypto giants like Bitcoin today as miners switch to renewable kinds of energy BTC Mining with Renewable Energy Going Better Than Expected? But will this switch to an eco-friendly cryptocurrency be enough to push the Bitcoin price back up?
Bitcoin Bouncing On Support! Watch This Pattern
The Bitcoin price is still trading within the flag pattern we pointed out in our previous End of Day Analysis Is The Bitcoin Sell-Off Over? Pattern Update For Bitcoin!
However, right now the Bitcoin price is bouncing at the base channel of the pattern. If this channel holds, we might see a slight Bitcoin rally tomorrow as price surges back up to the top of the flag pattern.
But for this bullish prediction to occur, Bitcoin needs to respect that channel base it is currently trading around. A price and close below this channel only mean more bearish pressure for Bitcoin.
We talked about the key levels we are watching for this Bitcoin bearish scenario in our previous End of Day Analysis Is The Bitcoin Sell-Off Over? Pattern Update For Bitcoin!
How Will This Affect Altcoins?
If this rally should occur, there is a very high probability that we might see cryptocurrencies across the board rally with Bitcoin tomorow.
However, Ethereum still has a big say as to what goes in the Altcoin market, and right now, Ethereum is trading below a key resistance level on the 4-hour timeframe.
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The $2,025 ETH Key Level
This level has served as both support and resistance for ETH on numerous occasions, increasing its validity as a key level to watch for in the coming days.
As far as this $2,025 level holds, we can expect to see more bearish price action from Ethereum. However, a break and close back above this resistance open up the opportunity for us to see Ethereum rally back up to previous highs.
We have been monitoring this Ethereum bullish price scenario for a while now ever since the price broke out of the converging triangle pattern earlier last month. A bounce in price back up above $2,025 increases the possibility for it to play.
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