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The crypto market ended the trading day deep in the red. We saw a massive sell-off play across the board as the Bitcoin squeeze finally ended with Bitcoin selling off and dragging the whole crypto market down with it.
The price of the cryptocurrency has crashed more than 5% in just today’s trading and still has the potential to crash another 5% in the coming days. This sell-off would push the Bitcoin price back down to the base of the descending channel in the coming days.
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Bitcoin Bearish Trend Continues!
The Bitcoin price has been trading within a descending channel on the 1-hour timeframe. This descending channel provides us high-quality levels to keep an eye on.
If this channel continues to hold, there is a very high probability that we might see the Bitcoin price continue to bounce within this pattern as it continues to sell off in the coming days.
This bearish bias coincides with the kind of news currently coming out of the Crypto market in general. In today’s news Possible Limitations to Use Bitcoin as Legal Tender in El Salvador?
Bearish Key Targets For Bitcoin!
The next key level to watch for on Bitcoin is the base of the descending channel. There is a very high probability that we might see Bitcoin continue to sell off back down to this support base in the coming days!
If this bearish prediction plays out, we might continue to see both Ethereum and the Altcoin market in total continue to trend lower.
Ethereum Testing Key Support
The Ethereum price continues to trade around $2,025 key resistance. This level is a strong level the bulls Ethereum bulls have been fighting to hold for all week.
So while Bitcoin is aggressively selling off, the Ethereum price has bearly bugged pointing to more bullish strength in Ethereum and a likely Altcoin season soon.
In our previous week in review article, we talked more in-depth about the possibility of a break-in price correlation between ETH and BTC.
This would have a positive effect on the growth of Ethereum and the dynamics of how the Altcoin market moves in relation to Bitcoin.
For the full info read Week In Review: End Of BTC/Altcoin Correlation? ETH/BTC Diverging!
We expect to see the Bitcoin sell-off continue through tomorrow. This Bitcoin sell-off would likely continue to drag the whole crypto market down.
However, the big question is will Ethereum follow the bearish trend on Bitcoin or can we expect the Ethereum bulls to continue holding the $2,025 support in the coming days?
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