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The crypto market continued to range throughout today as we saw little to no volatility.
The Bitcoin price tried on multiple occasions to break through the base of the flag pattern but was never able to do so. This flag pattern is still forming on the 4-hour timeframe and has the potential to break out sooner or later.
However, for the short term, our bullish bias for a coming Bitcoin price bounce from the base channel of the flag pattern back to the top is still very valid. If this bounce occurs, we can expect to see Bitcoin rally about 6% in the coming days.
For the key levels we are watching for this Bitcoin bullish chart for the potential bullish bounce, you can read our previous End of Day Analysis Bitcoin Bouncing On Support! Watch This Level
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Can The Bitcoin Sell-off Continue?
The potential for the Bitcoin sell-off to resume is still very high. The key level to watch for is the $30,537 support region.
This price region has held up the price on numerous occasions making it very key support for the Bitcoin price on the 4-hour timeframe. A break of this support could see Bitcoin price dump even more in the coming days.
However, if this $30,537 level holds there is every possibility that Bitcoin might resume its rally soon! This rally could push the Bitcoin price back up to $40k soon!
ETH Dumping Hard!
The Ethereum sell-off continued throughout the trading session, pushing the Ethereum price lower. The price is still trading below the $2,025 key level. And as far as Ethereum is below this level, we will remain bearish.
There is a very high potential for an 18% dump in price back to the base of the converging triangle pattern on the 4-hour timeframe.
How Will This Affect Altcoins?
If the Ethereum price dumps we can expect to see Altcoins sell-off too in the coming days. And this is because the Altcoin market is more correlated with the ETH price.
We can already see Altcoins like ChainLink leading the way for this Bearish market. The Chainlink price is currently testing key support on the 4-hour timeframe and it’s looking like the bears might breakthrough.
If this bearish price prediction plays out, this might be just what we should expect on the Ethereum price too!
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