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The crypto market ended the weekend trading session red across the board. Most cryptos gave back all the gains they made from yesterday’s bull run and more.
This weakness we are seeing is mostly caused by the growing weakness in the Bitcoin price. Right now Bitcoin is trending lower within a descending channel on the 4-hour timeframe.
This channel gives us key levels to watch for the Bitcoin price to respect in the coming days. If it holds, we can expect to see the Bitcoin price continue to sell-off in the coming days.
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Bitcoin Key Levels
Right now, Bitcoin is testing the upper boundary of the descending channel. This level has held the Bitcoin price on two separate occasions and might do so again in the coming days.
If this level holds, we can expect to see history repeat on the Bitcoin chart, and we plan to take full advantage of that potential short-term sell-off. back down to the base of the channel.
Ethereum Bulls Fighting Back!
Ethereum on the other hand as refused to break through the $2,025 support on the 4-hour timeframe. Ethereum traded around this key support all through the day, signifying strong buying pressure from this area.
If this support continues to hold, we might see a massive rally in the coming days. But until that bullish momentum comes back into the Ethereum price, we will be standing aside to monitor how Ethereum reacts to the $2,025 support as the days go on.
How Will This Affect The Altcoin Market?
Right now we are seeing a price divergence between Bitcoin and Ethereum. How this divergence will play out in the Altcoin market, we are yet to know.
While Bitcoin is looking bearish on the 4-hour timeframe, Ethereum is holding its $2,025 support on the 4-hour timeframe. Can Ethereum finally break the correlation with Bitcoin price? We will keep a close eye on the event as it occurs.
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