Bitcoin and Ethereum Print Bearish Pattern, WAVES Halves in a Week
Bitcoin price failed to clear the USD 43,500 resistance zone and dropped below the USD 42,000 level before recovering. It is currently (04:18 UTC) showing bearish signs near USD 42,170 and remains at a risk of a move towards USD 40,500. BTC is now down almost 2% in a day.
Similarly, most major altcoins are trading in a bearish zone. ETH traded below USD 3,200 and might decline below USD 3,150. It dropped almost 3% in a day. XRP extended decline below the USD 0.75 level, while ADA is struggling to stay above the USD 1.0 support.
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After a minor recovery wave, bitcoin price struggled to test the USD 43,500 resistance. BTC started a fresh decline and it even broke the USD 42,000 level before going higher again. On the downside, an initial support is near the USD 41,500 level. The next major support is near USD 40,800, below which the price might test USD 40,000.
On the upside, the price could struggle to clear USD 43,000. The main weekly resistance is now forming near the USD 43,500 level, above which the price might start a stronger recovery. For now, BTC is down 9% in a week.
Ethereum price attempted a clear move above the USD 3,300 resistance but failed. ETH formed a short-term top and started a fresh decline below USD 3,250. The next major support is near the USD 3,150 level, below which the price could decline to USD 3,050.
On the upside, the USD 3,250 level is a short-term hurdle. The key resistance might be near the USD 3,300 level, above which the price may perhaps start a decent increase. ETH dropped almost 10% in a week.
Cardano (ADA) is down more than 3% and is trading near the USD 1.00 support. If there is a downside break and a close below USD 1.00, the bears might aim for a larger decline.
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