After 4 days of consecutive major losses, now cryptocurrencies are trying to maintain support levels. If you want to know where the leaders of the crypto market are heading, stay and read this short-term forecast.
At the time of writing, BTC is trading at $ 49,804.40, accumulating a 0.65% gain in the last 24 hours.
Ethereum, for its part, has a price of $ 2,311.11, and accumulates a 3.39% in the same period of time.
The 3rd cryptocurrency to be analyzed in this publication, BNB, stands at $ 505.71, recovering 1.16% in the last 24 hours.
Short-term Bitcoin forecast, crypto market leader
After hitting the support zone around $ 48,000 with a lot of bearish force, now BTC is trying to reject the bears’ intentions to drag the price lower.
At the very least it looks like we will be seeing the largest in the crypto market rebounding a bit in the short term. But, knowing that the major trend is undoubtedly bullish, it is possible that this recovery is the beginning of a new momentum in search of highs.
In the midst of the upward rally of the ecosystem, we should not expect further falls. Sure there is some downside risk right now, but it’s not really worrisome yet.
In order for us to think that a new momentum has begun, we must first see a succession of higher and higher lows and highs on the daily chart. For now we are seeing that the bears are still in control.
In case we see the break of the support at $ 48,000, we would see a sell-off to $ 44,800 quickly. Thinking of a drop beyond that level is too far-fetched. For now we keep an eye on these levels.
When we review the weekly chart we notice that Bitcoin is still in a wide lateral range, which is simply signifying the break of the medium-term trend.
For the drop to be worrisome, we must first see the $ 45,000 break, and at the moment this is not a very likely scenario.
The trend should soon exert pressure and push the price towards new highs. The 1st target is $ 66,848, the next higher is $ 76,757.
Even though ETH did not escape the general crypto market crash, it was not so affected, not even the short-term trend was lost, which keeps the bullish forecast intact.
After reaching support at $ 2,137, the bulls defended price quickly. Now Ethereum could be starting a new momentum, which could easily take it all the way to $ 2,991.13.
As long as that named support is not traversed, there is no reason to think of a further decline.
After hitting a surprising all-time high at $ 638.57, BNB initiated a correction, totally healthy and necessary.
Now the pullback appears to be complete. The price is locked in a bullish pennant while the trend rests for a bit.
The odds are on the buyers’ side. As long as the support at $ 481 holds, there is no reason to think of a further decline.
After we see a breakout at the top of the chart, price will easily seek a first target at $ 750. Next is $ 890.
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