BTC is having a hard time with major resistance at the low 8k area, where multiple areas of resistance intersect.
Former areas of support that have now turned into resistance:
-The bottom of the downtrend since 19k that was touched at 10.7k and 9-9.5k. (thin blue line)
-The often-mentioned long term support for the previous uptrend (not shown)
Yet another descending triangle* is forming, showing that the bulls are losing to the bears once again! Upon a breakdown of the triangle, we will retest the vital 8k support.
If 8k fails to hold, panic selling may take us as low as 5.5-6k, the next major area of support.
If we bounce off 8k again, we will retest major resistance at 9.2k, which is the top of the...
ETH will fall by a larger percentage than BTC because many people bought ETH only because it was falling slower than BTC (or at times even rising while BTC was falling). Rats fleeing a sinking ship aren't reliable support; they will be the first ones to dump during a crash. This was confirmed by COINBASE:ETHBTC falling rapidly after BTC broke below 9k.
We should be testing 8k very soon, which is a major support due to its psychological importance and because it is near the bottom of the current downtrend and long term uptrend.
If 8k breaks, panic selling will probably take us to 5k, the next major support.
If we bounce off 8k, we will retest major resistance at 9.6k-10k.
Whales and/or Wall Street will push the price of Bitcoin (and by extension, cryptos in general) as low as they can before April in order to force holders who need to pay taxes to sell their coins at a massive loss. People who traded will need to pay taxes based on massively inflated values from last year, so they will be forced to sell off their coins at a loss if...