Bitcoin Technical Analysis :
Bitcoin price declined over 15% in the past few days and it tested $10,000 against the US Dollar. BTC must stay above $10,000 to avoid more losses and a medium-term downtrend.
Bitcoin is trading well below the main $10,800 and $10,500 support levels.
The price even spiked below $10,000 and settled below the 100 simple moving average (4-hours).
There is a steep bearish trend line forming with resistance near $10,250
The pair is likely to start a recovery wave above $10,250 or it could dive below $10,000.
Ethereum Technical Analysis :
Ethereum has severely underperformed BTC over recent days as bears have returned to the crypto market. The leading cryptocurrency has collapsed by 17% in the past 24 hours alone, falling below pivotal support levels.
ETH trades at $325 far below the local highs around $490. $325, in fact, is 33% below the year-to-date highs. With Ethereum experiencing such a strong retracement, analysts have been trying to gauge what is next for the now beaten-and-bruised crypto market.
Ethereum should bounce here or face a deeper correction to lower levels indicated by the pitchfork, like one at $280 and another at around $240.