@Bitman007 6 September 2020

Crypto Update : Important Bitcoin and Ethereum Analysis

****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.