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Bitcoin (BTC): Short-Term Support Under Threat as Positive Sentiment Wanes

Bitcoin (BTC): Short-Term Support Under Threat as Positive Sentiment Wanes

Nick Cawley, Strategist

Bitcoin (BTC/USD), Ethereum (ETH/USD), and Alt-Coin Analysis and Charts:

The cryptocurrency market is ending the week in the red after giving back all of its earlier gains. A raft of alt-coins are registering double-digit losses and the overall market tone has turned from excited to quiet over the past weeks. Reaction to any positive news, or tweets, is now more muted than before and the market looks set to fade lower still. Eyes now turn to recent support levels to see if they hold otherwise, the bears will continue to press the market lower. Buyers have no need to rush into the market.

Bitcoin’s (BTC/USD) continues to fade lower after running into resistance just under $42,000 earlier in the week. We have been looking at a resistance zone between $42k and $43.5k for the last few weeks and this held firm at its first attempt. A basic short-term ascending channel has been built over the last 10 days and the channel support is now coming increasing pressure, leaving Bitcoin vulnerable to further losses. Support levels around $35k and $32.5k before $31k and the important $30k. As always, weekend-thinned markets leave the cryptocurrency market vulnerable to sharp moves.

Bitcoin (BTC/USD) Daily Price Chart

Bitcoin (BTC): Short-Term Support Under Threat as Positive Sentiment Wanes

The second-largest cryptocurrency by market cap continues to fade lower, making new lower highs along the way. ETH/USD is close to making a three-week low and all the enthusiasm seen in the coin from the end of last year to its peak at just under $4,400 has now disappeared. The May 30 swing-low around $2,180 is now under pressure with a confirmed break opening the way to $2,000 or potentially lower.

Ethereum/Bitcoin (ETH/BTC) Daily Price Chart

Bitcoin (BTC): Short-Term Support Under Threat as Positive Sentiment Wanes

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What are your views on Bitcoin (BTC),Ethereum (ETH) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.