$10,000 preventing further falls - #Bitcoin
Bitcoin suffered falls from $13,000 to $10,000 during the last few days. The is the second time in this month that the support at $10,000 shows its strength and prevents BTC from reaching lower levels.
After bouncing on $10,000 yesterday, it has performed a retracement to almost $11,000. Despite this increase, the price still finds itself in a bearish channel and further falls can take place. If the resistance at $11,000 is not broken and the price tries to reach $10,000 again, the pressure on that support will be every time higher and very likely it will break it downwards. In this scenario, we can expect falls to $9,300 as depicted in the chart.
As we know, Ethereum and the rest of the altcoins have a high correlation with Bitcoin and in the potential scenario where BTC breaks $10,000, ETH can reach levels around $190, which would be the 2 months minimum.
On the other hand, we can expect a bull run continuation if the Bitcoin price breaks $11,000 upwards.
After bouncing on $10,000 yesterday, it has performed a retracement to almost $11,000. Despite this increase, the price still finds itself in a bearish channel and further falls can take place. If the resistance at $11,000 is not broken and the price tries to reach $10,000 again, the pressure on that support will be every time higher and very likely it will break it downwards. In this scenario, we can expect falls to $9,300 as depicted in the chart.
As we know, Ethereum and the rest of the altcoins have a high correlation with Bitcoin and in the potential scenario where BTC breaks $10,000, ETH can reach levels around $190, which would be the 2 months minimum.
On the other hand, we can expect a bull run continuation if the Bitcoin price breaks $11,000 upwards.
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