price Bitcoin He suffered a brutal setback from negative news from China. After all, the price fell from a level very close to the critical psychological level to a stable support near $40,000.
Despite the sudden drop, Bitcoin bulls have entered the scene and started what appears to be a recovery.
According to the analyst Akash creams From FXStreet, the Bitcoin price Fell In the demand area, which ranged from $38,207 to $42,206 on September 21. But the return of buying pressure pushed him back.
As the analyst pointed out, a further increase in buying orders is likely to push the cryptocurrency towards the $44,705 resistance level.
“Breaking this barrier will pave the way for a critical supply ceiling of $46,833. While this area is difficult to beat, it will pave the way for a psychological level of $50,000.
Thus, the analyst notes that regardless of the uptick seen in the last 10 hours, if BTC fails to achieve a daily close above $42,206, it will indicate weak buyers.
“However, a collapse of $38,207 will invalidate the bullish theory and potentially lead to a sharp decline.”
Ethereum price is trying to enter the safe zone
price Ethereum, which was in a healthy uptrend after the September 7 crash, also melted with bitcoin.
According to Girimath, unlike Bitcoin, ETH closed below the lower bound of this barrier at $3,015.
ETH is trying to climb again, but this area has huge consolidation sails. So it would be very difficult for a short-term spike in buying pressure to break through.
In this sense, the analyst indicated that a breach of the $3,223 barrier would be the first sign to confirm the bullish trend.
“If buying pressure continues, investors can expect the price of Ethereum to rise in the fair value gap (FVG), which ranges from $3,716 to $4,071,” he notes.
Finally, the analyst also pointed out that the price of XRP It also snapped a demand zone between $1.012 and $0.964 during the crash on September 20-21.
Accordingly, the analyst explained that a possible increase in buying pressure, which would take the coin to $1012, would confirm the bulls’ return.
A breach of this level will lead the bulls to retest the resistance ceiling at $1,267. This rise would constitute a 35% increase over the current situation,” he says.
“Wannabe internet buff. Future teen idol. Hardcore zombie guru. Gamer. Avid creator. Entrepreneur. Bacon ninja.”