A dreary week! Bears have maintained their dominance over the cryptocurrency market from the week's beginning, as seen by its current state. Both Bitcoin and Ethereum were severely hit by this, with Bitcoin falling below the $22,000 mark and Ethereum falling below the $1,700 level.
On the other hand, recently, a well-known cryptocurrency analyst and trader has presented his assessment of bitcoin orginformation.
bitcoin org
and information regarding ethereum
ethereum
Technology Based on the Blockchain Network
None of the above.
Explore the profile.
and advises that they must maintain a particular level in order to make a full recovery.
The analyst, who only goes under the name rekt capital information when speaking publicly
rekt capital
author for the newsletter published by Rekt Capital
Rekt Capital
AuthorTradingAnalyst of the Market
None of the above.
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, who has a readership of 327,000 people, has announced on the social media network Twitter that Ethereum, which is the second largest cryptocurrency by market value, will conclude the weekly trade at a price as low as $1,550.
Then, Rekt Capital asserts that Ethereum is currently seeking to conduct a retest of $1,696, and if that occurs, ETH will need to maintain its position at that level in order to move closer to $2250.
As this article is being written, the price of Ethereum has decreased by 5.86% during the past 24 hours, bringing it down to $1,637.
The price of bitcoin is expected to find support around $23,000.
Next, the analyst discusses Bitcoin, the world's first cryptocurrency, and claims that the asset was unable to hold its support around the 200-week moving average. This was caused by a correction across the market as a whole.
Then, Rekt suggests that if Bitcoin confirms a breakdown from 200 WMA, there is a possibility that there will be a rebound towards 200 WMA, making it a new resistance. This is because there are possibilities that there would be a rebound towards 200 WMA. The 200 WMA is approximately 23,200 dollars.
Bitcoin is currently trading below its 200-day simple moving average and is currently exchanging hands at $21,215. This represents a decline of 2.37% over the course of the previous twenty-four hour period.
