Bitcoin & Ethereum Price At This Level Confirms A Recovery Phase!
A gloomy week! Since the start of this week, the bears have had their control across the crypto market. This majorly impacted Bitcoin and Ethereum as Bitcoin lost its $22,000 mark and Ethereum’s $1,700 level.
However, now a popular crypto analyst and trader has put forth his analysis on Bitcoin and Ethereum and says they need to hold on to a certain level to recover.
The analyst, who is anonymously known as Rekt Capital, informs his 327,000 fanbases over the Twitter platform that the second largest cryptocurrency by market cap, Ethereum, will close the weekly trade as low as $1,550.
Rekt Capital then claims that Ethereum is now attempting to retest $1,696 and if that happens ETH needs to hold on to that level to head towards $2250.
$ETH is now dipping in an effort to successfully retest this orange area as supportHold orange as support & ETH will be able to move towards $2250 (black)Downside wicking to ~$1550 would be fine as long as #ETH Weekly Closes inside this current orange area#Crypto #Ethereum — Rekt Capital (@rektcapital) August 19, 2022
At the time of writing, Ethereum is selling at $1,637 after a drop of 5.86% over the last 24hrs.
Bitcoin Price To Find Support Around $23k
Next, the strategist talks about the firstborn cryptocurrency, Bitcoin, and states that the asset failed to maintain its support around the 200-week moving average. This was due to an overall market correction.
Rekt then suggests that if Bitcoin confirms a breakdown from 200 WMA, then there are possibilities that there will be a rebound towards 200 WMA making it a new resistance. The 200 WMA is around $23,200
If #BTC indeed confirms a breakdown from the 200-week MA…Then it is possible that a relief bounce into the 200-week MA to flip it into new resistance could take place The 200-week MA represents the price point of ~$23200$BTC #Crypto #Bitcoin — Rekt Capital (@rektcapital) August 19, 2022
At the moment, Bitcoin is trading below 200 WMA and changing hands at $21,215 with a plunge of 2.37% over the last 24hrsSource