With Crypto Capital Venture putting out a warning that the market has reached a critical juncture, eyes are on Bitcoin’s ascending triangle pattern. The analyst from the firm has put forward four separate scenarios to account for where BTC price action may head next.
Analyst Highlights Four Potential Outcomes for Bitcoin
Bitcoin is currently near the apex of that triangle, a position the host of Crypto Capital Venture notes typically foreshadows significant movement. In describing what might come next, the analyst has laid out four options: a test of support or resistance at $87,000, or alternatively, a breakout or breakdown on either side of that figure. Any one of these developments will likely indicate the price direction and set the stage for the weeks ahead.
Critical Price Levels: $87,000 and $77,000
According to the analyst, a breakout above $87,000 is only meaningful if it is confirmed; should that happen, Bitcoin could be on its way to $92,000. But he was quick to note that in the absence of such confirmation, there is a risk of a false move, which would leave the more exuberant bulls exposed. On the other hand, a drop below $87,000 would likely be seen as a failure to hold support and could set off a slide to $79,000 and perhaps a more substantial correction.
Market participants would do well to keep an eye on $77,000. The analyst identified this as a vital zone since it corresponds with the 50-week moving average. A loss of that support, he noted, would invite greater volatility and more downside ahead for Bitcoin.
Ethereum Also at a Key Support
An analyst with Crypto Capital Venture has put the focus on Ethereum, identifying the $2,400 mark as a key support for the top altcoin. The view is that if ETH were to fall below it, a slide to $2,100 would become a real possibility. In this way, one can see how the market at large remains attuned to these kinds of support and resistance levels while Bitcoin and Ethereum work their way through important technical territory.
Trading Platforms and Community Offers
The analyst put forward a recommendation to do one’s crypto trading on Coinbase, something he backed with his technical perspective. He also made sure to let viewers know of a special deal for new accounts that comes with lower fees. It is advice meant to serve the interests of any trader, whether seasoned or not, who wants to make the most of their time in such volatile conditions.
This article reflects the channel author’s opinion and is not investment advice.
Every call by Crypto Capital Venture and how it played out — in the BuyCrypt bloggers tracker.
Source — Crypto Capital Venture: https://www.youtube.com/watch?v=TcuniYsyQTE
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