Bitcoin (BTC/USD) and Ethereum (ETH/USD) exchange rates. Technical Forecast

 

Within the framework of the ongoing unwinding of speculative excesses, BTC/USD is coming off the top of a channel that is taking on the character of a bear-flag formation. This week’s severe shift below is happening just as risk sentiment is turning just a little, which, in my opinion, is a tribute to just how poor cryptocurrencies are. The sudden turn lower this week is occurring just as risk sentiment is turning just slightly.

The lower trend-line off the lows and a soft inside the structure may be considered the next level of support within the channel or bear flag. This level of support is located at 20700. It is expected that the next wave of selling will begin once that level is broken below. Minor support may be found in the 19000–18600 price range, but the fundamental level to keep an eye on is the low from June, which was 17592.

A breakdown below that level will likely reach the high for 2019 at 13880. Even with that as support, it is anticipated that the BTC/USD exchange rate will drop significantly below the 10,000 mark. As residual selling becomes the focus of attention, the sales pattern will eventually shift from rapid declines to a more gradual decline over time.

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