Bitcoin, the world’s largest cryptocurrency by market, decent has plummeted through just about every recent technical support and now puts the support area at US$29,700.00 as the next line in the sand.
Monday’s volatile price action ended New York’s session rebounding over +10%, around US$32,900.00 after a steep sell-off late in the day managed to close in positive territory as bargain hunters returned.
As the slid now books Bitcoin down -50% below its November 2021 peak and was trading around US$36,210.00 (as of writing), could see a downside trend exhaustion bottom, which is terms, indicates a potential reversal in this bearish phase.
The cryptocurrency remains well off its all-time high of nearly US$69,000 reached in the fall.
Based on the technical assessment, if Monday’s intraday turnaround ends up leading to only a brief rally, we could see another decline as stop-losses may trigger another round of panic supply (selling), which could briefly take it back to the support region assessed from at US$29,700.00.
Viewing the topside, the down channel is assessed from US$40,250.00.
Daily Chart of Bitcoin
Meanwhile, Ethereum price action, like the rest of the cryptocurrency market, has struggled to hit the brakes, as the decline now posts more than -30% loss in three days and is currently more than -50% below the all-time high of US$4,868.0.
Like Bitcoin, Ethereum is in extreme oversold conditions, based on the technical aspect, viewed from the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator.
Therefore, bullish traders will closely watch this oscillator as it is ascertained they may return in greater numbers and potentially ignite a bull-run.
From a broader aspect, the nearest support is viewed from US$2,100, with the key support level viewed at (some distance) at US$1,700.
Conversely, renewed upside attempts would need to clear the (61.8%) Fibonacci retracement resistance level at $2,900.0, which should reopen the path further to the short-term downtrend at US$3,280.00.
Daily Chart of Ethereum
With many bearish commentaries in the market, Hashgraph (HBAR/USD) weakness should catch the bullish eyes in the market as the decline is extremely in oversold territory as the bears now look to the region of US$0.19 as a potential challenge. Reassess from there.
Conversely, although the intraday technical assessment is weaker, a decisive break of US$0.25 would expose the US$0.315 potential challenge. Reassess from there.
Daily Chart of Hedera Hashgraph
In other markets, PanCake Swaps bears have continued to probe the downside picking off the support levels, one by one.
Due to the lack of interest, it now exposes the region of US$5.00 before any bullish response is likely (correction out of the bear phase).
Based on the technical aspect, the Relative Strength Index (RSI) recent bullish divergence has been negated.
However, there is some evidence bulls are lurking due to the rebound from the RSI indicator, but weak.
The immediate resistance is located from US$9.25-50, which is needed to be cleared to support any further upside call.
Daily Chart of PanCake-Swap
Viewing Binance Coin (BNB), the utility token of the global crypto exchange, at present, the support region holds respectively at US$325.00, while the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator attempts to climb further away from the oversold territory.
Therefore, bearish traders are likely to monitor this indicator if a bull-run emerges.
One other takeaway is that there is also potential bullish divergence forming.
The resistance is located from US$416.00 to US$418.00.
Daily Chart of Binance