BTC failed to hold above the $10,750 support and declined sharply in today’s early sessions. The king coin continued its drop and formed a low near $10,302, but the bulls managed to hold the $10.2K level of support.
Since then, the world’s leading digital asset has managed to break above the $10,300 region. The BTCUSD pair is currently trading at $10,449, but there is a risk of a further downside.
BTCUSD chart by TradingView
There now seems to be a contracting triangle forming with resistance near $10,470. If the BTC price manages a daily close above this level, it could correct slightly higher. However, the $10,550 zone is now likely to act as a strong resistance for the bulls.
BTC Price Risks Dropping Lower
To avert further losses, BTC needs to recover above the $10,550 and $10,650 levels. The current bearish pressure in the market threatens to drive the BTCUSD pair back below $10,200, where the bulls are likely to take a strong stand.
Crypto trader MacnBTC commented on BTC’s price outlook, projecting that the asset will soon fill the CME futures gap at $9,600. This gap formed in July and early August when the king coin saw an uptick from the lower-$9,000 regions.
MacnBTC further noted that BTC had lost support at $10,900, which will likely result in a downtrend toward $10,200.
Despite the trader’s predictions, it remains unclear where BTC will trend next, as its price seems somewhat dependent on legacy markets.
ETH Price is Down by Over 6%
Ethereum is trading in the red for a second straight day after breaking many vital supports near $355. The asset accelerated its decline and formed a new weekly low near $331.
ETHUSD is currently correcting higher and trading above the $340 level. That said, the current price of $341 during press time marks an intense tumble from the $375 high seen just two days ago.
ETHUSD chart by Tradingview
A short-term breakout pattern seems to be forming with resistance near $348. If there is a break above this level, the ETH price could face a strong selling interest near the $355 zone.
The asset will then need to recover above the $355 hurdle’s triangle resistance to avert a fresh downside toward the $330 swing low.