Bitcoin (BTC) has been range-bound during early Asian hours as the market cannot decide where to go next. The upside momentum has faded away on an unsuccessful attempt to break above $12,000, which creates downside risks for the coin ahead of the weekend.
Bitcoin confluence levels
There are some strong technical levels both above and below the current price, which confirms the range-bound theory. However, considering a highly volatile market, another wild move in either direction should not be excluded.
The second-largest cryptocurrency with the current market capitalization of $23.2 has lost over 4% in recent 24 hours amid bearish sentiments on the global cryptocurrency market. ETH/USD is changing hands at $216.11 with a bearish bias.
Ethereum’s technical picture
Looking technically, a sustainable move below psychological $210.00 will darken the short-term picture. ETH/USD managed to recover from the intraday low of $214.86 by press time; however, the upside momentum is still nowhere to be seen.
LTC/USD rallied all the way from 22.37 to 147.27 between December 2018 to June 2019. Now it seems that prices are breaking lower towards the support level at 76.46. The price action has been looking pretty bearish since the upside rejection of 106.86 six sessions ago. At that point, the price started to create a rising wedge formation which has since broken to the downside. The medium-term trend made a few lower high and lower low waves but at the point of retracement, there have been a couple of higher highs and higher lows since. Now 83.32 needs to be broken to continue that theme and break back to make the next wave low.