Last week, an increase in Bitcoin happened, the price of which reached 20 thousand US dollars. But the bulls failed to overcome the psychological mark: as of today, 10/11/2022, the price of Bitcoin is $19,000, and Ethereum is less than $1,300.
BTCUSD
BTCUSD was able to rise above $20,000 on October 4, 2022, but buyers again failed to overcome the resistance at $20,500.
In the near future, we can expect an exit from the descending triangle, which formed the support level of $19,000 and the resistance line.
Taking into account the bearish trend, the price is likely to fall towards the support in the $18K zone.
ETHUSD
Ethereum has been trading between $1,300 and $1,400 for the last week.
To date, the rate has dropped below $1,300. If there is a decline in BTC quotes, the bears will put more pressure on ETHUSD towards the support of ≈ $1,200.
Conclusion
A side trend has been chasing bitcoin and ethereum since 09/20/2022. In order to resume growth, Bitcoin needs to consolidate above $20,000.
But there are no buyers in the market right now who can change that. Because of this, BTC has a chance to fail the $19,000 support and ETH could drop to $1,200.
