Top Crypto Losing Value: BTC, ETH, LINK – Opportunity to Buy?
September 4, 2020
Bitcoin failed once again to break the $12,000 properly and has now crashed towards the $10,000 level. This drastic price action, ultimately, has driven the whole crypto markets towards ruins within the past 48 hours.
As of today, even the very bests of Defi tokens are seen to be nurturing a common unprecedented downtrend.
Ethereum, like Bitcoin also crashed below the key support at $400. This marked the beginning of a downtrend in which the top cryptocurrency has now fallen towards the $380 level as many other altcoins nurture the downtrend.
In fact, it is easier to say that the only cryptocurrency recording any form of gains as of the time of writing this piece is TRX.
#1. Bitcoin (BTC 10% Loss):
As BTC makes a drastic move down the price chart, the last 24 hours was particularly disappointing. With a 10% on the daily timeframe, BTC now accrues more than a 25% plunge in the last 3 days.
BTC has an equally distributed market sentiment. With a 50% pessimism, the market is expected to move either ways without any preference to any side.
Price bounced off the $10,000 level and fell into deep consolidation
Strong support lies at $10,000
Next key resistance at $10,500
At present, Bitcoin is changing hands at $10,335 while the chart is looking great in the shorter timeframe.
Also Read : Bitcoin Price Prediction: Will Bitcoin Reach $100,000 By 2020?
#2. Ethereum (ETH 11.14% Loss):
Ethereum is showing great correlation to the price of Bitcoin. The top crypto plunged in almost the same proportion to BTC. On the daily timeframe, ETH lost around 12% in value.
The coin swung into a consolidation phase having tested the support at $380. The bullish momentum, though held prices firmly above $380, could not succeed further.
ETH is looking good on the yearly and 60-day, timeframes, with 116% and 69% respectively.
Next key resistance at $400
Next major support at $380
RSI consolidates around the oversold condition.
Also Read : Will Ethereum Overcome the Recession in 2020?
#3. Chainlink (LINK 20% Loss):
LINK is arguably one of the most impressive coins of the present alt season. Although the coin made massive gains in the past few weeks, it’s recording some losses since yesterday.
LINK is currently changing hands at $11.91 while further downslide seems possible in the short term.
LINK still gains over 500% in the yearly timeframe and 150% in the last 60 days.
Next resistance level is $12.0
Next support level exists at $11.5
RSI falls towards the oversold condition at 30.0
Also Read : Chainlink Price Prediction 2020 – How High Will LINK Reach?