Good evening to all my friends. I hope you all are doing well. Friends, today i am going to discuss about Bitcoin and Ethereum. Over the last couple of months, Bitcoin has been trading in the range of $90,000 to $100,000, while Ethereum has experienced a decline of about $4,000, currently sitting at around $500. We will also discuss altcoins and whether Bitcoin might see further downside or if its bottom is confirmed. Looking at Bitcoin's recent price action, it has been trading sideways for about 63 days since the peak on December 16. We saw some momentum trying to break the $70 RSI level, but Bitcoin faced rejection at that level repeatedly. Volume analysis shows that Bitcoin’s peak was in a range with low volume, and if Bitcoin breaks below the support levels of $91,000 to $90,000, we might see further declines. On the other hand, if Bitcoin holds this support, we don't need to panic. If it breaks, the price could decline by 18-20%.
Ethereum is also struggling at its support trendline, and if Bitcoin sees further downside, Ethereum could also experience a bigger drop compared to Bitcoin, in the range of 10-20%. The volume in Ethereum shows it is likely to bounce from its key levels, while Bitcoin has less volume in its current range. In conclusion, while Bitcoin's support is still intact, if it breaks, the market could face a larger decline, and we could expect significant drops in altcoins too. Let's keep an eye on these levels. If Bitcoin holds its current support, we don't need to worry. That's it for today. Thanks & have a good day!!