With the weekly close on the horizon, many cryptos have been exhibiting tremendous volatility. While the Bitcoin price slumped below $70,000, many of them also faced a significant bearish action, which slashed many of the tokens below their respective support. Despite this, the possibility of a strong rebound remains pretty high, which may fade with the beginning of the fresh weekly trade.
Below are the tokens that could face a 6% to 8% plunge and attract fresh liquidity to the platform.
Bitcoin (BTC)
- The BTC price rally has reached the lower support of the rising parallel channel and the technicals have flashed a buy signal
- The MACD displays a drop in the selling pressure within the positive range, which suggests the platform may soon receive enough buying volume
- Moreover, the stochastic RSI has reached the lower threshold and looking for an opportunity for a bullish reversal
- Therefore, the BTC price is expected to, however, continue to support lower levels throughout the weekend, followed by a bullish reversal towards the average bands of the channel close to the ATH.
Ethereum (ETH)
- After the latest pullback, the Ethereum price has landed in the interim support zone between $3663 and $3716
- Similar to Bitcoin, the MACD is close to undergoing a bullish reversal but the levels remain within the negative range, which could be a matter of concern
- Alongside, the StochRSI is unable to rise above the lower threshold as the levels are close to triggering a bearish crossover
- Therefore, the ETH price is expected to follow the BTC price rally and attract liquidity after undergoing a minor pullback below $3600
Currently, the top two tokens have been deprived of buying volume, which could have elevated the prices finely. Hence, if the Bitcoin & Ethereum prices head towards their key support levels of $68,800 and $3,500, then a huge liquidity influx may revivie a fresh bullish trend.