The bitcoin price, Ethereum price, and other cryptocurrencies have been on the back foot all week as bad stories have caused investors to be concerned about what is to come next.
As the week progresses, words from the Federal Reserve, US Vice President Joe Biden, and European Central Bank President Ursula Von der Leyen have helped to mitigate some tail risks.
Expect a strong trading day on the horizon, with some cryptocurrencies even eking out profits for the week as we go into the weekend and into Monday.
Dogecoin’s price is expected to retrace to $0.12 once again. Dogecoin’s price has shown significant negative signs since the currency failed to break through the $0.17 resistance level on Tuesday.
The massive bearish engulfing candle resulted in a 20% loss on the daily chart, indicating that the bears had complete control of the trend.
The bears have most certainly caught breakout traders in the $0.17 zone, as well as anybody who did not take advantage of last week’s profitable trade setting and cash out fast.
In the following days, the price of Ethereum is expected to drop by another 10%, according to market analysts.
Ethereum’s price has dropped by a whopping 10% in the last week! A sell-off at $3300 was predicted in last week’s bearish thesis, and it seems that this will take place.
With yesterday’s bearish engulfing candle, the sellers have partially proven their theory by expressing their control of the trend. Investors should be concerned since the bearish candle is the biggest to have been produced throughout the rise.