Bitcoin (BTC) and Ethereum (ETH) price heading towards this level in the coming days – Coinpedia – Fintech & Cryptocurreny News Media

AAfter enduring a bull run for the past few weeks, the cryptocurrency market is once again on a bearish train, with Bitcoin and other major cryptocurrencies flashing red.

Meanwhile, one of the renowned crypto strategists and traders is now predicting a small pullback.

The analyst known anonymously as Rekt Capital capital rect rect capital Crypto and blockchain expert Follower : 0 show profile advises its 342,200 Twitter followers to say as Bitcoin (BTC), Ethereum (ETH) and many other altcoins struggling to surpass their resistance levels will most likely see a slight pullback.

rect capital believes that the crypto market will see a slight decline in the coming days as Bitcoin, Ethereum and others are all set for a healthy downfall. This will turn the currency’s important retest of previous resistances into new support.

In his latest newsletter, the strategist predicts that the flagship currency’s journey towards $21,894 will not be that easy. Right now, bitcoin sits at a 200 weekly moving average and this is the area that traders see as a key area of ​​support or resistance.

Additionally, Rekt Capital says Bitcoin may be rejected at this level (the region outlined in blue in the chart below). The blue box area indicates sideways movement from where the price saw its breakout. If the king currency is now facing a pullback, the asset will soon turn its top resistance into a new support.

Assuming Bitcoin manages to reclaim the barrier, the currency will see the price rally back towards 200 – the weekly moving average.

Bitcoin is currently selling at $21,210, up 0.45% in the last 24 hours.

Ethereum to fall below $1,000?

Next, the analyst talks about Ethereum and says that ETH price is expected to end the month of July above the $1,400 price range. He also believes that after that, the leading altcoin will convert this area and up its support by a notch. On the contrary, if Ethereum fails to do so, ETH will easily slide below $1000.

Rekt Capital, pointing to the chart below, claims that if Ethereum manages to close the month of July above Orange, only then will Ethereum turn this range into support.

The strategist concludes his analysis by stating that if the second largest asset by market cap, Ethereum, does not and trades below the orange highlighted area, ETH will see a drastic decline and trade below $1,000

At the time of writing, Ethereum is trading at $1,446 with a slight uptrend of 1.95% over the past 24 hours.

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