Crypto Market Update
Bitcoin (BTC)
- Price dropped from $61,500 to $54,500
- Formation of a double top suggests potential drop to $50,980 (17% decrease)
- Recovery requires price to establish itself above $55,000 and turn it into a base
- Breakout above $58,800 would invalidate bearish scenario
Ethereum (ETH)
- Price fell 14% from $3,450 to $2,921
- Lost critical support at $3,000 and nearly hit $2,800
- Expected to oscillate between Fibonacci levels of 23.6% and 38.2%
- Recovery requires price to establish itself above $3,500 and turn it into support
- Fell 14% and broke support at $0.45
- Hit lows of $0.41, indicating peak bearish sentiment
- Oversold conditions signal potential recovery
- Price could reclaim $0.42 support level, but bearish trend requires rise above $0.46
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