The crypto markets have overcome the mounted bullish pressure as the trend has dramatically shifted in favour of the bears. With only a few days remaining for the Spot Bitcoin ETF approval decision, the markets were believed to manifest acute strength. However, as the current trade setup suggests, the altcoins are suffering a massive drain as Bitcoin continues to trade sideways as the bulls and bears manifest equal strength. As a result, some of the altcoins are facing extreme bearish heat.
Litecoin (LTC)
- Litecoin suffered a major pullback, causing the price to drop below the lower support of the rising parallel channel
- Since then, the token has been constantly failing to reclaim its position within the channel, suggesting the price will remain under bearish influence
- The bulls are trying hard to push the price higher but the buying pressure has not reached the required mark, due to which the token is expected to drop and test the lower crucial support at $58.92
- However, market participants may expect a rebound, but the intensity of the flip may not be as expected as the volume maintains a descending trend.
BinanceCoin (BNB)
- BinanceCoin failed to surpass the resistance zone between $332 & $360 resulting in a pullback printing a couple of huge bearish candles
- The weekly RSI displayed a bearish signal, which validates the beginning of a fresh descending trend
- Hence, the recent rejection paves the way for the price to maintain a steep drop and test the lower support at $254.4
- However, bulls may get activated at $280, which may compel the price to consolidate as the volume may then be divided between bulls and bears
Avalanche (AVAX)
- The Avalanche price appears to be following the pre-defined pattern, with the price facing rejection at the highs
- With a drop in volume, the AVAX price has been printing consecutive bearish candles, indicating an increase in the bearish hold over the rally
- This could consecutively raise the possibility of the price hitting the lower support zone below $20, beyond which a strong rebound can be expected
- However, the Spot Bitcoin ETF is expected to trigger a rebound, but it may not prevail for a longer time because the current trade setup forecasts that the markets have fallen prey to the ‘buy the rumours and sell the news’
