Bitcoin (BTC) and Ethereum (ETH) rates heading towards this level in the coming days – Coinpedia – Fintech & Cryptocurreny News Media
ONEAfter experiencing a bull run over the past couple of weeks, the cryptocurrency market is once again on a bearish pull with Bitcoin and other major cryptocurrencies flashing red.
Meanwhile, one of the renowned crypto strategists and traders is now predicting a minor pullback.
The analyst, who is anonymously known as rekt capital 
direct capital Direct Capital Crypto and blockchain expert Followers: 0 Show profile advises his 342,200 Twitter followers, saying that Bitcoin (BTC), Ethereum (ETH) and many other altcoins that are struggling to move beyond resistance levels will most likely see a small pullback.
Direct Capital is of the opinion that the crypto market will experience a minor decline in the coming days as Bitcoin, Ethereum and others are poised for a healthy decline. This will convert the currency’s important tests of previous resistance into new support.
In his latest newsletter, the strategist predicts that the flagship currency’s journey towards $21,894 will not be so easy. Right now, Bitcoin is sitting at the 200 weekly moving average, and this is the area that traders consider a key area for either support or resistance.
Furthermore, Rekt Capital says that Bitcoin can be rejected at this level (the blue box in the chart below). The blue box area is what indicates sideways movement from where the price saw the breakout. If the King currency faces a pullback now, the asset will soon convert its peak resistance as new support.
Assuming Bitcoin succeeds in regaining the barrier, the currency sees its price rise again towards 200 – the weekly moving average.
Currently, Bitcoin is trading at $21,210 with an increase of 0.45% in the last 24 hours.
Will Ethereum Fall Below $1000?
Next, the analyst talks about Ethereum and says that ETH Price is expected to end the month of July beyond the $1400 price range. He also feels that after this leading altcoin will convert the area and make the support go higher. On the contrary, if Ethereum fails to do this, ETH will easily slip below the $1000 mark.
Pointing to the chart below, Rekt Capital claims that if Ethereum manages to end the month of July above the orange, only then will it convert this area into support.
The strategist concludes his analysis by saying that if the second largest asset by market cap, Ethereum fails to do so and trades below the orange highlighted area, ETH will see a drastic drop and trade below $1,000
At the time of reporting, Ethereum is trading at $1,446 with a slight uptrend of 1.95% in the last 24 hours.
