Pentoshi: Bitcoin Could Be In Trouble After Losing Support At $39K
According to a prominent crypto analyst and trader, known as Pentoshi, Bitcoin (BTC) bulls could in trouble if they lose the line of defense at $39,000. He also updates the outlook on Ethereum (ETH), Solana (SOL) and Cardano (ADA).
Bitcoin (BTC)
Pentoshi shared with his 518.7K followers on Twitter that Bitcoin bulls should hold the support at $39,000 to in order to steer clear of yet another price drop.
“Despite all the bullish propaganda, price still respected the levels. Bullas (Bulls) on life support here. I will still trade the level with reclaim but know the downside risk is high.”
At time of writing, BTC has fallen below his key support level, and is trading at $38,418.
Ethereum (ETH)
The analyst is bearish on Ethereum, and projects that the price of the second largest crypto asset is likely to fall below $2,000, if unsuccessful to hold support at $2,200.
“I will take note that there is local strength here since it held its lows ($2,200) but overall still lower highs. Trend is down. *IF* those lows break *THEN* *MOST* alts turbo nuke.”
The analyst also looks into smart contract platform Cardano, and notes that if ADA fails to defend support at $1.00 it could lose half of its almost half of its current value.
“The lights are flickering. Nothing but gravity below.”
