As Bitcoin BTC/USD, Ethereum ETH/USD and other major cryptocurrencies traded lower on Wednesday evening after the U.S. Federal Reserve indicated it could start raising interest rates as soon as March, four analysts and expert traders shared their thoughts on the two largest cryptocurrencies by market capitalization.
What Happened: Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe told his 565,000 followers on Twitter that despite being rejected at the $38,000 range, Bitcoin touched its first important level of support at the $36,000 level.
While Bitcoin may have a short-term bounce, a move below $37,500 could not be termed bullish, he added.
Cryptocurrency analyst Justin Bennett said that if Bitcoin stayed above the $35,000 range, the $40,000 to $42,000 level will be the resistance area followed by the $45,000 to $46,000 range.
Conversely, Bitcoin’s failure for a daily close below the $35,000 region would “open the door” to the price falling to $30,000, he noted.
Regarding Ethereum, the analyst said that if the cryptocurrency stayed above $2,200 on a daily closing basis, it could continue to see range-bound action.
See Also: How To Buy Bitcoin (BTC)
Pseudonymous analyst Smart Contracter told his over 204,000 Twitter followers that Bitcoin’s daily chart looks like a “bearish retest.”
Cryptocurrency analyst Benjamin Cowen touched upon the Bitcoin Heikin-Ashi candles on his YouTube channel, noting that Bitcoin could be assumed to remain in a downtrend until proven otherwise.
The Heikin-Ashi candles when used in conjunction with candlestick charts will enable investors to spot market trends and predict future prices.
“In downtrends, Heikin-Ashi candles are characterized by large candle bodies and under shadows, but no overshadows,” Cowen said, adding that it indicates there has not really been “a fight by the bulls” to change the trend.
An overshadow on the weekly time frame would indicate the trend is shifting the other way, Cowen said.
Price Action: Bitcoin is down 3.4% during the past 24 hours, trading at $36,537.46 at press time. Ethereum is down 2.2% over the 24-hour period to $2,442.98.
Read Next: Ethereum Burning Intensified In January — Is The No. 2 Crypto About To Chart A Course To Recovery?
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