This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Bitcoin BTC$107,620.56 has breached key support levels in a sign of increasing bearish momentum that suggests a risk of a slide to $100,000.

The leading cryptocurrency by market value fell 6.5% in August, ending the four-month winning streak as the U.S.-listed spot exchange-traded funds (ETFs) bled $751 million, according to data source SoSoValue.

The recent price drop saw bitcoin break below several key support levels, including the Ichimoku cloud, and the 50-day and 100-day simple moving averages (SMAs). It also pierced crucial horizontal support zones formed by the May high of $111,965 and the December high of $109,364, according to the daily chart sourced from TradingView.

These breakdowns underscore growing market weakness, confirming a bearish shift in key momentum indicators such as the Guppy Multiple Moving Average (GMMA) and the MACD histogram.

The short-term exponential moving average (EMA) band of the GMMA (green) has crossed below the longer-term band (red), signaling a clear bearish momentum shift. Meanwhile, the weekly MACD histogram has dropped below zero, indicating a transition from a bullish to a bearish trend.

Together, these signals indicate a likelihood of a sustained sell-off, potentially driving the price down to the 200-day simple moving average (SMA) at $101,366, and possibly to the $100,000 mark.

The negative technical outlook aligns with seasonal trends, which show September historically as a bearish month for bitcoin. Since 2013, BTC has delivered an average return of -3.49%, closing lower in eight of the past 12 September months, according to data from Coinglass.

As for bulls, overcoming the lower high of $113,510 set on Aug. 28 is crucial to negating the bearish outlook.

• Support: $105,240 (the 38.2% Fib retracement of the April-August rally), $101,366 (the 200-day SMA), $100,000.
• Resistance: $110,756 (the lower end of the Ichimoku cloud), $113,510 (the lower high), $115,938 (the 50-day SMA).

Bitcoin’s brief dip below $110,000 in the past 24 hours triggered one of the heaviest liquidation rounds in recent times.

According to Coinglass data, crypto traders betting on the market lost $811.6 million, with more than 179,000 traders forced out of positions.

Speaking on this broad liquidation event, Sean Dawson, head of research at Derive.xyz, told CryptoSlate:

“This sharp move appears to be the result of overleveraged positioning, particularly following ETH’s recent run-up, and an overnight dip in the S&P 500, which weighed on risk assets more broadly.”

Notably, the most significant single liquidation came from a BTC-USDT order worth $39.2 million on HTX.

Long traders, those betting on a price increase, absorbed the bulk of the losses, giving up $699.5 million, while shorts lost $112.2 million. This skew toward longs suggests that traders misjudged the strength of the recent rally, leaving them vulnerable when the price pulled back.

Bitcoin accounted for the steepest losses, with traders losing over $270 million in a single day. On Aug. 25, Glassnode noted that over $150 million in long positions were wiped out, marking one of the largest flushes since December 2024.

Ethereum followed with $266 million in liquidations, also dominated by long bets. Other major assets, including Solana, Dogecoin, and XRP, saw additional drawdowns of $38.5 million, $18.8 million, and $17.3 million, respectively.

Bitcoin could dip to $100,000

Meanwhile, the significant liquidations have fed into growing bearish sentiment among market participants, according to data from Derive.xyz

Data from the crypto derivatives trading platform showed that crypto traders now see a 35% probability of Bitcoin falling to $100,000 before the end of September, and a 55% chance that Ethereum could retest $4,000.

Dawson explained that the 25-delta skew has turned negative for both BTC and ETH, meaning traders are paying more for downside protection than upside exposure.

According to him:

“This is the strongest demand for downside protection we’ve seen in two weeks. Traders appear to be bracing for potential retests of $4,000 for ETH and $100,000 for BTC.”

He further noted that macroeconomic headwinds and volatility are weighing on the outlook, resetting risk appetites across the market.

Mentioned in this article

Wilder World is leveling up. The metaverse gaming project has officially launched its first-person shooter (FPS) mode in Super Early Access at Gamescom 2025. Backed by Samsung, the launch includes a global $100,000 tournament and introduces a new way to explore its growing digital world.

Key Takeaways

• Wilder World’s FPS mode is now live in Super Early Access at Gamescom 2025

• A $100K tournament is running through September, with a live final on September 24

• Samsung-branded NFTs are available to Gamescom attendees via NFC tap-ins

• The FPS adds a new dimension to Wilder World’s evolving metaverse

• The WILD token ecosystem continues to grow through new initiatives

Gamescom Launch and Samsung Integration

On August 20, Gamescom attendees got a first look—and hands-on play—with Wilder World’s new FPS mode, set in Wiami, a massive digital city built in Unreal Engine 5. The sharp visuals and fast action introduce a fresh style of gameplay for the Wilder community. It’s the first time players can experience Wiami through the lens of a tactical shooter.

The tournament is open to all players, with qualifiers running from August 25 to September 9, followed by playoffs from September 10 to 15. The top five finalists will be flown in, all expenses paid, for the grand finale on September 24 at a still-undisclosed location, where they’ll compete for the $100K prize pool.

Samsung is a major partner for the launch, offering on-site rewards to Gamescom attendees. By tapping NFC towers, players can claim a Samsung-branded POAP NFT—short for “Proof of Attendance Protocol.” It’s a digital badge that also works as a playable in-game item that can be used across the Wilder World metaverse.

Source: Wilder World

Expanding Wilder World’s Universe

Wilder World got on the map with its 2024 racing game, Wilder Wheels. Now, the team is stepping into one of gaming’s most competitive genres. The addition of FPS gameplay is designed to broaden the platform’s appeal while sticking with core Web3 ideas—like asset ownership, user-made content, and a community-driven economy.

This latest launch builds on recent momentum for the WILD token. Highlights include the Lamborghini Temerario NFT collection selling out in just four minutes, the launch of Wiami.fun for user-generated assets, and Operation Titan, a multi-million-dollar WILD buyback program.

Other updates, like Metropolis and CYPHER, show the team’s ongoing push to grow the ecosystem and keep players and investors engaged.

Wilder World has also been featured in the Epic Games Store’s Top 10 Most Anticipated Games, alongside several big-name Web2 titles. With strong visuals, Web3 functionality, and active community support, it’s working to stand out in a crowded market.

Final Thoughts

Speaking about the launch, Wilder World co-founder and executive producer n3o put it this way:

“The $100K tournament isn’t just about esports—it’s a global stage to show the world that Wilder World is building at the frontier of gaming and the metaverse.”

Wilder World’s FPS debut brings together competitive gameplay, digital rewards, and support from a global tech brand. Whether it signals a shift in mainstream Web3 adoption or not, it’s a clear example of how blockchain and gaming continue to intersect in new and creative ways.

The latest Bitcoin bull run feels different.

Scratch that. Every bitcoin bull run feels different, as each cycle brings with it fresh narratives and new blood. But there’s one element that’s always been consistent throughout Bitcoin’s history, and that’s retail interest in buying into freedom tech and f**k you money. Well, Bitcoin to the moon rallies, at least.

Retail is sitting this Bitcoin bull run out

Remember retail? Because all I hear is crickets…

Literally zero taxi drivers, no friends’ cousins twice-removed, or kindergarten teachers asking if it’s too late to buy. Despite some analysts’ conviction about Alt Season revving up, I haven’t even been asked about Fartcoin, Dogecoin, or Ripple, and I have a pretty good templated answer to the latter, if you’d like to borrow.

Anyway, the point here is this: retail is sitting this Bitcoin bull run out, and it can’t be because of a lack of awareness. This time it’s different. Somewhere between the Bitcoin ETFs, presidential pumps, and Larry Fink taking over at the WEF, retail decided this game was no longer for them.

Dare I say it? Bitcoin’s just no fun anymore, or maybe retail got so badly burned last time around they finally learned not to play with fire. No one’s even casually searching for news: Google Trends for Bitcoin isn’t even grazing a mild peak next to Japanese walking and Labubu dolls.

That no one uses Google to search for anything anymore could arguably be a factor in this, but still, the silence from distant relatives and service workers is palpable.

100 days over $100K

You would hardly even notice that the number-one crypto has spent 100 consecutive days above $100k; a psychological feat, a generational inflection point. Each time Bitcoin has leapfrogged a major round number ($100, $1,000, $10,000), it has ushered in a new era of adoption, investment, and hockey-stick price action.

Yet, this time around, nobody cares.

Not only is Bitcoin sustaining celestial highs and carving out new all-time tops, but its technical backbone is strengthening. Bitcoin’s 200-day moving average crossed above $100,000, a powerful signal for traders and long-term holders alike.

In every Bitcoin bull run, breaking and holding above historic resistance on both price and moving averages has preceded periods of continued momentum. But retail is nowhere to be found.

This cycle has even flushed out some of the longest-standing Bitcoin whales, making way for the same corrosive institutions that Bitcoin was meant to abhor.

Crypto in your 401k

2025 has also seen a quantum shift in retirement planning with Bitcoin and other cryptos being legally allowed in mainstream retirement accounts, opening direct access for tens of millions of Americans to accumulate hard money for their futures.

But retail couldn’t care less.

They’ve packed their bags all the way to the virtual Bahamas and said “Let’s sit this one out.” And while Bitcoin has arguably morphed from a speculative trade to a staple of retirement portfolios and institutional diversification, retail’s absence feels incredibly sad.

Arthur Hayes is once again sounding the alarm on a greater shakeup in the crypto market after worse-than-expected data from the U.S. Non-Farm Payrolls (NFP) jobs report sparked downside volatility in both traditional and digital markets. Despite his reputation as a long-term crypto bull, Hayes has recently moved assets and cash, preparing for further volatility ahead.

Hayes’ prediction comes as Bitcoin hovers in a turbulent range after a sharp June and July rally that saw the coin blast through $120,000 before encountering resistance and correcting down to below $114,000 in early August.

Hayes, a long-time advocate of Bitcoin’s macro potential, is now warning that short-term headwinds could push BTC below $100,000 and ETH below $3,000 in the aftermath of the latest jobs report, a number that fell well short of expectations and wiped $1.1 trillion from the stock market.

Risk assets sell off as Schiff reinforces ‘Bitcoin is not digital gold’

The crux of Arthur Hayes’ argument is rooted in macro liquidity. In his recent comment, he points to the spike in market volatility following the weaker-than-expected NFP, with risk assets selling off hard as traders rush to reprice interest rate expectations and the path ahead for Federal Reserve policy. For the crypto market, this unfolding reset spells trouble in the short term.

Bitcoin led the crypto downturn but managed to show relative strength compared to altcoins, which were hit even harder. Hayes points out that liquidity is being drained from markets as traders brace for further turbulence. Forced liquidations and margin calls are accelerating the move lower, with $172 million in Bitcoin long positions wiped out across exchanges in a 24-hour window as prices stumbled.

Bitcoin critic Peter Schiff wasted no opportunity to dunk on the number-one digital asset while praising the virtues of gold, commenting:

“Days like today make it clear that Bitcoin is not digital gold. We got bad economic news that sent gold and the Japanese yen up 2.2% and the euro up 1.5%. The NASDAQ went the other way, falling 2.2%. Bitcoin tanked 3%, tracking high-risk assets lower, not safe havens higher.”

Arthur Hayes is repositioning his assets

In the early hours of August 2, Hayes offloaded 2,373 ETH ($8.32 million), 7.76 million ENA ($4.62 million), and 38.86 billion PEPE ($414,700), causing a flurry of comments among the crypto community, most notably, Ethereum bulls who pointed out that Hayes had only recently been advocating for a $10K ETH. One follower commented:

“Classic Arthur shilling and dumping at the same time. Never fails.”

Hayes has been right before, predicting a BTC drop to $70,000 earlier in the current cycle when optimism and leverage were at fever pitch.

In April 2024, as Bitcoin scaled all-time highs and market euphoria peaked, Hayes issued a warning that the tides would soon turn, again calling out warning signs in liquidity, U.S. macro data, and the growing risks from overextended leverage in derivatives markets. Despite offloading ETH showing near-term caution, Hayes’ long-term view remains bullish.

Mentioned in this article

Bitcoin (BTC) is in a “waiting game,” trading between $100,000 and $110,000, with analysts highlighting the need for a macro catalyst to break the top of the channel.

The latest “Bitfinex Alpha” report noted lighter spot activity, softer taker-buy flow, and profit-taking by wallets that had bought below $80,000 in April as the reasons behind the consolidation period.

The report cited spot volume declines and a weaker appetite for futures as signs that the rally from April 9’s $74,634 low has stalled. Exchange data showed $58.6 million in long liquidations and $65.2 million in short liquidations within 24 hours, flushing out leverage on both sides. 

Open interest in perp and dated contracts dropped 7.2% to 334,000 BTC, indicating forced position cuts and a cleaner derivatives landscape. 

The report noted that June corresponds with the close of a historically strong second quarter, with the average return in this period since 2013 standing at nearly 27%. Meanwhile, the third quarter averages only 6%, often with tighter ranges.

Support between $94,000 and $99,000 is still attracting bids, bolstered by the short-term holder’s realized price, which is now nearing $98,779. 

Traders stepped in when the spot price dipped to $98,579 on June 22, lifting the pair to $108,250 after geopolitical tensions eased. 

The report framed the current structure as a “waiting game” in which bulls and bears balance out until fresh demand arrives, most likely from exchange-traded fund flows during US trading hours.

Macro drivers under watch

Nicolai Søndergaard, a research analyst at Nansen, flagged Federal Reserve policy as the primary variable. He noted that the market will likely react positively once the Fed announces rate cuts, adding that risk assets need cheaper funding and better liquidity to attract new capital. 

Søndergaard tracks liquidation heat maps and institutional wallet signals to gauge whether large buyers accumulate or stand aside.

Bitfinex Alpha echoed that view, stating that exchange-traded fund (ETF) inflows must accelerate and global liquidity must expand before Bitcoin can clear the upper band of its two-month range. 

Without deeper cash allocations, spot bids fade near $110,000, and sellers cap the price by trimming their positions. 

Still, the report saw no imminent breakdown as long as key support levels hold and structural positioning remains constructive.

Mentioned in this article

At the time of writing, Bitcoin has regained some ground and is trading at $102,1010, representing a 2.4% increase over the past 24 hours and a 5.82% decrease over the last week. Amid this price performance, recent on-chain analysis points to a phase of consolidation rather than a structural breakdown.

CryptoQuant analyst Darkfost shared in a QuickTake post that long-term Bitcoin holders appear to be maintaining their positions rather than exiting, indicating continued conviction despite short-term volatility.

Bitcoin On-Chain Indicators Signal Consolidation, Not Capitulation

According to Darkfost, the current market behavior is reflective of a quiet consolidation period, with long-term holders showing little inclination to sell.

Based on the 30-day moving average of Binary Coin Days Destroyed (CDD), his analysis shows that the metric has stayed below the 0.8 threshold typically associated with major corrections. The value recently peaked at 0.6 before trending downward, suggesting limited market overheating at present levels.

Darkfost emphasized that this moderation could precede a continuation of the broader bull cycle, mirroring past market structures where consolidation phases led to further price advances.

He noted that past bull runs have often been characterized by a “staircase” trajectory, periods of sideways or modest downward movement followed by renewed upward momentum. In this context, subdued sentiment may indicate that the market is preparing for a potential next leg higher. The analyst wrote:

Importantly, this does not signal the end of the bull cycle. Instead, similar to the past two phases, we may once again see a staircase-like movement where consolidation is followed by another leg up. Historically, Bitcoin’s explosive rallies tend to occur when market attention fades and sentiment is quiet, making the current silence potentially a precursor to the next big move.

Whale Behavior Remains Steady Amid Market Tensions

Complementing this outlook, another CryptoQuant contributor, Mignolet, provided insight into whale activity during the current consolidation phase.

He noted that while the market setup resembles the double-top formation seen in 2021, key on-chain signals from whales have not aligned with those seen during that previous peak.

Specifically, Ethereum transaction outflows, often used as a proxy for large investor exits, have not shown the kind of spikes observed during the 2021 market top.

Mignolet pointed out that although Ethereum has seen a gradual decline in market share relative to other layer-1 and layer-2 chains since 2020, its transactional data still maintains a strong correlation with Bitcoin price movements.

The absence of aggressive exit activity among large holders suggests that major market participants are not rushing for the exits, despite heightened geopolitical uncertainty and short-term price volatility.

Featured image created with DALL-E, Chart from TradingView

Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

As Asia begins the trading week, bitcoin {{BTC}} is trading above $100,500 as the initial volatility from news over the weekend that the U.S. struck some of Iran’s nuclear facilities begins to subside.

While prices briefly dipped below six figures on Sunday in a risk-off reaction, markets have since stabilized. Equity futures are flat, and gold is up only marginally, suggesting that traders are not yet pricing in a broader escalation.

The lack of follow-through in traditional markets may reflect expectations that Iran’s response will be contained or delayed, rather than immediate and destabilizing.

Crude oil is holding its gains near $76 per barrel after spiking nearly 4% Sunday evening on fears that Iran could block the Strait of Hormuz, a key chokepoint for global oil shipments. Still, commentary from U.S. officials and muted early-week trading suggest that investors remain in a wait-and-see mode.

In crypto markets, altcoins that had mirrored BTC’s weekend drop, like ether

, XRP , and solana’s SOL , are also clawing back losses.

For now, the market appears to be treating the U.S.-Iran clash as a geopolitical flashpoint, not a structural break.

OKX Considering U.S. IPO: Report

Crypto exchange OKX is considering a public listing in the U.S., according to a report from The Information.

Earlier this year, the exchange announced a U.S. expansion after settling with the Department of Justice over accusations that it operated in the country without a money transmitter license.

Among other crypto-linked companies, Bullish, a competitor to OKX and the parent company of CoinDesk, is also said to be considering an IPO given investors’ appetite for companies with exposure to digital assets.

OKX told CoinDesk it had no comment on the matter.

Polymarket Bettors Less Certain About Second U.S. Strike on Iran

Polymarket bettors are cooling to the idea that the U.S will hit Iran a second time before the end of the month.

The ‘yes’ side of a contract asking if the U.S. will conduct another military action on Iran by June 30 is now trading at 54%, from 74% in the hours after the initial strike on Iranian nuclear sites.

There appears to be a growing market belief that deconfliction – on both sides – is on the agenda, as evidenced by another contract asking bettors about the likelihood of Iran closing the Strait of Hormuz, which is currently trading at 49% down from 52%.

Market Movements:

• BTC: Bitcoin rebounded to $101,419 after a volatile 4.5% intraday swing, finding strong support at $99,000 amid geopolitical tensions and surging institutional buying interest, according to CoinDesk Research’s technical analysis data.
• ETH: Ethereum fell 2.3% to $2,237 amid U.S.-Iran tensions, breaking a six-week consolidation pattern despite over $500 million in institutional accumulation.
• Gold: Bank of America analysts predict gold could hit $4,000 an ounce within a year, an 18% jump, driven less by geopolitical tensions and more by mounting U.S. fiscal debt and a global shift by central banks away from the dollar toward gold.
• Nikkei 225: Asia-Pacific markets fell Monday as the U.S. strikes on Iranian nuclear sites fueled oil price spikes and fears of broader Middle East escalation, with Japan’s Nikkei 225 down 0.56%.

Elsewhere in Crypto:

Key points:

• Bitcoin fell below the $100,000 support on Sunday, but a rebound could depend on how US stock futures open.

• Bitcoin’s weakness has pulled ETH, XRP, SOL, and HYPE below their respective support levels.

Bitcoin (BTC) nosedived below the psychological $100,000 support on Sunday as traders digested the US strike on Iran’s nuclear facilities. Popular trader Cas Abbe said in a post on X that Bitcoin could drop toward the $93,000 to $94,000 zone before starting a reversal. 

Bitcoin’s weakness has spread to several major altcoins, which have entered a deeper correction by breaking below their respective support levels. This suggests the sentiment has soured, and traders are taking risk off the table.

However, a positive sign is that analysts remain bullish on Bitcoin for the long term. Real Vision CEO Raoul Pal said in a recent video that the current crypto cycle resembles the pattern seen in 2017. He expects the crypto cycle to extend into Q2 2026. 

Could Bitcoin bulls push the price back above $100,000, or will bears remain in control? Will select altcoins find buyers at lower levels? Let’s study the charts to find out.

Bitcoin price prediction

Bitcoin broke below the 50-day simple moving average ($104,788) on Friday and the $100,000 support on Sunday.

The moving averages are on the verge of a bearish crossover, and the relative strength index (RSI) is in the negative territory, indicating that bears are in control. If the price maintains below $100,000, the selling could intensify, pulling the BTC/USDT pair to $93,000.

Buyers will have to push the price above the 20-day exponential moving average ($104,616) to prevent the downside in the near term. The pair could then rise to the downtrend line, which is likely to pose a substantial challenge for the bulls.

The pair completed a bearish descending triangle pattern on a close below the $100,700 level. The pattern target of the negative setup is $89,420, but the bulls are unlikely to give up easily.

Buyers will try to start a relief rally, which could face selling at $100,700 and then at the 20-EMA. If the price turns down from the overhead resistance, the pair may deepen the correction. 

The bulls will have to drive and maintain the price above the 50-SMA to start a meaningful recovery.

Ether price prediction

Ether (ETH) turned down from the 20-day EMA ($2,487) and fell below the 50-day SMA ($2,481) on Friday.

Selling continued on Saturday, and the ETH/USDT pair broke below the $2,323 support. Buyers tried to push the price back above the breakdown level of $2,323, but renewed selling by the bears has pulled the pair near the $2,111 support. The bulls will try to defend the $2,111 level with all their might because a break below it may sink the pair to $1,754.

If the price rebounds off $2,111, the bulls will have to push the pair back above the 20-day EMA to suggest that the near-term correction may have ended.

The pair could find support at the $2,111 level, but the rebound is expected to face strong selling at the breakdown level of $2,323. If the price turns down sharply from $2,323, the bears will again try to sink the pair below $2,111.

Conversely, if the bulls successfully defend the $2,111 level, the pair could form a range in the near term. The pair may swing between $2,111 and $2,323 for some time. The selling pressure could weaken on a close above the 50-SMA.

XRP price prediction

XRP’s (XRP) range between $2 and $2.65 resolved to the downside on Sunday, indicating increased selling pressure from the bears. 

If the price sustains below $2, the XRP/USDT pair could tumble to the $1.61 support. Buyers are expected to vigorously defend the $1.61 level because a break below it may start a collapse to $1.28.

The bulls will have to swiftly push the price back above the breakdown level of $2 to prevent a breakdown. The pair could then rise to the moving averages, where the bears are likely to pose a strong challenge.

The bulls tried to start a bounce off the $2 support, but the bears aggressively sold near the 20-EMA on the 4-hour chart. The price turned down and broke below the $2 support, pulling the RSI into the oversold territory. That suggests a relief rally is possible in the short term.

On the upside, the bears may sell the recovery attempt at $2 and above that at the 20-EMA. If the price turns down sharply from the overhead resistance, the pair risks a further downside. A close above the 50-SMA will be the first sign that the selling pressure is reducing.

Related: Here’s what happened in crypto today

Solana price prediction

Solana (SOL) completed a bearish H&S pattern when the price closed below the $140 support on Saturday.

The bulls will try to start a recovery but may face selling at the 20-day EMA ($148). If the price turns down from the 20-day EMA, the SOL/USDT pair could plunge to the $110 support and eventually to the pattern target of $93.

Conversely, a break and close above the 20-day EMA suggests solid demand at lower levels. The pair could rise to the 50-day SMA ($160), which is likely to behave as a strong obstacle.

The downsloping moving averages signal that bears are in command, but the oversold level on the RSI points to a possible relief rally in the near term. Recovery attempts could face selling at the breakdown level of $140. If the price turns down from $140, the bears will try to resume the downward move.

Buyers will have to push and maintain the price above the 50-SMA to signal a comeback. That opens the doors for a relief rally to $149 and thereafter to $158.

Hyperliquid price prediction

Repeated failures to maintain the price above $42.50 started a sharp correction in Hyperliquid (HYPE), signaling that the bulls are hurrying to book profits.

The bulls held the 50-day SMA ($32.26) on Saturday, but the bounce has been sold into. That increases the possibility of a break below the 50-day SMA. The HYPE/USDT pair could descend to the breakout level of $28.50.

Buyers are likely to have other plans. They will try to defend the 50-day SMA and push the price back above the 20-day EMA. If they manage to do that, the pair could climb to $40. 

Both moving averages are sloping down, and the RSI is in the negative zone on the 4-hour chart. Pullbacks to the 20-EMA are likely to be sold into. There is minor support at $30.50, but it could be broken. The pair may then plummet to the solid support at $28.50.

The first sign of strength will be a break and close above the 20-EMA. That suggests the bears are losing their grip. The pair may ascend to the 50-SMA, which could again attract sellers.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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