Bitcoin (BTC)
#Bitcoin retreated from a critical support level at $25,250 on June 6, which may indicate that the bulls are trying to defend the level vigorously. However, the cryptocurrency recovery is facing sell-offs near moving averages.
However, the bears of the leading cryptocurrency may make another attempt to pull the price towards $25,250. According to experts, this remains the key level to consider. Because a break and close below this could open the doors to a potential decline to $20,000. A drop as deep as indicated could delay the start of the next leg of the up move.
Bulls can be expected to aggressively buy dips into the zone between $25,250 and the support line of the channel. On the upside, buyers may have to push the price above the resistance line of the channel to signal that the correction phase is over. BTC/#USDT parity could then rise as high as $31,000.
Ethereum (ETH)
The leading smart contract platform #Ethereum has fallen below the resistance line of the falling wedge pattern on June 5. However, the bears could not increase their power. In this case, it could be a sign that demand is at lower levels. The bulls pushed the price above the moving averages on June 6, but faced intense selling pressure from the bears. Sellers may try to pull the price into the wedge again. If they can achieve this, the ETH/USDT parity could extend the decline to the support line of the wedge.
Contrary to the assumption, if the ETH price bounces back from the resistance line of the wedge, it could indicate that the bulls have turned the line into a support line. Buyers may have to push the price above $1,928 to start the northward march towards $2,000 and then towards $2,200.
