The two major cryptocurrencies are positively correlated and with today's Ethereum break down out of the trading range it was in for several days, we expect Bitcoin to follow as well. So far Bitcoin continues to respect the lower range boundary but the chances favor a move lower towards $25,000.
Ethereum is making new lower lows relative to the last couple of sessions and price is expected to challenge the May lows around $1,700. Price has started making lower lows and lower highs since May 16th. As long as price is below $2,010, bears are in control of the trend. The same price action is expected to be seen in Bitcoin as well.
Blue rectangle- lower trading range boundary
Bitcoin for now remains inside the trading range. A break below $28,600 will validate our view as this would be a new sign of weakness. The recent lower high at $30,170 is the key pivot level between bearish and bullish short-term trend. As long as we trade below this level, I expect Bitcoin to remain under pressure and vulnerable to more downside.