The cryptocurrency market has faced serious pressure from sellers, changing the mood to bearish again. All of the top coins are in the red zone while the loser is Bitcoin SV (BSV), whose rate has sunk by almost 10% over the previous day.
The key parameters of Bitcoin (BTC), Ethereum (ETH), and XRP below point to what’s next.
|Name||Ticker||Market Cap||Price||Volume (24h)||Change (24h)|
|Bitcoin||BTC||$153 476 152 150||$8 443,43||$24 166 606 005||-2,96%|
|Ethereum||ETH||$17 857 263 156||$163,23||$9 545 551 921||-3,05%|
|XRP||XRP||$9 971 679 152||$0,228311||$1 537 753 868||-2,39%|
On a 4H chart, Bitcoin (BTC) continues to move within the upward channel. Moving averages indicate a bullish trend. The main trading idea is a decline with a test support level of $8,355 and a continued rise in quotations.
This option will be supported by a rebound from the lower boundary of the upward channel, as well as a test of the support line on the RSI initiator. MUST READBitcoin (BTC) Price Coming Out of 7-Month Falling Wedge, Heading for New ATH: Crypto Trader –
As one can see, earlier, the indicator values already repelled from this line. Cancellation of the growth option will result in a strong fall and a breakdown of the $7,625 area, which will indicate a continued decline to a target of $6,875.
Bitcoin is trading at $8,382 at press time.
Ethereum (ETH) could not resist the bearish mood of the leading crypto. The rate of the very first altcoin has declined by 3.45% over the last 23 hours.
A ‘Head and Shoulders’ reversal pattern is now being formed on the 4H chart, suggesting the possibility of a fall in prices from current levels to the support area of about $138. The breakdown of the ascending trend line at the RSI also favors this decline. A confirmation of this trading idea will be a breakdown of the $156 level, which will indicate the completion of the formation of a reversal model.
Ethereum is trading at $161.80 at press time.
XRP is trading according to our latest price prediction. Moreover, the rate has gone below the $0.23 level and is now located near $0.22.
Even though XRP has lost 2.85% over the last day, the current level is not the local bottom. The lines of the MACD indicator are moving downward, as is the trading volume index. A more likely scenario is bears continuing to push the rate deeper to the closest level of $0.22.
XRP is trading at $0.2257 at press time.