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Can Bitcoin and other top coins recover after today's fall or should one expect a continued drop?

Can Bitcoin and other top coins recover after today's fall or should one expect a continued drop?
Denys SerhiichukDenys SerhiichukU.Today

Bears have smashed the bulls out of the market today as all of the top 10 coins are in the red zone.

Chart

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has declined by 7.19% over the past 24 hours.

BTCUSD

BTC/USD chart by TradingView

Bitcoin (BTC) has bounced back to the support zone at $60,000. The fall is supported by a high selling trading volume, which means that the decline may continue.

However, if bulls can consolidate and stay above the support, there is a chance to see the test of the recently formed mirror level at $62,294 by the end of the week.

Bitcoin is trading at $60,771 at press time.

ETH/USD

Ethereum (ETH) is the biggest loser from the list today as the rate of the native exchange coin has gone down by 8.19% since yesterday.

ETHUSD

ETH/USD chart by TradingView

Ethereum (ETH) has also bounced off the support and is currently trading around the zone of $4,300. The volume is high, which means that the fall might not be stopped. In terms of the nearest price projection, the chief altcoin may test the zone at $4,500, followed by a continued decline.

Ethereum is trading at $4,301 at press time.

XRP/USD

XRP is not an exception from the rule, falling by 6.54%.

XRP

XRP/USD chart by TradingView

XRP has tested the zone of the most liquidity around $1.0787, followed by a fast bounceback.

At the moment, bears have seized the initiative; however, they need to break the vital support level at $1.01488 and fix below it to confirm their power against the bulls.

XRP is trading at $1.1080 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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