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Can one expect a market reversal soon?

Denys Serhiichuk U.Today

The last day of the week has turned out to be bullish for the cryptocurrency market as all coins are in the red zone.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has gone down by 10% over the past seven days.

BTC/USD chart by TradingView

Bitcoin (BTC) has entered the short zone on the daily chart, having broken the support level at $39,573. At the moment, bears are controlling the situation, as the trading volume remains high. If bulls cannot seize the initiative next week, there is a chance to see a further drop to the next vital level at $38,000 shortly.

Bitcoin is trading at $38,299 at press time.

ETH/USD

Ethereum (ETH) has followed the leading crypto, going down by almost 11% since the beginning of the week.

ETH/USD chart by TradingView

Ethereum (ETH) also broke its support level at $2,815 and kept going down. Even though the selling volume is decreasing, buyers do not seem ready to buy back the main altcoin at the current level.

In this case, the more likely scenario is the retest of the level at $2,300 within the next few days.

Ethereum is trading at $2,636 at press time.

XRP/USD

Despite the fall, XRP is looking much stronger than other coins.

XRP/USD chart by TradingView

XRP keeps trading in a wide channel between the support at $0.74 and the resistance at $0.91. At the moment, the rate is located close to the bottom line, which means that bears are more powerful than bulls, to a certain extent. If the pressure continues and the daily candle fixes around $0.74, there is a high possibility of seeing a breakout and a further price drop.

XRP is trading at $0.7907 at press time.

ADA/USD

Cardano (ADA) is the biggest loser from the list today as the fall has made up 12% over the last week.

ADA/USD chart by TradingView

On the weekly time frame, the price is about to close near the support at $0.917. If the pressure continues, one can expect a sharp drop below $0.90 shortly. The next level at which a short-term reversal is possible is the $0.81 mark.

ADA is trading at $0.936 at press time.

BNB/USD

Binance Coin (BNB) is not an exception from the rule, falling by almost 5%.

BNB/USD chart by TradingView

Binance Coin (BNB) is trading sideways despite the fall this week. Currently, the price is about to approach the support level at $336. If nothing happens, the fall may lead to a break, followed by the test of the vital $300 mark.

BNB is trading at $378 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

U.Today

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

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Can one expect a market reversal soon?