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Is the current decline a prerequisite for the continued market drop?

Is the current decline a prerequisite for the continued market drop?
Denys SerhiichukDenys SerhiichukU.Today

Bulls could not hold the initiative, and all of the top 10 coins have come back to the red zone.

Chart

Top coins by CoinMarketCap

BTC/USD

Yesterday morning, the POC indicator line stopped the BTC price decline. For some time, the pair held in a narrow sideways channel, but in the second half of the day, the selling pressure intensified and the fall continued to the $47,745 level.

BTCUSD

BTC/USD chart by TradingView

This morning, a recovery took place in decreasing volumes. We believe that, in the near future, the price can get stuck in a sideways range using the support of the $47,745 level.

The Point of Control line of the Volume Profile indicator can serve as the upper border of the short-term consolidation. By the end of the week, the Bitcoin price might continue to decline to the support of $46,000.

Bitcoin is trading at $47,884 at press time.

ETH/USD

Yesterday, the Ethereum (ETH) price decline continued and reached the support of $3,800. At night, the volume of sales decreased and, by morning, the pair held out in a narrow sideways consolidation.

ETHUSD

ETH/USD chart by TradingView

One believes that today, some recovery of the Ether price is possible, but soon the fall may continue to the area of $3,600. By the end of the week, the pair may reach the support at $3,400.

Ethereum is trading at $3,782 at press time.

XRP/USD

Buyers were unable to achieve any significant recovery in the XRP price yesterday morning, and the decline continued in the afternoon. At the end of the day, the pair tested the level of $0.85.

XRP

XRP/USD chart by TradingView

The fall stopped at night. Today, one can expect the XRP price to drop to the POC line area, and by the end of the week, the pair might reach the support of $0.80.

XRP is trading at $0.8421 at press time.

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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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