- Bitcoin price retests the weekly support level at $34,752 after crashing 22% over the past four days.
- Ethereum price has breached through a crucial support area as it visits the $2,324 foothold.
- Ripple price hovers around the $0.60 support level as market makers eye liquidity resting below $0.52.
Bitcoin price has witnessed a massive crash over the past week, undoing the gains seen since July 25. Ethereum, Ripple and other altcoins have followed suit, experiencing an even worse crash.
Bitcoin price gets a much-needed respite
Bitcoin price has dropped 22% over the past four days, allowing it to retest the weekly support level at $34,752. While there is a chance BTC might see some sort of a bullish recovery from here, a breakdown of the said support seems inevitable, at least from a market makers’ perspective. One reason why Bitcoin price is likely to revisit $30,000 or lower is the liquidity resting below the $29,100 foothold, so, investors can expect BTC to continue its descent in the coming days.
BTC/USD 1-day chart
While things are looking grim for Bitcoin price, a pessimistic outlook can be avoided if BTC produces a daily candlestick close below $45,236.
Ethereum price at a decisive moment
Ethereum price has sliced through the $2,650 to $3,347 demand zone, flipping it into a breaker. While this development is bearish, ETH has a weekly support level at $2,324, protecting it from further descent.
A breakdown below this foothold could push ETH down to $1,730 and the sell-side liquidity resting below it and this could prompt further losses. Investors can expect ETH to stabilize around this level and form a base that restarts the uptrend.
ETH/USD 1-day chart
On the other hand, if Ethereum price sees a potential spike in buying pressure that pushes ETH to produce a daily candlestick close above $3,347 this will invalidate the bearish thesis. The development could trigger ETH to retest the 200-day Simple Moving Average (SMA) at $3,492 and the 50-day SMA At $3,614.
Ripple price to slide lower
Ripple price has sliced through the $0.694 to $0.75 demand zone, indicating an increase in selling pressure. The downswing has pushed the XRP price to retest the $0.604 support level. The remittance token is likely to consolidate in this area before market makers crash XRP price to $0.518, to collect the sell-stop liquidity resting below it.
This outlook seems extremely similar to the development taking place with Bitcoin and Ethereum. Due to the massive correlation of ETH and XRP to BTC, a crash in big crypto’s market value will be seen across most of the altcoins including Ripple.
Investors should, therefore, be prepared for Ripple price to revisit $0.518 or lower.
XRP/USD 1-day chart
Regardless of the bearish outlook depicted by Ripple price, a daily candlestick close above the 50-day SMA at $0.807 will invalidate the bearish outlook. This development could see XRP price revisit the $0.954 barrier where the 200-day and 100-day SMA crossover.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?