• Bitcoin stalled short of $58,000, giving bears leeway to launch an assault on the support at $54,000.
  • Ethereum remains vulnerable to losses after the TD Sequential indicator flashed a sell signal.
  • Ripple is looking toward a potential breakdown to $0.4 following the extended consolidation.

The cryptocurrency market is relatively quiet towards the end of the European session on Thursday. Bitcoin is displaying some semblance of stability after the rejection from highs above $57,000. Ethereum struggles to reclaim the ground above $1,800 while Ripple is pivotal at $0.45.

Intriguingly, some altcoins are performing incredibly well amid the broad-based lethargic price action. For instance, THETA is up 25% over the last 24 hours. Hedera Hashgraph went ballistic, posting 26% gains, while Theta Fuel is up a whopping 71%.

Bitcoin meets obstacles on the way to all-time highs

The bellwether cryptocurrency has barely made progress on Thursday, trading 0.16% above the opening value. However, at least 13% in gains has been accrued over the last seven days. On the upside, Bitcoin hit a barrier at $57,545 and corrected to confirm support slightly above $53,000.

At the time of writing, Bitcoin has recovered above $56,000 but seems to be having an uphill battle sustaining the uptrend to $58,000. A sell signal has been presented on the 4-hour chart by the TD Sequential Indicator. The sell signal manifested in a green nine candlestick. If validated, Bitcoin may drop in one to four candles on the 4-hour chart.

Besides, the Relative Strength Index (RSI) has stalled marginally under the overbought region. Note that losing support at $54,000 would trigger market instability and volatility. Other key support levels to keep in mind include $52,000 and $48,000.

BTC/USD 4-hour chart

BTC/USD 4-hour chart

Ethereum bulls continue to lose grip as losses linger

Ethereum, like Bitcoin, is facing multiple sell signals after the uptrend from the beginning of the week lost steam short of $1,900. Support at $1,800 failed to hold, leaving ETH with open-air to explore. The TD Sequential indicator flashed a sell signal on the 4-hour chart, adding credence to the bearish outlook.

Meanwhile, the pioneer altcoin is seeking another anchor at the 61.8% Fibonacci retracement level. Losses under this level would be detrimental to the gains accrued in the last few days. Ether will likely continue with the downswing to the 50 Simple Moving Average (SMA) on the 4-hour chart, where bulls could take a pit stop. If push comes to shove, we can expect Ethereum to seek refuge at $1,600, as highlighted by the 38.2% Fibo.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

Ripple is on the brink of a breakdown

XRP has been in consolidation for almost three weeks. Recently a potential breakout was canceled at the 200 SMA on the 4-hour chart. On the downside, Ripple is holding to the support at $0.45.

The Bollinger Bands confirm the consolidation and suggest that the cross-border cryptocurrency is nearing a breakdown. Closing the day below the middle boundary added weight to the overhead pressure.

In the meantime, XRP’s immediate upside has been limited by the 100 SMA. The Moving Average Convergence Divergence (MACD) has also endorsed the imminent breakdown. Closing the day under $0.45 could trigger selling orders as volatility returns to the market.  Support is anticipated at $0.4 and $0.35.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

Recovery to $0.5 will only be possible if Ripple closes the day above $0.45 and steps beyond the 100 SMA. Action past $0.46 would call out more buyers to join the market and push the gains toward $0.6.

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin price is trading above two crucial levels, suggesting a stable foothold. Combining this outlook with a bullish divergence signal, BTC holders should expect a favorable outcome. However, since the third quarter will end in a few hours, there is bound to be abnormal volatility in the market, which could trigger massive moves in either direction, so investors need to be cautious. 

More Bitcoin news

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shytoshi Kusama, the project lead for Shiba Inu, has dropped a teaser about Shiba Eternity for the SHIB community. Proponents expect the launch of the collectible card game to be a bullish catalyst for SHIB.

More Shiba Inu News

Staking is coming to Chainlink this December as LINK price stands firm

Staking is coming to Chainlink this December as LINK price stands firm

LINK is trying to find its feet in the wake of declines that followed its rejection from resistance at $8.40. Bulls have managed to sustain a generally up-trending market and Chainlink is up nearly 17.50% from its September low at $6.56.

More Chainlink News

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic price ranges with no directional bias in sight. This trend could continue unless Bitcoin decides to do something. Regardless, investors should prepare for a minor downtrend before ETC rallies. 

More Ethereum Classic news

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP