- Bitcoin settles below $19,000 on daily time frames, hinting at more decline in the future.
- Ethereum price loses support at $1,300, buying the low demands a clear invalidation point.
- XRP price has become the diverging outperformer within the crypto space, rallying 30% this week.
The cryptocurrency market has been at its lowest point since the spring. Time will tell if these prices are worth buying.
Bitcoin price offers a discount
Bitcoin price has failed to hold grounds above $19,000. On September 20, the bears have established a large bearish engulfing candle on the 2-day chart while dually have established a new low for September at $18,125
Bitcoin price currently auctions at $18,927. An influx of volume continues to enter the market with the declining price. Still, the Relative Strength Index is near a significant level that has acted as support during previous bull runs. Additionally, there is a divergence between the newly established low and the previous September low at $18,510.
A market bottom could be near, but buying the actual low will not be easy. A breach of the summertime lows at $17,622 is within arms reach. Using it as an invalidation point may be too risky. The macro invalidation point for a Bitcoin bull run remains at $13,880.
BTC USDT 2-Day Chart
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
BTC USDT 2-Day Chart
Ethereum Price has lost support at $1,300
Ethereum price printed a 2-day candle settled at $1,245, the lowest trading price for ETH since the middle of July. The Volume Profile Indicator still leans upwards as the bulls own the strongest influx days. However, the Relative Strength Index has breached a definitive line in the sand, suggesting a market behavior change could unfold amidst the next countertrend rally.–
Ethereum price currency trades at $1,262. Buying the lows at this point will be very challenging. The safest invalidation to use if trying to buy a dip is the June 12 low at $1,006. Ethereum price should be under no circumstance breach this level. In doing so, the entire uptrend scenario would be void. A decline towards the June 20 low at $881 would be the next stop, resulting in a 30% decline from the current Ethereum price.
ETH USDT 2-Day Chart
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
XRP price continues to diverge
XRP price has become the outperformer of the bunch and has rallied 30% since September 19. The buyers have produced applaudable price action as consecutive bullish engulfing candles have been displayed on the 4-hour chart.
XRP price currently auctions at $0.4373 as the digital remittance hovers above an ascending parallel channel. An influx of volume has entered the market, compounding the idea that more gains will come for the digital remittance token.
The next major resistance level appears at $0.4575 (based on Fibonacci projections of September’s rally and pullback). If the bulls find support at this level, a $0.50 XRP price will occur in the coming days. Such a move would result in a 16% increase from the current XRP price.
XRP USDT 4-Hour Chart
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
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?