• Bitcoin price falls below $19,500, spelling bad news for the uptrend scenario.
  • Ethereum has breached the August low at $1,419.
  • Ripple price diverges as it rebounds into the 21-day simple moving average.

The cryptocurrency market liquidates early traders who partook in the 20% rally in early September. A sweep-the-lows event is likely underway. Key levels have been identified.

Bitcoin price re-routes south

Bitcoin price has breached a definitive line in the sand as the bears persistently flex their power on smaller time frames. Since September, the peer-to-peer digital currency has lost 15% of its market value. The recent breach of the $20,000 level (which acted as the accumulation zone before the 20% rally witnessed during the first week of September) spells serious trouble in the grand scheme of things.

Bitcoin price currently auctions at $19,380. A Fibonacci Retracement tool surrounding the September bull run depicts the current sell-off as no ordinary correction. The bears have successfully breached through the 50%, 61.8,% and 70% Fib levels, with an uptick in bearish volume amidst each hurdle. 

tm/btc/9/16/22

BTC USD

If market conditions persist, a sweep-the-lows event targeting the monthly low at $18,540 could occur in the coming days. The bulls need to hurdle the 50% Fib level at $20,553 to invalidate the bearish outlook.

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team

Ethereum price wipes out a month of gains

Ethereum price has recently breached the August low at $1,419, which is likely to bring an influx of volatility and uncertainty into the market for the remainder of September. 

Ethereum price currently auctions at $1,427 as the decentralized smart contract token is now down 20% since its September high at $1,789. The Volume Profile Indicator shows an uptick in volume, while the 8-day exponential and 21-day simple moving averages lag behind the bearish momentum near the mid $1,600 levels.

tm/eth/9/16/22

ETH USDT 

If market conditions persist, the bears could induce a capitulation event to force early bulls out of their long positions. A probable target is the 200-week moving average at $1,271

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 diverges from the bunch

XRP price is bringing nostalgic price action back into the market. Crypto day traders know digital remittance tokens’ ability to diverge. While Bitcoin is spiraling south, the XRP price has witnessed a 5% rebound.

XRP price currently auctions at $0.33 as the bulls attempt to reconquer the 21-day simple moving average. A Fibonacci Retracement tool surrounding the September rally suggests the Ripple price faces a few more stiff levels of resistance before an uptrend targeting $0.39 can occur.

tm/xrp/9/16/22

XRP USDT

If the XRP price can hurdle the 38.2% Fib level at $0.34, a rally could ensue, targeting the August 26 high at $0.37 and potentially the summer high near $0.39. Such a move would result in up to a 17% increase from the current price. 

In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team

 

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