Top 3 price prediction BTC, ETH, XRP: crypto bulls massacre in full swing

The bearish trend on the cryptocurrency market is gathering speed as the collapse below vital support levels increased pessimistic sentiments in the market and squeezed out weak longs. 

What's going on on the market

It seems that apocalyptical forecasts start to roll out. Peter Schiff recently noted that bitcoin created an ominous head-and-shoulder pattern that may result in an epic collapse to $1,000. While these expectations of an old bitcoin critic may be overstretched, the downside momentum looks scary. 

From the fundamental point of view, the decision of PBOC Shanghai Head office to strengthen regulation and control over the cryptocurrency industry might have served as a trigger that brought bitcoin and all major altcoins to multi-month lows.

BTC/USD, the technical picture

At the time of writing, BTC/USD  is moving fast towards $7,000. This psychological barrier may hold the bears back for the time being. Though once it is out of the way, the bottom will fall out and the price may collapse to as low as $5,000. This barrier is created by SMA200 (Simple Moving Average) weekly. On the upside, we will need to see a recovery above at least $7,550 (the neckline of the above-mentioned head-and-shoulder pattern coupled with SMA100 weekly. 

Considering the downward-looking RSI (Relative Strength Index) both on a daily and a weekly chart, the bearish scenario looks highly likely at this stage. 

BTC/USD, the weekly chart

ETH/USD, the technical picture

ETH/USD broke below $150.00 handle and hit the intraday low of $145.50, which is also the lowest level since March 2019.  Ethereum moves in sync with bitcoin, which means the coin may be in for further decline towards $130.00. The price created a large red candle after a long series of dodgy candles. An extended period of consolidation resulted in a bearish breakthrough, which may lead to a long-term downside trend. 

On the upside, we will need to see a sustainable recovery above $150.00 to mitigate the initial bearish pressure. However, an even stronger barrier is created  on approach to $160.00 by the lower boundary of the consolidation channel/

 ETH/USD, the weekly chart

XRP/USD, the technical picture 

XRP/USD is currently trading at the $0.2326, off the recent low reached at $0.2300. The third-largest coin has lost over 4% of its value in the past 24 hours and became one of the most resilient altcoins out of top-10. As long as thee support at $0.2300 holds, the coin has a chance to record towards $0.2400 and return to the previous consolidation range.

On the downside, bears now focus on $0.2168, which is the lowest level since September 24. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.2000. This psychological barrier may temper the bears and slow down the decline; however, a move below will trigger a massive sell-off.

XRP/USD, the daily chart

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