Bitcoin (BTC) Price Analysis
The Bitcoin price witnessed a massive dump of over 3.38% in the past 24 hours, dragging the global market cap by nearly 6%, which is approaching the $1 trillion mark. The BTC price is currently retesting the $25,000 level, and if it fails to hold, then the price may drop towards $23,000. However, the current market trend indicates that strong support may not hold, which may further trigger a bigger descending movement than expected.
The price from the 0 FIB levels at the 2023 highs has been plunging down to test the lower levels. It held at the 0.23 FIB level for quite a long time but soon plunged towards the next level at 0.38. However, the EMA-200 levels may act as a strong base but may certainly not trigger a rebound. Therefore, the price may continue to visit lower targets in the coming week, which may even drag the price as low as $21,000 or $20,000 too.
Ethereum (ETH) Price Analysis
As the SEC’s squeeze erupted in the form of Robinhood delisting three major cryptos, the ETH price also felt the heat and dropped below $1750. A huge bearish candle formed the lows around $1720, after which a notable flip raised the levels marginally. Currently, the price is testing one of the crucial support levels along the ascending trend line, and a daily close below these levels may trigger a massive dump.
The price is losing the crucial bullish pattern, which may not be good for a healthy rally. The RSI is plummeting, the ADX is bearish, and the MACD just turned negative, indicating the selling pressure has just begun to accumulate. Therefore, fewer probabilities of a bullish rebound may be expected in the coming days as the bears have completely dominated the rally for an extended period.
Ripple (XRP) Price Analysis
In times of acute bearish trend, the Ripple price has displayed some strength as it triggers a rebound from the interim support after reaching $0.4737. Currently, the XRP price is trading between $0.55 and $0.49, and if the lower support holds, then a rebound may be imminent. Otherwise, if the bears intensify their action, then the token may face a heavy drop to reach levels around $0.44.
The XRP price recorded a massive bearish candle in the past 45 days that dragged the price from $0.54 to below $0.5. The buying pressure in the daily charts has just waned as the MACD is about to flash a sell signal soon. The RSI is plunging and has reached an average level of 50, preparing for more bearish action. This could drag the price lower if the bulls fail to hold the price above the crucial support at $0.5.
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