- Since the cryptocurrency is on the crosshairs, the price of Bitcoin risks falling below $ 20,000.
- The price of Ethereum sees a bull in the trench as the bear brings out a big gun.
- The XRP price is set to eliminate all profits over the last two years and trade for less than $ 0.20.
Bitcoin prices, Ethereum and other cryptocurrencies are bleeding, and the global market is reluctant to provide band-aids and bandages to stop bleeding. Investors are turning their backs on cryptocurrencies as storms run through the market and stock market modifications are the most important cause of turmoil. With cryptocurrencies in the chopping block and support levels still far away, more losses are expected over the weekend.
Bitcoin prices risk falling below $ 20,000 for the first time since 2020
Bitcoin (BTC) prices are declining like a stone, as gravity appears to be further lowering BTC prices in search of support. Investors need to have a migraine after gravity hit the crypto market, where Isaac Newton had a headache after the apple fell into his head. On a weekly basis, Bitcoin prices have not yet shown the worst performance, but adjustments are sufficient to accelerate capital outflows as investors flee from more risky assets.
BTC prices are currently below $ 25,000, and as the number of investors grows, more bleeding is seen. This capital outflow only magnifies the downtrend, as buy and ask prices diverge further away from each other, in this case causing a more significant move down. Bullish resistance near $ 24,688 is expected to be seen around the monthly S3, but when it collapses completely, it is clear that the road will fall 25% towards $ 19,036.22, less than $ 20,000.
BTC / USD Weekly Chart
It is only a matter of time before this market remodeling reaches a turning point and reverses the market. As the Relative Strength Index (RSI) is traded oversold, bears have lost a compass about when to profit, and as a result, a turnaround may be imminent. We expect the price of BTC to return to $ 30,000 instead of soon, but after first testing $ 28,695.13 according to the golden rule that it is destined to resist as a previous level of support.
Ethereum prices line up at $ 1,404 as a last resort to avoid the crisis
Ethereum (ETH) prices seem to repeat the worst week that occurred around May 17th last year. ETH prices have already lost about 25% of the week, and more losses will be recorded by the weekend as investors flee the scene. Due to the large outflow of capital from cryptocurrencies, swamps are set to drain, and all technical indicators show serious oversold movements, making it difficult to determine when they will bottom out. is.
ETH prices are still trading in the distribution zone between $ 1,841 and $ 1,720, which was already discussed in the past. So far, the distribution zone is still buying and supporting price behavior. If the dollar begins to rise further with capital outflows, knocking investor KO and lowering the ETH price towards $ 1,404 is an existential crisis, starting trading at less than $ 1,000.
ETH / USD Weekly Chart
There are opportunities for downsides, and many traders, of course, aren’t timid and investigate some price behavior at these historic lows. By doing so, the bear wants to make a profit in the near future, so sooner or later the price behavior needs to be restored. In this way, the elastic band is decompressed to some extent and rewound with more purchases, returning to $ 2,200 or $ 2,400 next week.
A 50% price cut on the card is set to halve the price of XRP
The price of Ripple (XRP) shows that the bulls are replaced by the bears as the downside pressure gets out of hand. A technically bearish desk loss was formed, which was formed with the upper limit provided by the 55-day simple moving average, the red downtrend line, and the fact that the price action could not close above for 5 consecutive weeks. it was done. At the monthly pivot, investors seem to trade enough ETH prices on a trial and error basis. There are more reasons not to invest in Ripple prices than to invest.
The XRP price can be maintained at around $ 0.3616, or if the weekly closing price falls below that level, another leg is expected to fall towards $ 0.1729. This will bring the XRP price below $ 0.20. This means that the price of XRP will be further halved, dropping 90% overall from nearly $ 2.00 to $ 0.20. The cold showers that traders and investors are currently receiving will probably cause disgust and distrust that will keep large investors away for some time.
XRP / USD Weekly Chart
With weekly closings above $ 0.3616, morale can rise and moderate buys up to $ 0.4974 can be seen. It’s still calm, but if stocks can reconnect with profits, a recovery rally could be triggered. A stock rally or some winning sources could create a tailwind for cryptocurrencies that raise the XRP price to $ 0.70.