As if it were a slight correction, Bitcoin lost up to $ 11,000 in a matter of 3 days, and despite everything it is still not even too affected, but it did drag the entire crypto market with it.
Today Ethereum is trading at $ 1,038.39, losing 4.58% in the last 24 hours. Meanwhile, Ripple is trading at $ 0.2852, accumulating a slight loss of 0.18% in the last 24 hours.
Here is an analysis of these cryptocurrencies, where we look for signals that tell us what could happen in the near future.
Bitcoin price plummets and crypto market shakes
With the great dominance of BTC over the ecosystem, any movement generally influences almost all participants, especially when falls like the one that is happening.
After the high reached at $ 41,950, the price of Bitcoin began to decline steadily. Yesterday this drop intensified, leading to us seeing a low of $ 30,420, signifying a surprising decline of more than $ 11,000 from its all-time high.
At the price levels in which it was, this drop has meant 27% to its lowest point. This means that it is still a simple correction that could generate demand to continue rising.
When we look at the daily chart BTC vs USDT we notice that the drop is not too worrying. It has even started to leave bearish price rejection above the support zone around $ 32,000.
The short-term trend is still bullish, the support at $ 32,000 must be crossed for it to be in danger. The odds remain in favor of the bulls.
Ethereum makes a pretty healthy correction
ETH immediately trailed behind BTC, after it hit the target at $ 1,347. This cryptocurrency fell to a low of $ 915 yesterday.
Today’s session is also being marked by losses, but still the short-term trend is clearly upward, and we already saw how yesterday the pressure from this previous direction caused rejection of the strong bearish intentions.
I daresay I see a fairly healthy and complete correction for ETH. Unless a further Bitcoin crash occurs and sows fear in the crypto market, Ethereum could soon be starting a new momentum in search of all-time highs.
Ripple tries to maintain short-term bullish intentions
Despite all the bad that is happening around XRP, after the sharp drop it made, it has managed to take a good breather, creating mild bullish intentions for the short term.
Following yesterday’s slide, XRP found support at $ 0.26050, leaving a small hint of a possible reversed Shoulder Head Shoulder.
If this support is violated, which at the moment is still the most likely thanks to the greater intentions, the next support to look for will be $ 0.21138.
In case Ripple wants to show a further recovery, the resistance at $ 0.33347 should be broken through with force.
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