The price of Bitcoin again loses support, thus reaching a daily low of $ 10,200, and dragging the entire crypto market with it in a new short-term downtrend.
As of this writing, BTC is trading at $ 10,378. ETH is trading at $ 335 and XRP at $ 0.2250.
Technical analysis of the 3 largest in the crypto market
To begin, let’s look at the weekly chart of the price of Bitcoin, in order to determine its medium-term trend and that of the ecosystem in general.
From the weekly chart BTC vs USDT we observe a bullish behavior, made up of increasingly higher highs and lows. This trend is still intact, and is being tested at the moment.
As long as the price remains above $ 9,825, there is not much to worry about; if the opposite happens, we will be seeing a bearish transition of the trend in the medium term.
Short-term trend of Bitcoin price
This trend is the one that recently turned bearish, dragging the entire crypto market with it.
From the daily time frame we observe continuous highs and lows lower and lower, which generated yesterday a bearish crossing of the moving averages EMA of 8 and SMA of 18 days.
This takeover of the bears happened after rejecting a resistance around $ 11,200, which constitutes the neckline of a bearish Shoulder Head Shoulder.
Although this formation may forecast a deeper decline than the one we are witnessing, consider that the medium-term trend continues to rise, and is putting pressure on minor trends.
Yesterday the price got support in a demand zone close to $ 10,200, but for now, it is most likely that the price will continue to fall, even if it is to look for nearby areas such as the most immediate one located at $ 10,000, or the next at $ 9,650.
ETH vs USDT daily chart
Following the general behavior of the crypto market, Ethereum also turned bearish in the short term, as a result of continuous breaks of supports.
Today the price of ETH visits a support of $ 316, and despite the fact that the trend indicates that the odds are in favor of crossing them, the upward trend in the medium term could put pressure, and encourage purchases in areas such as the one where the market is currently price; but at the moment there is no sign that supports this scenario.
The 200-day SMA is still bullish, supporting the strong gains ETH has made in recent months. This average may function as dynamic support if the price seeks to fall further.
XRP vs USDT daily chart
In the Ripple price chart, history repeats itself, the bears have control in the short term again, only that unlike BTC and ETH, this cryptocurrency has already lost the support that it had closest, located at $ 0.2350.
Now the bears have clear ground to drag price at least towards the 200-day SMA. Below this average, immediate support is at $ 0.2040.
What do you think? Can the crypto market soon get rid of the downward cycle it is in? Let us know your opinion in the comments!
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