By Nathan Ferguson
Briefly –
- BTC price sliced beneath a critical inclining trend-line, indicating downswings.
- Ethereum’s price might retest the psychological level near $3,000 with extended profit-booking.
- Ripples move closer to retest the support at $1.09, aiming to bounce off.
Bitcoin has had its price sliding beneath the critical support and might plunge towards the nearest significant price barrier. Though the downswing might translate to a slight sell-off, alternative coins, including Ripple and Ether, appears weak as they crush their crucial demand zones.
BTC on a Decisive Moment
Bitcoin respected an uphill trend-line that formed on 20 July. However, the coin failed to retain its recent uptick, translating to downswings that breach the supportive trend-line. That shows the chances of Bitcoin heading to the support zone at $46,000, the asset’s nearest critical barrier.
The demand area ranging between $43,150 and $45,791 is vital to absorb the prevailing selling pressure.
Buyers have the opportunity to start an upside trend from this level. With that, the coin will target the $51,000. Breaking over this zone is critical for BTC to climb towards $57,000.
Meanwhile, if the leading crypto fails to maintain above $46,000, it may dip towards the demand area, ranging between $43,150 and $45,791.
On the other side, a decisive close beneath $43,150 will cancel the bullish thesis, triggering plunges towards $42,000.
ETH Hovers at the $3K Psychological Zone
ETH saw magnified selling pressure near $3,375. Such developments prevented the coin’s rally twice in the last two weeks.
The recent rally attempt had ETH swinging to a $3,377 high. However, the altcoin saw a 9% drop towards its current price levels. As much as Ethereum appears to follow Bitcoin, it might see massive corrections than the leader, BTC.
Ether attained a high beneath 43,375, but the RSI printed a lower high (exaggerated bearish divergence), confirming downtrends.
With bearishness, the initial support lies at the psychological zone at $3,000. Breaching this defense may push the leading coin down towards $2,893 and $2,742 with increase bear control.
XRP Movements
The remittance crypto surged about 77% since 9 August, forming a local high near $1.35 on 15 August.
After the surge, a consolidation that caused lower highs and higher lows appeared.
For now, XRP bulls target a 43% surge toward $1.81.
If XRP gains momentum to register a decisive close over the $1.27 level, the asset will experience a new upside move.
The RSI’s high lows and prices lower lows support the upside moves with their bullish divergences.
Feel free to use our comment section.