Bitcoin price tests key support
Bitcoin (BTC) price is showing weakness, recording a 3% fall on the day, with most of these losses recorded following news around Binance exchange. Testing the critical support at $36,788 and with the Relative Strength Index (RSI) showing weakening momentum, BTC could fall.
Increased selling pressure below the $36,788 mean threshold of the supply zone stretching from $36,276 to $37,301 could open the drains for an extended fall, with experts anticipating a crash to the $30,000 psychological level.
Already, the Awesome Oscillator’s (AO) histogram bars are soaked in red and inching closer to the midline by the day. This points to the bears steadily taking over.
Conversely, increased buying pressure from investors looking to capitalize on the retest of $36,788 could send Bitcoin price north, first clearing the local top at $37,972 before testing the range high at $37,980 and ultimately claiming the $40,000 psychological level, 10% above current levels.
Also Read: Bitcoin price holds above critical support at $36,788 as Binance CEO CZ begins BTC halving countdown
Ethereum price struggles to keep $1,935 support base
Ethereum (ETH) price risks losing the critical support at $1,935, marking the midline of the supply zone turned bullish breaker that extend between $1,864 and $2,004. If the $1,935 level fails to hold, it could spell doom for token holders, with ETH likely sliding to the $1,800 psychological level, or in the dire case, invalidating the bullish thesis below $1,753.
Both the RSI and the AO support this outlook, edging south as momentum continues to fade.
on the other hand, increased buying pressure, enough to vindicate Ethereum price from the grasp of the aforementioned supply barrier above $2,009 could spur optimism, setting ETH back above the ascending trendline. This could clear the skies for a stretch to $2,136, denoting a 10% ascent from the current level
Ripple price could invalidate the bullish outlook with a bold move
Ripple (XRP) price could invalidate the bullish outlook if it decisively breaks and closes below $0.5981 on the daily timeframe. Increased selling pressure below the current level could plunge XRP into the consolidation phase between $0.4735 and $0.5392.
Momentum indicators also corroborate the case to the downside, suggesting Ripple price downtrend may not be over just yet.
On the flipside, a resurgence by the bulls could restore hope for XRP holders by setting Ripple price back above the lower trendline of the triangle at $0.6603. In a highly bullish case, the payments token could pull higher to test the Fair Value Gap (FVG) at $0.7512, restoring balance in the XRP market.
