Bitcoin, Ethereum, and Ripple are experiencing downward pressure, hinting at possible corrections in the near future. Bitcoin is hovering around $101,700 after four consecutive days of decline, Ethereum has closed below its 200-day EMA, and Ripple is approaching its ascending trendline support.
Bitcoin (BTC) is hovering around $101,700 on Wednesday, following four consecutive days of decline since Saturday. Ethereum (ETH) price has also slipped, closing below its 200-day Exponential Moving Average ( EMA ) at $3,135, suggesting a potential correction. Ripple (XRP) is moving towards its ascending trendline support; a break below this level could lead to a downward movement.
Bitcoin experienced a slight dip but recovered, retesting its 50-day EMA at $98,223 before closing above $102,000 on Monday. However, a slight decline occurred on Tuesday. If BTC breaks below $100,000 and closes below the 50-day EMA on a daily basis, it might extend its decline to test the next key support level around $90,000. The Relative Strength Index (RSI) indicator on the daily chart currently reads 52, above its neutral level of 50, but points downwards, indicating a weakening bullish momentum. Furthermore, the Moving Average Convergence Divergence (MACD) indicator showed a bearish crossover on Tuesday, sending a sell signal and suggesting a downtrend. Conversely, if BTC continues its recovery, it could retest its January 20 all-time high of $109,588. Ethereum's price has dropped 7.3% since Sunday and closed below its 200-day EMA at $3,135 on Tuesday. If the 200-day EMA holds as resistance, ETH could further decline to test its psychological support level of $3,000. A successful close below this level would likely trigger a further decline to test the next daily support at $2,810. The RSI indicator on the daily chart reads 41, below its neutral level of 50, pointing downwards, indicating bearish momentum. The MACD indicator also shows a bearish crossover on Sunday, pointing towards a downward trend. However, if ETH manages to break above the $3,135 EMA and it holds as support, the recovery could extend to test its daily resistance level at $3,730. Ripple price encountered resistance around $3.40 last week. On Monday, XRP rebounded from its ascending trendline (drawn by connecting multiple low levels since early January) around $2.72. If Ripple breaks below the ascending trendline and closes below $2.72, it could extend the decline to test its next daily support at $1.96. The RSI indicator reads 61, above its neutral value of 50 but points downwards after rejection from its overbought level of 70 on January 18, indicating weakness in bullish momentum. Additionally, the MACD flipped a bearish crossover on Sunday, sending sell signals and suggesting a downtrend. On the other hand, if XRP continues its upward momentum, it could extend the rally to test its $3.40 resistance level
BITCOIN ETHEREUM RIPPLE CRYPTOCURRENCY MARKET CORRECTION TECHNICAL ANALYSIS TRENDLINE EMA RSI
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