Bitcoin and ETH Nosedive, XRP Trades Near Crucial Juncture
- Bitcoin started a sharp decline from the $42,500 resistance.
- Ether (ETH) could extend the decline to $2,500.
- XRP is stuck near a major bearish trend line on the daily chart.
After facing bears near $42,500, the bitcoin price started declining sharply. The price tumbled below the $41,000 and $40,200 support levels. The move was such that the bears pushed the price below the $39,650 support.
A clear move below a key bullish trend line with support at $40,000 on the hourly chart. The price settled below $39,650 and the 21 simple moving average (H1).
The current price action suggests the bears are aiming more downsides below $39,000. The next major support is near the $38,150 level, below which there is a risk of a drop towards the $37,500 level.
ETH followed a similar path after failing to clear the $2,775 resistance. There was a bearish reaction below the $2,645 support and the 21 simple moving average (H1).
Besides, there was a break below a major bullish trend line with support at $2,680 on the hourly chart. The price is now trading below the $2,600 level and showing bearish signs. The immediate support is near the $2,565 level.
The next major support is near the $2,515 level. Any more losses might send ether price towards the $2,400 level. On the upside, the bears might remain active near the $2,645 level. The next key resistance is near the $2,700 level.
XRP started a fresh increase after finding support near the $0.625 zone. The price climbed higher above the $0.655 and $0.685 resistance levels.
The upward move gained pace above the $0.700 level. XRP even climbed above the 50% Fib retracement level of the key decline from the $0.918 swing high to $0.625 swing low. However, the price is now struggling to gain a pace above $0.780 and $0.800.
There is also a major bearish trend line with the current hurdle at $0.755 on the daily chart. To start a major increase, the price must settle above the trend line and $0.800.
If not, there is a risk of a sharp decline towards the $0.625 support. Any more losses might lead the price to $0.550.
ADA, BNB, and DOT price
Cardano (ADA) is down 5%, and there was a break below the $0.800 support zone. The next major support is near $0.765, where the bulls might take a stand.
Binance Coin (BNB) is gaining pace below the $370 level. If the bulls fail to protect the $362 support, the price could dive towards the $350 level.
Polkadot (DOT) is down over 5% and trading below the $17.00 level. The next major support is near the $16.65 level, below which there is a risk of a move towards the $16.20 level.