Bitcoin, Ethereum, XRP Forecast: BTC Threatens to Break Uptrend Line
- Leading cryptocurrencies see profit taking after rate pause decision.
- Bitcoin threatens to break down below trendline, support at $26,650; resistance at $28,000 and $28,800.
- Ethereum breaks down below trendline and 50 SMA, support at $1,500; resistance at $1,740 and $1,820.
- XRP trades above uptrend line and 200 SMA, support at $0.46; resistance at $0.54 and $0.61.
Bitcoin, Ethereum and XRP Forecast Video for 21.09.23 by Tim Smith
Leading cryptocurrencies remained under pressure in Thursday’s Asian session following the Federal Reserve’s widely anticipated decision to keep interest rate hikes on hold this month.
In a modestly bullish week for digital currencies leading up to the decision, investors were quick to book profits into the news, highlighting the lack of confidence across the broader crypto market amid ongoing regulatory uncertainty and a lack of industry-specific catalysts to rejuvenate enthusiasm. “Positioning and sentiment aren’t as light and offsides as they were earlier this year, and there aren’t many new catalysts on the horizon, meaning ‘in-the-money’ participants will take some chips off the table and reassess,” market research firm Asgard Markets told CoinDesk.
Technical Analysis: Bitcoin, Ethereum and XRP
Despite a “golden cross” recently forming on Bitcoin’s chart, the price appears on the verge of breaking down below an uptrend line dating back to Monday last week. Moreover, volumes remain sporadic, making liquidation events a possibility under current market conditions. A move higher from here could see a test of the $28K and $28,800 resistance levels. Conversely, further weakness could see a revisit of support at around $26,650.
Ethereum’s price has reversed course in recent trading sessions and broken down below both a multi-day trendline and 50 SMA. Furthermore, the RSI sits below 50, confirming the loss of recent upside momentum. Further selling at these levels could see bears retest last Monday’s low, or even longer-term support at the psychological $1,500 area. However, a climb back above the trendline could spark follow-through buying and test of key overhead resistance at $1,740 and $1,820.
Unlike Bitcoin and Ethereum, XRP’s price trades comfortably above the uptrend line and 200 SMA. Additionally, the RSI remains above 50, confirming relative strength. Further bullish upside from these levels could see resistance tested at $0.54 and $0.61 — both areas of interest on the chart. However, a breakdown below the trendline and 50 SMA could spark selling down to the closely watched $0.46 support level.