Bitcoin despite a positive run after a strong February with the BTC gaining about $5000 from a price of $19000 to $24000 has witnessed a price drop in the last five days. The price has fallen by more than 10%. Reaching the lowest at $19,624. Currently, the market is at $20,188. Analysts claim the BTC is moving to a bearish trend as the coin plans to break the lower boundary of the channel. It’s assumed the 200-day exponential moving average (EMA) is applying the overhead pressure which is likely to push the BTC down further.
The BTC is predicted to hit further since it has been hit with a 50-day EMA on Wednesday pushing it down. It was hit by a 200-day EMA on Thursday. While it’s going to be hit by 100-day EMA, which will push it further downwards.
While as predicted, as the price of Bitcoin falls, it drags the rest of the altcoins down with it, explaining the bleak future for Ethereum (ETH) and Ripple (XRP).
The price of Ethereum (ETH), like Bitcoin, is bearish and battling to maintain above a crucial level. Upward pressure from the 50-day EMA at $1,567 crushed its value on Wednesday, turning the 200-day EMA at $1,546 from support to resistance in the Thursday trading session. When buyer momentum weakens, ETH may go below the $1,509 support confluence owing to the horizontal level and the 100-day EMA.
However, in an extreme scenario, the Ethereum price might rise to the $1,727 barrier level before accelerating into the big obstacle at $1,853. This would represent a 20.55% increase over the current $1,539 price. Given that the RSI had recently gone upward, more buyers were racing to the scene, and the price may rise.
In contrast, During the Tuesday trading session, the Ripple (XRP) price broke out of a falling parallel channel, a bullish move that might be attributable to the anticipated good judgement in the Ripple vs. SEC case. However, the selling pressure was still built on XRP, as it was moving with a bearish bias. The supplier congestion level of $0.3933 and the 100-day EMA of $0.3878 were stifling XRP as investors reaped the benefits of the early returns. If the price continues to fall, it will go below the 50-day EMA around $0.3848 before falling into the clutches of the technical pattern.
If the bearish scenario plays out, the Ripple price might fall to $0.3627 or $0.3539.
However, a surge in purchasing momentum beyond this point might propel XRP past the next obstacle at $0.3933. Beyond this level, the 200-day EMA was the next barrier for Ripple’s price. Since Ripple’s price was confronted with the 100-day EMA’s immediate resistance level of $0.3878. A daily candlestick closure above this level would render the bearish case incorrect.
To sum up, its predicted as per an article by FXstreet that:
- Bitcoin price is ready to go below the channel’s lower barrier at $21,746
- The price of Ethereum is repelling a crucial confluence mark at $1,508, but overhead pressure may overwhelm the bulls
- At $0.3726, the price of ripple breaks above a declining parallel channel, but the negative assessment continues