Tony M.
FXStreet
The crypto market descends in freefall fashion. At the current time, jumping into the market for a bounce could lead to painful losses. Key levels have been identified to estimate where the cryptocurrency decline may flatline
Bitcoin price is currently trading at $19,100. The bears have breached the 21-day Simple Moving Average (SMA) to start the second week of October. Losing support from the key indicator suggests the current 8% decline is only the start of what's to come.
Bitcoin price has fallen into extremely oversold territory on the Relative Strength Index (RSI). The indicator suggests there will be bounces for countertrend scalpers, but the pumps will likely be short-lived. A pullback into the recently breached moving averages near the $19,300 zone has recently occurred, and the bears produced a strong rejection. If market conditions persist, the $19,000 support level will collapse in the coming days.
Traders may want to consider staying with the downtrend until further notice. BTC price could continue to fall, with key targets at $18,700 and the summer lows at $17,500.
The safest invalidation of the bearish outlook is a break above the September high at $22,800. If the bulls can reconquer this barrier, an additional rally could occur and propose an attempt to take out liquidity above the August high at $25,214. Such a move would result in a 30% increase from the current Bitcoin price.
BTC/USD 8-Hour Chart
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
Ethereum price has fallen 5% since the weekend, bringing the entire market value down 8% since the start of October. On Monday, the bears produced the penny-from-Eiffel-style decline, giving little chance for trapped bulls to relieve their losing positions. Like Bitcoin, the decentralized smart contract was also rejected from the 8-day Exponential Moving Average (EMA).
Ethereum price currently auctions at $1,279. The RSI has also fallen into extremely oversold conditions signaling bearish strength. However, the decline does come under relatively low volume compared to the previous one. Still, the steep nature of the downmove suggests the bears are only halfway near bounce-worthy levels. If market conditions persist, a fall towards $1,220 will occur in the coming days.
This thesis remains bearish so long as the recently established swing low at $1,336 stays unbreached. If the bulls break this level, an additional pump toward $1,362 is likely to occur. Such a move would result in a 7% increase from the current Ethereum price.
ETH/USDT 8-Hour Min Chart
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
Ripple's XRP price is down 10% since rallying to $0.54 over the weekend. The steep decline shows a slight uptick in volume but still is less than the previous uptrend rally. This suggests the bulls are losing steam but may have one more move upward to produce in the coming days.
XRP price currently auctions at $0.49. The digital remittance token has found support from the 21-day SMA and is coiling just underneath the 8-day EMA. The RSI is now back above supportive territory after falling into oversold conditions. There is a hidden bullish divergence signal that shows the current $0.48 swing low as more oversold than the October 3 swing low at $0.44. The $0.04 difference in RSI could create a favorable range for day traders to the scalp. Ultimately, placing a short at the current time would be highly risky for said reasons.
Traders should be on the lookout for a pump back to $0.51 in the coming days. An influx of volume coming into the market without breaching new highs could create favorable conditions for sidelined bears to enter the market. Invalidation of the bullish thesis targeting $0.51 relies on a break of the $0.44 swing low. Conversely, the bearish trade idea demands the swing high at $0.56 remains untagged. 
XRP/ USDT 2-Hour Chart
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
XRP price will see traders mainly focusing on the Powell speech later today at the Brookings Institution. With many questions being raised and Fed members contradicting one another, markets will be hanging on every word coming from Powell’s mouth to get a clearer view of what the path will be going forward.
The European Central Bank (ECB) detailed its stance on Bitcoin (BTC) and the cryptocurrency ecosystem in a blog post on November 30. In this article, the financial institution outlined the stark differences between regulation of digital assets in Europe and the US and that they should not be legitimized.
Solana price is at the cusp of starting the long-awaited Christmas rally. SOL could be seen jumping 37%, making it its best performance for the year.
Bitcoin price has triggered a 5% upswing overnight, slicing through critical hurdles. Three on-chain metrics suggest that BTC might have bottomed and has kick-started another bear market rally.
BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.