Market Overview
Bitcoin price currently trades around $97,000, following a 5% drop the previous day. Similarly, Ethereum has closed below its critical 50-day EMA support at $3,446, while Ripple shows potential for a bullish rally if it breaks above a symmetrical triangle pattern. A market-wide pullback led to over $560 million in liquidations, as per CoinGlass data.
Bitcoin $BTC
Analysis: Declines Below $100K
Price Movement: Bitcoin fell 5.17% on Tuesday, closing below the $100,000 support level. On Wednesday, it trades near $97,000.
Key Levels: A further decline could push BTC to its 38.2% Fibonacci retracement at $92,493, calculated from the November 4 low of $66,835 to the December 17 high of $108,353.
Technical Indicators:
The RSI is at 49, near its neutral point of 50, signaling market indecision. A dip below 50 may lead to bearish momentum.
Outlook:
Bearish: A continuation of the pullback.
Bullish: Recovery and a close above $100,000, with potential to retest the December all-time high of $108,353.
ysis: Drops Below 50-Day EMA
Price Movement: Ethereum dropped 8.3% on Tuesday, closing at $3,446. Currently, it trades near $3,395.
Key Levels:
A sustained drop below $3,236 could lead to a test of the psychological $3,000 mark.
Resistance lies at $3,522, which, if breached, could drive ETH toward $4,000.
Technical Indicators:
The RSI reads 44, below the neutral 50, indicating bearish momentum.
Outlook:
Bearish: Decline to key support at $3,000.
Bullish: A rally above $3,236 and $3,522 could signal recovery.
Ripple (XRP) Analysis: Potential Breakout from Symmetrical Triangle
Price Movement: $XRP fell 6.15% on Tuesday but recovered slightly to trade near $2.32 on Wednesday.
Key Levels:
A breakout above $2.56 could trigger a rally to $3.63. However, a pullback after testing $3.00 is possible as traders book profits.
Conversely, a drop below $1.96 could lead to a decline toward $1.40.
Technical Indicators:
The RSI is at 53, above neutral, hinting at rising bullish