If Bitcoin closes below its daily support level of $52,226—which it retests—the price can fall much more.
Closing below $2,118, which is Ethereum's weekly support, can trigger more price drops.
The market structure has turned negative for Ripple as it falls below the $0.544 support level.
On Monday, Bitcoin (BTC) and Ethereum (ETH) challenged their significant support levels again; a negative trend might be on the horizon if prices break below these levels. Ripple (XRP) also closed below its important support level, suggesting a negative picture for the next few days.
If the $52,000 level is crossed, the price of bitcoin might fall.
On August 2, the price of Bitcoin dropped below the ascending trendline, which was constructed by connecting many swing high levels from July 5. This led to a 5.6% loss in the next two days. On Monday, it hit the $52,266 daily support level and is now trading 6% lower at $54,585.
With a daily closing below $52,266 support, Bitcoin can extend its 4.7% slide to retest its next daily support level, which is at $49,917.
Below their neutral levels of 50 and zero, respectively, the Relative Strength Index (RSI) and the Awesome Oscillator on the daily chart have fallen, indicating a bearish trend according to these momentum indicators.
But if the market were to close above the August 2 daily high of $65,596, a higher high would be formed on the daily timescale, altering the market structure. If this happens, the price of Bitcoin can climb by 6% and try to break over the $69,648 weekly barrier level.
If the price of Ethereum drops below the $2,100 barrier, it will likely begin to decrease.
The price of Ethereum fell 7.4 percent the next day after closing below the daily support level at about $2,927 on August 3. It has retested the weekly support at $2,118 and is continuing its 14% slide at $2,321 as of Monday.
Ethereum may extend its 8.7 percent drop to retest its next weekly support at about $1,935 if it closes below the $2,118 mark, which is now a support level.
Below their neutral levels of 50 and zero, respectively, the Relative Strength Index (RSI) and the Awesome Oscillator on the daily chart have fallen, indicating a bearish trend according to these momentum indicators.
Nevertheless, the market structure would be altered as a higher high on the daily timeframe would be formed if the market were to finish above the $3,396 daily high of July 29. In such a case, Ethereum's price can increase by 5% and retest the $3,562 high from July 22.
Failure to close above the $0.544 mark has set the stage for a decrease in Ripple pricing.
As a whole, the Ripple price fell on Sunday, closing below the $0.544 daily support level. As of Monday, it is trading at $0.477, continuing its 9% drop.
It is possible that XRP may continue its 17% slide to retest its weekly support at $0.413 if the old daily support at $0.544 serves as resistance.
The Awesome Oscillator (AO) is getting close to a similar dip as the Relative Strength Index (RSI) on the daily chart has momentarily gone below the neutral 50 mark; a continuation of this weakness might indicate severe negative pressure and more drops in Ripple’s price.
But the market structure would shift as a higher high on the daily timeframe would be formed if the price closed above the $0.544 level. In this case, Ripple's price may revisit the next daily resistance level at $0.643, leading to an 18% increase.