New Delhi: World’s greatest cryptocurrency Bitcoin slid below the key support level and it is expected that it will head towards the next important price barrier. As this downswing could be a small sell-off but altcoins including Ether and Ripple didn’t show strength with the coins as they also sliced through the critical demand levels.
Bitcoin stands at the decisive moment
BTC price responded to an incline trend line which was formed on July 20 but the recent upswing failed to impress which lead to a downswing that broke the supportive trend line. From here BTC will head towards the next crucial barrier of $46,000.
The demand zone that starts from $43,150 to $45,791 will now play a pivotal role to absorb the selling pressure. The investors have a good chance to enter the crypto and start an uptrend and if this happens the rally can take BTC to the $51,000 level.
But if the BTC fails to hold the $46,000 price level then it can dip down to the zone ranging from $43,150 to $45,791. If it closes below 43,150 then it will invalidate the bullish outlook which will trigger a downward trend to $42,000.
Ethereum hoving around $3,000 psychological level
Ethereum has faced extreme selling pressure around the price level of $3,375 which eventually prevented it from rallying twice over the last two weeks. The latest attempt tried to set up an upward swing at $3,377 but it went for 9% down. As we know ETH follows BTC it might see a steeper correction.
ETH set up a high below $3,375 but RSI formed a lower high which further confirming a downswing. The psychological support level of $3,000 will be the first level which bears will encounter and a breach of this barrier can push the coin down to $2,900 level.
XRP standing at make or break point
XRP’s Ripple rallied roughly 77% since August 9 and set the local high of $1.35 on August 15. As per the situation, the trend has been set up which forecasts a 43% upswing to $1.81.
If Ripple produces a decisive close above the upper trend line of $1.27 then it will confirm the start of a new uptrend.
