Bitcoin, Ethereum, Bitcoin Cash, Ripple: Price Analysis, Decline to Continue?

There is a bloodbath underway in the cryptocurrencies market as all major crypto assets such as bitcoin, ethereum’s ether, bitcoin cash, ripple and litecoin declined heavily during the past few sessions.

The main reasons for the current bloodbath is most likely panic selling. The recent events like Facebook ban on cryptocurrencies and ICO ban, India’s budget and ban misinterpretation, tether tensions across the board, bitfinex uncertainty and South Korea drama have ignited a panic sell button.

Let’s see and analyze the current price action for BTC, ETH, XRP and BCH.

BTC/USD

Bitcoin price crashed below the $10,000 level recently and it seems like the current decline is gaining momentum. BTC/USD recently traded as low as $8,479 and it looks set for more declines.

During the downside move, there was a break below the $9,950 and $9,450 support levels, which ignited a sharp downside wave. On the upside, there is a bearish trend line forming with resistance at $9,200 on the 2-hours chart.

Therefore, if the price corrects higher from the current levels, the $9,200 and $9,400 levels are likely to act as strong resistances. On the downside, the next major support is at $8,200, followed by $8,000.

ETH/USD

Ethereum was comparatively stable during the past few session, but Ether price too joined the party and declined below the $1,000 handle. ETH/USD recently broke a monster support trend line at $1,100 on the 2-hours chart to accelerate the downside move.

The price is now well below the 100 and 150 SMA’s on the same chart and it recently traded as low as $899. At the moment, Ether is testing a major support at $900 and it may correct higher in the near term.

On the upside, initial resistances are $966 and $1,040. Any further gains could face a strong sell zone at $1,100 and the 100 SMA. On the downside, a H2 close below $900 could push the price towards the next support at $820.

XRP/USD

Ripple was the worst performing cryptocurrency this week as its price fell below the $1.2000 and $1.0000 support levels. XRP/USD is currently under a lot of pressure and it recently traded as low as $0.7903.

It seems like the price is attempting a downside break below a major declining channel at $0.8500. As long as the ripple price is below the $1.0000 handle, it remains in a downtrend.

On the upside, important resistance levels are at $0.9200 and $1.0000. Above the mentioned $1.0000, the price may retest the $1.2000 pivot level. On the downside, the most important support is at $0.7000. A break below the $0.7000 support would call for a move towards the $0.5000 level.

Overall, the cryptocurrency market is under huge pressure and the current declining pattern may extend further for the next few weeks.

Charts Courtesy – Trading View and data source is Bitfinex.