Bitcoin and ETH Turn Red, Why XRP Could Nosedive

Key Insights:

• Bitcoin started a sharp decline from the $47,150 resistance.
• Ether (ETH) declined heavily below $3,400.
• XRP broke a major bullish trend line with support near $0.815 on the daily chart.

Bitcoin

After forming a triple top near $47,150, bitcoin price started a sharp decline. The price tumbled below the $46,000 and $45,000 support levels. The move was such that the bears push the price below the $44,700 support.

There was a clear move below a key bullish trend line with support at $45,550 on the hourly chart. The price settled below $44,500 and the 21 simple moving average (H1).

The current price action suggests the bears are aiming more downsides below $44,000. The next major support is near the $43,450 level, below which there is a risk of a drop towards the $42,800 level.

Ethereum (ETH)

ETH also followed a similar path after it failed to clear the $3,540 resistance. There was a bearish reaction below the $3,415 support and the 21 simple moving average (H1).

Besides, there was a break below a major bullish trend line with support at $3,430 on the hourly chart. The price is now trading below the $3,300 level and showing bearish signs. An immediate support is near the $3,215 level.

The next major support is near the $3,200 level. Any more losses might send ether price towards the $3,080 level. On the upside, the bears might remain active near the $3,400 level.

XRP

XRP made another attempt to clear the key $0.910 resistance zone. However, the bulls failed to gain strength for a clear move above $0.910.

The price formed a double top near the $0.910 level and started a major decline. There was a clear move below the $0.850 support and the 21-day simple moving average. Besides, there was a break below a major bullish trend line with support at $0.815 on the daily chart.

It is now approaching the 50% Fib retracement level of the key increase from the $0.620 swing low to $0.910 high. If there is a downside break below the $0.770 support, the price could nosedive to $0.700 or even $0.650.

ADA, BNB, and DOT price

Cardano (ADA) is down 5% and there was a break below the $1.132 support zone. The next major support is near $1.08, where the bulls might take a stand.

Binance Coin (BNB) is gaining pace below the $432 level. If the bulls fail to protect the $425 support, the price could dive towards the $405 level.

Polkadot (DOT) is down over 5% and trading below the $21.00 level. The next major support is near the $20.50 level, below which there is a risk of a move towards the $20.00 level.

A few trending coins are LEO, GMT, and VLX. Out of these, GMT is up 10% and trading above the $2.40 level.