Bitcoin and Ether Bears In Control, XRP Rally Reverses Amid Selling Pressure

Bitcoin

After a failed attempt above $48,000, bitcoin price started a fresh decline. There was a clear break below the $47,000 support zone and the 21 simple moving average (H1).

The bears even pushed the price below the $47,000 and $46,500 support levels. The price is now approaching the $45,550 support zone. The next major support is near $45,200. Any more losses could send the price towards the $43,500 level.

On the upside, the price is facing resistance near $46,600. The main hurdle is now forming near the $47,000 zone and a key bearish trend line on the hourly chart.

Ether (ETH)

Ether also followed a bearish path after there was a close below the $4,000 support It is now moving lower and trading below the $3,950 level. There was also a break below the $3,900 support zone and a close below the 21 simple moving average (H1).

The next major support is near $3,750. If there are additional losses, the price could decline below $3,700.

On the upside, the price could face resistance near the $3,850 level. The main resistance is near the $3,950 level, the 21 simple moving average (H1), and a connecting bearish trend line on the hourly chart. A close above $3,950 is needed for a sustained upward move.

XRP

XRP started a fresh increase after it formed a base above the $0.7620 level. The price gained pace above the $0.800 and $0.850 resistance levels. The price even climbed above the 50% Fib retracement level of the downward move from the $0.9400 swing high to $0.7630 low.

There was a clear break above a major bearish trend line with resistance near $0.8200 on the 4-hours chart. The price settled above the $0.850 level and the 21 simple moving average (H4).

However, the price failed to gain strength for a move above the $0.9150 and $0.9200 levels. There was a major bearish reaction below the $0.9000 level.

The price even broke the $0.8500 support. It is now testing the $0.8250 zone and the 21 simple moving average (H4), below which it could revisit the $0.8000 support zone.

Story continues

ADA, BNB, and DOT price

Cardano (ADA) declined 6% and the bears are now attempting a break below the $1.20 support. If they succeed, there is a risk of a move towards the $1.15 level.

Binance Coin (BNB) is declining and approaching the USD 500 level. It is down 5% and there could be a move below the USD 500 level. The next key support is $480, below which the price could test $465.

Polkadot (DOT) is down 7% and trading below the $25.00 level. An immediate support is near the $23.20 level. Any more losses could push the price towards $22.50 level. On the upside, the bears might remain active near $25.00.

A few trending coins are REV, YFI, and LEO. Out of these, REV rallied over 15% and there was a move above the USD 0.0105 level.

This article was originally posted on FX Empire

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