Bitcoin (BTC) struggles to regain bullish momentum, hovering round $107,800 on Monday after a 5.49% drop final week. Ethereum (ETH) slips under the important thing $4,000 degree, hinting at additional draw back dangers, whereas Ripple (XRP) additionally trades beneath pressure as momentum continues to weaken.
Bitcoin might appropriate towards $102,000 if it closes under key assist
Bitcoin price confronted rejection from the 50-day Exponential Shifting Common (EMA) at $113,950 on Tuesday and declined 7.36% by Friday. Nevertheless, BTC discovered assist across the 61.8% Fibonacci retracement at $106,453 on Saturday and recovered by 2.22% the following day. On the time of writing on Monday, BTC hovers at round $108,700.
If BTC continues its worth correction and closes under the $106,453 assist, it might lengthen the decline towards the October 10 low of $102,000.
The Relative Power Index (RSI) on the each day chart reads 40, under the impartial degree of fifty, indicating bearish momentum gaining traction. Furthermore, the Shifting Common Convergence Divergence (MACD) additionally confirmed a bearish crossover on October 11, which stays in impact, additional supporting the bearish view.
BTC/USDT each day chart
Nevertheless, if BTC recovers, it might lengthen the restoration towards the beforehand damaged trendline at round $110,000.
Ethereum reveals weak spot in momentum
Ethereum worth corrected over 4% final week after going through rejection from the each day resistance at $4,232. Initially of this week on Monday, it hovers at round $3,953.
If ETH continues its downward momentum, it might lengthen the decline towards the 61.8% Fibonacci retracement degree at $3,593, which coincides with the 200-day EMA.
Like Bitcoin, Ethereum’s RSI and MACD indicators additionally assist the bearish view.
ETH/USDT each day chart
Nevertheless, if ETH recovers, it might lengthen the restoration to retest its each day resistance degree at $4,232.
XRP bears are in charge of the momentum
XRP worth corrected greater than 5% final week after going through resistance across the decrease trendline of a falling wedge sample. On the time of writing on Monday, it hovers at round $2.38.
If XRP continues its downward development, it might lengthen the decline towards the following each day assist at $1.96.
Like Bitcoin and Ethereum, XRP’s momentum indicators, RSI and MACD, additionally assist the bearish view.
XRP/USDT each day chart
Then again, if XRP recovers, it might lengthen the restoration towards the 200-day EMA at $2.61.
