This week was very choppy for the crypto market, we saw the Bitcoin price dump more than 18% in value while Ethereum had a 21% dump. This retracement in the price of the two biggest cryptocurrencies in the world had a negative effect on the whole crypto market with most Altcoins finishing the week in the red.
However, the big question we will be trying to answer in this Crypto Week In Review is:
Is the Crypto market sell-off over or can we expect more bearish price action next week?
This week’s Cryptocurrency Performance by Market Cap
|Name||7 Days Return||30 Days Return|
Bitcoin Bulls Need To Hold $40,848
The Bitcoin price is currently trading around the $40,848 support after breaking through $46,911. If this $40,848 support holds, there is a very high probability that the Bitcoin price might rally back up soon.
However, the bulls are gradually losing this battle, as we have seen the Bitcoin sell-off intensify. If the Bitcoin price fails to hold this $40,848 support there is a high probability that Bitcoin might enter into a free fall down to the $28k region in the coming days.
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Watch This Bearish Move
For the bearish price prediction, the key level to watch for is the $40,848 support. A break and close below this level could see Bitcoin dumping at another 34% in the coming days.
For a full analysis on why we are bearish on Bitcoin and the two patterns we are currently watching on the Bitcoin chart, read our previous Bitcoin analysis Bitcoin Price Still Ranging! Is This A Sign Of Doom?
Related Article: How To Short Bitcoin
Ethereum Running Into A Mini Support!
The Ethereum price has been selling off this week but right now, we are running into mini support that might cause some issues for the Ethereum bears.
If this support holds, we can expect to see Ethereum consolidate for a while and potentially reverse back up to the ATHs of $4,351 in the coming days. However, if this support breaks, Ethereum might continue crashing into next week, taking most of the Altcoins with it.
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XRP Bearish Prediction Still Playing Out!
The last time we analyzed the XRP chart XRP Just Broke Through This Bearish Pattern. What Next?, we talked about the break out of the rising channel and the bearish potential for the Altcoin. That bearish prediction is still playing out perfectly as we speak.
The XRP price just rejected strongly off the $1.608 resistance level and is dumping hard. However, right now XRP is in no man’s land.
Key Levels To Watch On XRP
A break and close below the $1.2540 support is the best entry confirmation we need for the XRP/USD cryptocurrency pair. This support break signifies that the XRP sell-off is still under the way and we can expect to see bearish price action on the Altcoin all through next week.
The first bearish target to aim for is the $0.8544 level. This level has served as key support for the XRP price before and might do so again if the price sells off.
A break below this support could see XRP crashing down to levels not seen in over a year.
- We are currently bearish on the Bitcoin price but we are watching the $40,848 support to see if it holds. A break below could see us crashing to 28k!
- The ETH bulls need to hold the $3,219 mini support on the 4-hour timeframe. A break below this support could see Ethereum selling off all through next week.
- XRP is still very bearish but we need to see a break and close below the $1.2540 support to confirm this bearish bais.
Chart Of The Week!
Litecoin was our chart of the week. We called out and caught the bearish move all the way from the top of the expanding triangle up to now with price trading so close to the base.
If you missed this bearish move you can take advantage of a new bearish setup currently playing out on Litecoinone right now on the 4-hour timeframe! Litecoin Ready For Final Move Down. Sell Now?
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