Cryptocurrency Market hit a downward Trend once Again

After indicating a small improvement yesterday, the cryptocurrency market has buckled under bearish pressure once again. All the five major cryptocurrencies, Bitcoin, Ethereum, Bitcoin Cash, Bitcoin SV, and XRP are in a downward price movement. Let’s analyze the cause of today’s price decline and check out what other experts are saying about cryptocurrency prices in the coming days and weeks. 

Bitcoin Price Analysis

Bitcoin presented signs of improvement in the last 24 hours with the cryptocurrency reading a daily peak of $6,900. However, the Bears overpowered the bulls and dragged down prices to just in the about $6,700, cause a $200 loss in the cryptocurrency’s value. According to charts from cryptocurrency aggregator, the decline in the price of Bitcoin within the last 24 hours alone is estimated at around 2.6-3 percent. Never the less, the other cryptocurrencies in the market also couldn’t maintain the Bearish pressure pushing prices downward.

Bitcoin is currently trading in a downtrend channel which could continue in the coming days. According to experts, Bitcoin has reached an equalization-range meaning the price is within the consolidation area. Bitcoin price movements indicate that the cryptocurrency has more upcoming bearing swings than Bullish. However, it’s is hard to tell for how long the bears will rule the market as Bitcoin is still trading above the $6,000 and $6,100 price support levels.

Ethereum Price Analysis

Ethereum had a fairly good day yesterday when it traded around $162. However, the bears soon took over the market and dragged down prices to about $156. Although there are signs of small positive movements being made, the overall picture is still Bearish in the long run. Among some of the most effective ways of trading profitably in by placing filters on charts and waiting for the filters to pass. Filters can be reliable in maintaining a high-profit margin while trading. 

Although Ethereum plummeted within the last 24 hours, the cryptocurrency managed to reach a daily correction level. During the last corrective structure, which appeared in the same zone as now, Ethereum experienced a Bullish run. Once the corrective structure occurs, we can create a long trade with an entry on the breakout of the structure and take profit on the defending line.

Bitcoin Cash and Bitcoin SV price watch

The same Bitcoin led trend also applies to the cryptocurrencies Bitcoin Cash and Bitcoin SV. For the records, Bitcoin Cash is the Bitcoin ABC application of the Bitcoin Cash algorithm after the previous Hard fork that split the bitcoin cash network into Bitcoin ABC and Bitcoin SV. Taking a look at the Bitcoin ABC performance in the last 24 hours, let’s check out current prices. Trading at $220 Bitcoin Cash dropped about $5 from its price within the last 24 hours. The current price trend is wholly bearish although small bullish sentiments usually appear.

Meanwhile, Bitcoin SV which currently trades for about $186 also lost a small percentage during the past 24 hours. The cryptocurrency lost about $6.60 to bearish sentiments in the last 24 hours and still continue losing small percentages as time progresses.

Ripple’s XRP price trends 

As we previously mentioned, a move in the price of Bitcoin causes all the major cryptocurrencies and beyond to move. The recent price decline on Bitcoin in the last 24 hours caused Ripple’s XRP to drop by some $0.0035. XRP’s short term price projection is Bullish although no price consolidation is seen yet.

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Jacob Okonya

Jacob has been engaged in blockchain technologies, Bitcoin, and fintech. He worked mostly as a blockchain market researcher, fintech journalist, and online forum moderator. Jacob is involved in creating articles and educational content for different project components, explaining how users can utilize the various resources.

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