Yesterday evening, while Bitcoin was touching the $13,000 level, the gates of the bears were opened in all crypto assets to start a selloff that is still developing. Will this be the opportunity to buy on a dip or more drops can be expected?
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The Bitcoin price has been dropping during the last 20 hours, driving its price from above $13,000 down to the current $11,400. That came on no particularly bad news. It seems the handy method of shaking the tree to force ripe fruits to drop.
The Stochastics and CCI indicators show overextended conditions. Therefore we should expect a bounce. Also, the current levels are acting as supports. Thus, we expect the drops to stop and bounce or experience a sideways movement.
XRPUSD price broke down the lower trendline of its channel and also its 0.3624 support. Now is sitting at $0.333 level with extremely oversold conditions. The price outlook makes people think there will be still more downside and visit the $0.3 level, but we have to remember that the oversold conditions are extreme and the price is already in an area that could act as support. In view that the CCI is close to -250, which is an extreme oversold condition, Short-term at least, we expect a bounce or a consolidation at these levels.
Ethereum has dropped to its support levels erasing the timid reaction it made the last trading sessions. That said, long-term’s Ethereum’s outlook hasn’t changed. The price on its daily chart still keeps its bullish bias, although in a consolidation phase.
As we can see, ETH price is testing its supports. The 4H chart shows oversold conditions, but the MACD is bearish. A breach of the $260 level may drive the price further down and will signify we need to reconsider our bullish long-term outlook.
Litecoin has broken the triangular formation to the downside yesterday, and also the $111 support level. The price moved down to $95 before making a bounce that has put it above the $100 again. The Stochastics are oversold, but the MACD is still bearish and the CCI as well. We have to observe the $100 support level because it marks the bottom of the support area in which LTC price is in. A breach of this level will signify more drops.
ADAUSD as moved down breaking the 0.073 support level and now is heading towards the last bottom at 0.06. CCI and Stochastics show the price is overextended. The MACD is also bearish. A drop below 0.6 will mean further drops for this coin, but it is likely it tries to form a bottom here. Currently, no bullish adventures are allowed in this asset.