Can Bitcoin and other top coins recover after today's fall or should one expect a continued drop?
Bears have smashed the bulls out of the market today as all of the top 10 coins are in the red zone.
Top coins by CoinMarketCap
BTC/USD
The rate of Bitcoin (BTC) has declined by 7.19% over the past 24 hours.
BTC/USD chart by TradingView
Bitcoin (BTC) has bounced back to the support zone at $60,000. The fall is supported by a high selling trading volume, which means that the decline may continue.
However, if bulls can consolidate and stay above the support, there is a chance to see the test of the recently formed mirror level at $62,294 by the end of the week.
Bitcoin is trading at $60,771 at press time.
ETH/USD
Ethereum (ETH) is the biggest loser from the list today as the rate of the native exchange coin has gone down by 8.19% since yesterday.
ETH/USD chart by TradingView
Ethereum (ETH) has also bounced off the support and is currently trading around the zone of $4,300. The volume is high, which means that the fall might not be stopped. In terms of the nearest price projection, the chief altcoin may test the zone at $4,500, followed by a continued decline.
Ethereum is trading at $4,301 at press time.
XRP/USD
XRP is not an exception from the rule, falling by 6.54%.
XRP/USD chart by TradingView
XRP has tested the zone of the most liquidity around $1.0787, followed by a fast bounceback.
At the moment, bears have seized the initiative; however, they need to break the vital support level at $1.01488 and fix below it to confirm their power against the bulls.
XRP is trading at $1.1080 at press time.
Read full original article on U.Today
Author
Denys Serhiichuk
U.Today
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.
