Cryptanalysis BTC, ETH, XRP on February 23
Bitcoin today unpleasantly surprised investors. Its price dropped by $10,000. As a result of the sudden collapse of the market on the leading exchanges were liquidated open orders
In 24 hours, Bitcoin fell by 14.47%. Judging by analysts, there is no need to wait for a rapid recovery of the market. However, cryptocurrencies are able to present surprises. Let's see what happens next.
Now let's assess the scale of the disaster by looking at the altcoin market. All cryptocurrencies have lost in value. The worst was BCH today. The 26% decrease in value caused a real panic. Also more than 20% was lost on ETH and XRP (21.45% and 21.41% respectively).
Yesterday, February 22, the value of Bitcoin decreased to support 2-hour EMA (to the level of $54,000). Further, due to the actions of bear traders, the pressure increased, and the price passed the average sliding. The price of Bitcoin has regressed to $52,500, from where the uptrend line began to form.
Further, under the influence of bears, Bitcoin fell out of the upward channel and fell to the price of 45 thousand dollars. Here the fall stopped support, after which the cryptocurrency again rose into the upward channel. She failed to gain a foothold in it and fell again.
In the near foreseeable future, if the price breaks through the support level by $45,000, it will decrease. If the level of 45,000 bulls is protected, the price can start to rise to 50,000 dollars.
Here, bear traders have also tried their best. Their attack brought the cryptocurrency below $1,800. It was a level of support, so it is not surprising that the price of the cryptocurrency decreased significantly and tested at least 1540 dollars.
Then, as in the case of Bitcoin, the price went into the upward channel, but failed to gain a foothold in it. It is likely that with small trading volumes it is possible to test support at the level of 1300 dollars. Then there are possible trades in the side direction.
Despite the excellent opening of the trading day yesterday, when the currency pair returned to the upward channel and even set the February ATH ($0.649), the price of the cryptocurrency later also fell by more than 20%.
However, according to traders, the current drop looks more optimistic with respect to Ripple. Bears, judging by the large sales volumes, probably have already spent their stocks. Therefore, in the near future the coin may move to 0.5 dollars.