According to the latest view of the cryptocurrency analyst Manish Chhetri, who is a comparator of FX Street, the market has started the new week under great pressure to sell. Bitcoin, Ethereum and XRP have been on a negative trend, indicating how difficult it is for buyers to hold onto the important support levels.
As a result, the market mood is not panic but a sense of caution, and the market players have become more cautious as the prices keep falling. Technical signs also indicate that the momentum is weak and thus encourage short-term traders to wait until they get stronger signals to open new positions.
Bitcoin violates major support as the sellers remain in control
Bitcoin has dropped out of its recent consolidation levels around $65,000 dollars. This violation is critical since the market had been grateful for that range for a few weeks. Closing below this daily would make the likelihood of a greater step as to the next big support level around $60,000 dollars more likely. The Relative Strength Index is near the oversold range, indicating that there is extreme selling pressure.
At the same time, the MACD indicator is flattening, and this means that traders are not sure of the next direction that the market will undertake and whether the next direction is a sharp drop or a short break before further depreciation.
Ether and XRP are extending losses with weak recovery indications
Ether remains in a downward price trend that has lasted six weeks and is currently trading below $1,900 dollars. If the price falls below the lower support level, which is around $1,747 dollars, a price point where buyers typically step in to prevent further declines, it is expected that the next support level is around $1,669 dollars. This technical formation is similar to that of Bitcoin, having a reduced-price movement and no evident recovery signs.
XRP has also gone past the mark of 1.40 and cannot continue to maintain its downward trend. In case of the selling pressure, the next support will be around 1.30. A recovery is possible, but buyers would need to defend current levels and push the price to the 1.50 psychological mark.