🧨 Bitcoin, Ethereum, Ripple: Bulls Losing Steam as Weakness
CryptoPotato
Updated at: 5 hours ago
{"content":"🧨 Bitcoin, Ethereum, Ripple: Bulls Losing Steam as Weakness Creeps In
Bitcoin fell marginally on Monday after breaching $105,000 barrier, prompting worries of a bull trap.
Ethereum hits the 200-day EMA support around $2,438; a daily closure below might cause a larger decline.
Although momentum is waning, XRP is around the 50-day EMA at $2.27.
After breaching over $105,000 barrier on Sunday, Bitcoin (BTC) trades marginally lower on Monday, sparking bull trap worries. Ethereum (ETH) and Ripple (XRP) are reaching key support levels; a closure below them might ignite a further decline. As the crypto market consolidates and loses bullishness, these leading cryptocurrencies' momentum indicators show weakness.
Bitcoin breakout or fraud?
Bitcoin broke $105,000 barrier on Sunday, rising 3.23%. As of Monday, it has failed to establish support around this level and is trading at $104,624.
BTC may challenge psychological support at $100,000 if it continues its slide.
If BTC recovers and closes over $105,000, it might reach the January 20 all-time high of $109,588.
Ethereum's 200-day EMA battle may determine its next move.
On Sunday, Ethereum price retested its 200-day EMA around $2,438 and found support. As of Monday, it was trading at $2,387, below this level.
If ETH keeps falling and closes below $2,438 daily, it might retest its next support level at $2,000.
If ETH rebounds and the 200-day EMA around $2,438 remains as support, the surge might reach $3,000.
XRP bulls lose momentum
After retesting its 50-day EMA at $2.28 on Sunday, XRP climbed 3.18% the following day. On Monday, it had lost most of its gains and was trading at $2.36.
If XRP breaks and closes below its 50-day EMA daily, it might fall below $2.23, its next critical support.
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