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Bitcoin, Ethereum, Ripple: Momentum indicators show weakness
Bitcoin is at $82,000 on Monday after losing 15% last week.
Ethereum price falls below $2,125, suggesting a slump.
Monday, XRP trades at $2.17 after falling 27.25% last week.
Bitcoin (BTC) fell 15% last week and is about $82,000 on Monday. ETH and XRP followed BTC and dropped by over 20% and 28%, respectively, while their momentum indicators remain poor, suggesting additional correction.
Bitcoin price may fall after closing below 200-day EMA.
Sunday's Bitcoin price fell 6.37% below its 200-day Exponential Moving Average (EMA) at $85,754. It's roughly $81,800 as of Monday.
BTC might touch its February 28 low of $78,258 if it continues to fall. A closing below this level would continue the fall to $73,072 support.
On the daily chart, the Relative Strength Index (RSI) is 36, down from 50 last week and indicating negative momentum. The Moving Average Convergence Divergence (MACD) also crosses bearishly on Sunday, signaling a downtrend.
If BTC returns, it may reach $85,000.
Ethereum price momentum indicator weakens
After falling over 20% last week, Ethereum closed below $2,125 on Sunday. Starting Monday, it trades about $2,051.
ETH may revisit its weekly support level at $1,905 if it continues to fall.
Bearish momentum is shown by the daily chart's RSI at 35 after rejecting 50 last week. Last week, the MACD crossed bearishly, indicating a declining trend.
Alternatively, ETH might rebound and close over $2,125 to retest its next resistance level at $2,359.
Ripple seems strong.
The psychological $3 threshold was rejected on March 3 and Ripple fell 27% till Sunday. On Monday, it trades about $2.17.
XRP may retest its daily support level at $1.96 if it continues its decline. Successfully closing below this level would extend the fall to $1.77, its February 3 low.
The RSI is 42, below 50, suggesting negative momentum. Sunday's bearish MACD crossing suggests a declining trend and sell indications.
XRP might rebound to test its next resistance level at $2.72
#BTC #ETH #XRP #MarketPullback $BTC