Daily Cryptocurrency Bulletin – Bitcoin, Ethereum, XRP and Litecoin Analysis

After Tesla announced that it would accept BTC, it made a significant rise to over $ 55,000, but fell again with a voluminous selling pressure. As a result of the drop, Bitcoin’s short-term outlook is in a negative position, falling to the $ 52,000 support. Bitcoin, which has a negative outlook due to its presence below the black trend line on the chart, will be analyzed in a new channel after its recent moves. This downward channel, expressed with orange colored lines, is useful for analyzing Bitcoin’s response points. It is unlikely that Bitcoin will make a second drop below the $ 52,000 level in the short term as the current drop touches the lower band of the channel. Therefore, a horizontal process above $ 52,000 or a recovery towards the $ 55,000 level can be seen. If Bitcoin breaks below the orange channel, there is a good chance that a drastic downtrend will start. Therefore, it is important to protect the $ 52,000 – $ 50,800 zone.

  • Resistance: $55.000 – $56.000 – $57.400
  • Support: $52.000 – $50,800 – $49.250

Touching the $ 1750 level with the short-term recovery in the market, it fell to the $ 1575 support with the subsequent selling pressure. As can be seen from the volume candles, there is currently no serious signal for Ethereum to recover, which is under strong selling pressure. Ethereum can also be expected to maintain the support of $ 1575, with the possibility of a weak recovery as BTC reaches the support level. However, it should be noted that ETH’s main support level is $ 1440. Therefore, in the coming days, there is a possibility that the current downtrend will continue to this level. For any recovery signal on the price, the upside should first gain volume.

  • Resistance: $1670 – $1750 – $1830
  • Support: $1575 – $1440 – $1350

With negative sentiment in the market, it failed to hold above the $ 0.549 support and fell significantly. It is seen that the price moved fast between the blue main levels in the upward movement initiated from the $ 0.463 level and did not hang in the intermediate levels. As Ripple’s lawsuit with the SEC directly affects the price, it can be said that trend movements are causing short-term but drastic accelerations on XRP. Therefore, the current decline quickly came from the $ 0.549 key level to another highlight of $ 0.463. It is important that XRP maintains the $ 0.463 level. This level of support will provide a significant demand intensity for XRP when the market is on the rise again. If XRP drops below $ 0.463, the strength of selling pressure can be expected to increase.

  • Resistance: $0,508 – $0,523 – $0,549
  • Support: $0,488 – $0,463 – $0,423

Despite the fact that it was above the trend line for a short time with Tesla’s announcement, it could not hold in this area. The fall of BTC, as the price could not break the trend line with a clear volume, caused panic sales to come along. The main support for LTC is the orange trend support seen in the lower region on the chart, although the downward aggressiveness has now stopped due to BTC reaching the support level. This trend is located at around $ 163. Therefore, if the downtrend continues, it is likely that the downward acceleration of LTC with sharp movements will continue. If Bitcoin recovers towards the $ 55,000 level, LTC’s first target is $ 186 resistance. However, due to the current outlook, the LTC can also be expected to stabilize with a flat course rather than a recovery.

  • Resistance: $178 – $186 – $200
  • Support: $170 – $163 – $156

Daily bulletins are prepared by Berkay Aybey.

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