Crypto outlook | Downside pressure continues

Fundamental data:

After reaching a new all-time high in March this year, there are signs of further profit-taking. Some market participants continue to proclaim prices above the USD 100,000 mark for Bitcoin. However, these are likely to take further time if they are ever reached. In general, negative sentiment continues to spread in markets, as we have already mentioned in recent weeks.

However, the Fear and Greed Index currently shows a very weak value at 29, which does not necessarily lead to positive momentum.

Technical analysis:

– BTC: Bitcoin is trading at USD 53,330. The market continues to show negative momentum and is likely to move further downwards. Now that the important support zone at USD 60,000 has been broken, further negative potential is likely to materialize.

This zone, which can also be seen on the monthly chart above, marks an important support area that could trigger further downward pressure. A retest of this zone could then be used as an entry point for new short positions if positive potential emerges in the coming trading days. The USD 65.500 area could then be used as a stop loss for protection.

– ETH: Ethereum is trading at USD 2,974.00 and hence directly at the important psychological support area of USD 3,000.00. If new buyers step into the market and Ether moves upwards again, a new test of the USD 4,000.00 market could be seen. However, as market sentiment is generally weak at present, there could initially be further downward pressure.

The monthly chart signals further potential towards the USD 2,250.00 zone.

– XRP: Ripple is trading at USD 0.4290. Here, too, further downward pressure is evident, with the strong negative pressure particularly evident in XRP.

The weekly chart shows that the red rising trend line continues to act as important resistance, with the price moving further away from this zone with each trading week. The next support zone for Ripple can be found in the USD 0.3300 range. Until then, the pressure is likely to continue and could even intensify.

– LTC: Litecoin is trading at USD 61.80. Litecoin continues to trade weakly and has been trapped in its downward pattern since testing the USD 100.00 resistance area. Who would have thought back then that LTC would then move so sharply downwards after the test of the psychological price mark? It now appears that there is no longer any impetus in the market that could move the price upwards again.

It is fitting that the downward pressure is now continuing, whereby the market will only be supported at the round price level of USD 50.00. Only there could the tide turn again with a strong, positive trading candle.

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