As we pointed out several times in the past the crypto market and in particular Bitcoin is closely following the Nasdaq index from the US. Despite BTC being marked as a safe- haven the correction can be observed closely. The index has fallen on Friday last week and closed with a bearish candlestick pattern on the weekly basis. Geopolitical tensions in particular with the situation between Israel and Iran likely play a big role, here. Gold and oil prices showed a huge impact in this matter as well.
Technical analysis:
– BTC: Bitcoin is trading at USD 104,695. The market attempted to create another all- time last week but failed in doing so. Sliding prices might now be on the horizon. Should the market break the 50- moving average based on the daily chart at about USD 102,467 fresh lows might be seen.
BTCUSD, daily chart
The bearish candlestick pattern might suggest lower prices for now, unless the market can break above the USD 111,000 level. Only then another attempt towards the USD 125,000 might be seen.
– ETH: Ethereum is trading at USD 2,503. After having extended the bullish momentum from May, ETH is currently also facing fresh downside momentum. A slide below the 50- moving average based on the monthly chart might ignite lower prices.
ETHUSD, monthly chart
The chart above looks positive in the end but upside momentum is currently absent. A correction to the downside seems likely. The positive momentum might only gear up steam again above the zone at USD 2,775. Until then no clear direction can be found for now.
– XRP: Ripple is trading at USD 2.1165. When Donald Trump was elected as President this token took off to higher prices. Ever since the upside momentum remains limited, though. Instead, the market has been trading in a flag pattern, which is currently limiting the market to break higher.
XRPUSD, daily chart
With the break below the 50- moving average based on the daily chart an attempt to re-test the USD 2.0000 seems likely. The USD 1.8000 price target then comes into close proximity and the escalation of lower prices seems likely.
– SOL: Solana is trading at USD 142.35. Following the bearish technical charting patten based on the monthly chart, a further slide in prices seems likely.
SOLUSD, monthly chart
Unless the price can break above the USD 190.00 zone lower prices should be expected. If the market falls back towards the USD 125.00 price level the further development is critical. If that zone does not break, the bullish momentum might be ignited again. Else a re-test of previous prices in the USD 30.00 range might be seen, which would coincide with a longer lasting bear market.
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