- Bitcoin settles below $19,000 on daily time frames, hinting at more downside in the future.
- Ethereum price loses support at $1,300, buying lower bids is a clear invalidation point.
- XRP price has been a distinct outperformer in the crypto space, up 30% this week.
The cryptocurrency market is at its lowest point since spring. Time will tell if these prices are worth buying.
Bitcoin offers a price discount
Bitcoin price failed to hold ground above $19,000. On September 20, the bears established a large bearish covering candle on the 2-day chart but twice set a new low for September at $18,125.
Bitcoin price is currently trading at $18,927. Volume inflows continue to enter the market with falling prices. Still, the relative strength index that served as support during previous bull runs is near significant levels. Additionally, there is a difference between the newly established low and the previous September low of $18,510.
The bottom of the market may be near, but buying low isn’t easy. A breach of summer lows at $17,622 is within arms reach. Using it as a point of invalidation is very dangerous. The macro invalidation point for the Bitcoin bull run remains at $13,880.
BTC USDT 2-Day Chart
In the video below, our analysts dive deep into Bitcoin’s price action, analyzing key levels of interest in the market. -FXStreet Team
BTC USDT 2-Day Chart
Ethereum price has lost support at $1,300
Ethereum price settled on a 2-day candle at $1,245, the lowest trading price for ETH since mid-July. The Volume Profile indicator is still leaning upwards as bulls have strong inflow days. However, the Relative Strength Index has breached the critical line in the sand, indicating that a change in market behavior may be unfolding amid the next countertrend rally.
Ethereum price currency trades at $1,262. Buying lows at this stage can be very challenging. A safe invalidation to use if trying to buy the dip is the June 12 low of $1,006. Ethereum price should not breach this level under any circumstances. By doing so, the entire uptrend scenario is nullified. A fall to the June 20 low of $881 will be the next stop, resulting in a 30% drop from the current Ethereum price.
ETH USDT 2-Day Chart
In the video below, our analysts dive deep into Ethereum’s price action, analyzing key levels of interest in the market. -FXStreet Team
XRP price continues to diverge
XRP price has topped the group and has rallied 30% since September 19. Buyers have produced appreciable price action as bullish NLFing candles are displayed in a row on the 4-hour chart.
XRP price is currently trading at $0.4373 as the digital remittance hovers above an ascending parallel channel. An influx of volume has entered the market, compounding the idea that more profits will come to the digital remittance token.
The next major resistance level appears at $0.4575 (based on Fibonacci projections of September’s rally and pullback). If the bulls find support at this level, the $0.50 XRP price will happen in the coming days. Such a move would result in a 16% increase from the current XRP price.
XRP USDT 4-Hour Chart
In the video below, our analysts dive deep into Ripple’s price action, analyzing key levels of interest in the market. -FXStreet Team