Summary:
Bitcoin price slightly down after hitting a new all-time high of $108,353.
Ethereum faces rejection at $4,000, indicating potential for a correction.
Ripple trades down after retesting $2.66, suggesting indecisiveness among traders.
Technical indicators hint at a possible short-term correction for BTC, ETH, and XRP.
The RSI readings indicate decreasing bullish momentum for these cryptocurrencies.
Bitcoin Price Edges Down After New All-Time High
Bitcoin (BTC) price has slightly declined during the Asian session on Wednesday, following a stunning new all-time high of $108,353 the previous day. The technical indicators suggest a potential short-term correction for Bitcoin and its counterparts.
Bitcoin Bulls Show Signs of Exhaustion
After a 3.32% rally last week, Bitcoin reached its peak at $108,353 but is now trading down around $105,019. If the price closes below the $101,109 support level, it could further decline towards $90,000. The Relative Strength Index (RSI) currently reads 66, indicating a decrease in bullish momentum and potential for a sharper price drop if it falls below 50.
BTC/USDT daily chart
If BTC can break above its ATH of $108,353, it could target a new ATH of $119,510, aligned with the Fibonacci extension from the previous highs.
Ethereum Faces Resistance at $4,000
Ethereum (ETH) has experienced a rejection at the $4,000 level, trading down around $3,858 after a 2.34% decline. Continued resistance at $4,000 may lead ETH to retest its weekly support at $3,522. The RSI reads 57, indicating early signs of bearish momentum.
ETH/USDT daily chart
A break above $4,000 could see ETH rally up to its previous high of $4,488.
Ripple Shows Indecisiveness
Ripple (XRP), having found support around $1.96, rallied 16% but faces slight rejection near the $2.66 level, currently trading around $2.53. If this resistance continues, XRP could decline to retest $2.21. The RSI at 65 suggests indecisiveness among traders.
XRP/USDT daily chart
Should XRP break above $2.66, it could target the significant level of $3.00.
FAQs on Bitcoin and Altcoins
- Bitcoin is the largest cryptocurrency, functioning as a decentralized form of currency.
- Altcoins refer to any cryptocurrency other than Bitcoin, with Ethereum often considered a leading alternative.
- Stablecoins are designed to maintain a stable value, usually pegged to fiat currencies like the USD.
- Bitcoin dominance indicates Bitcoin's market share relative to other cryptocurrencies, often increasing during bull runs.
The information presented here is for informational purposes only and does not constitute investment advice.
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