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Due to the low volatility in Bitcoinβs price over the past weeks, some altcoins have recovered significantly from their losses over the past months. Meanwhile, the major top crypto projects have been correlating with Bitcoinβs pattern for months. Apart from Ethereum, which follows the same direction with the leading coin, Rippleβs XRP is now under a lot of bearish pressure.
In fact, XRP, the third-largest cryptocurrency is almost losing another major price level of $0.20 following December 9 rejection at $0.25. According to JOKER, a crypto proponent on twitter, βit seems bulls are waiting for $0.12 -$0.17 levelsβ:
# α’αα α’α Trend line stays down! RSI is getting oversold and # α’αα α’α lost its important support level at $0.25. It seems bulls are waiting for $0.12 β $0.17 levels.
Given the bearish sentiment for # bccoin , the estimated support for # α’αα α’α is not farfetched! pic.twitter.com/pH5vPUa9CTβ JOKER (@KiaCrypto) ααβααααΌ 16β, 2019
More so, JOKER shared his predictions on Bitcoinβs next major move, mentioning that BTC is currently below wedge support. He furthers emphasized that if $7000 support breaks, Bitcoin could head to $5300.
# αααΈααΈααΈ is currently below the wedge support.
Is it a bullish sign? No! It is bearish and the pattern is bearish.If $7k fails, a red bus takes # bccoin to the purple land ($5300). pic.twitter.com/kSpxbquHwO
β JOKER (@KiaCrypto) ααβααααΌ 16β, 2019
However, the bottom line is that if Bitcoin eventually breaks $7000 and finds a bottom at $5300, we should expect a quick recovery as soon as possible. If not, an accumulation cycle would take place for a while before price increases back.
For XRP, the usual slow movement is more likely to play out. But if the demand is heavy at $0.12 β $0.17 support levels, a sudden spike should be expected. As of now, new bearish setup is forming for Bitcoin and XRP.
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