Bitcoin price continues declining on Friday after falling more than 15% this Monero price USDweek.
Ethereum price closed below its daily support level of $2,359, continuing its downward trend.
XRP is approaching its daily support at $1.96; a firm close below would continue its downward momentum.
Bitcoin (BTC) price continues declining on Friday after falling more than 15% this week. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps and declined by nearly 24% and 21%, respectively.
Bitcoin bears aiming for the $73,000 mark
Bitcoin price broke out of its prolonged consolidation phase, slipping below the $94,000 support level and closing at $91,552 after a 4.89% decline on Monday. BTC continued its correction by 8.2% in the next three days and closed below its $85,000 support level on Wednesday. At the time of writing on Friday, it continues its sell-off, trading at around $81,000.
If BTC continues its correction, it could extend the decline to test its next support level at $73,000.
The daily chart’s Relative Strength Index (RSI) indicator reads 21, below its oversold conditions and points downwards, indicating significant selling pressure but technically may be due for a potential reversal or bounce. However, traders should be cautious as the RSI may remain below oversold levels and continue correcting.
BTC/USDT daily chart
However, if BTC recovers, it could extend the recovery to retest the $85,000 resistance level.
Ethereum is poised for further downside if it closes below $2,125
Ethereum price declined almost 11% on Monday. It continued its downtrend for the next three days, declined 8.4% and closed below its daily support level at $2,359. At the time of writing on Friday, it continues its downleg, retesting its February 3 low of $2,125.
If ETH continues its downtrend and closes below $2,125, it could extend the decline to retest its weekly support level of $1,905.
Like Bitcoin, Ethereum’s RSI on the daily chart reads 27, below its oversold conditions and points downwards, indicating significant selling pressure but technically may be due for a potential reversal or bounce. However, traders should be cautious as the RSI may remain below oversold levels and continue correcting.
ETH/USDT daily chart
On the other hand, if ETH recovers, it could extend the recovery to test its resistance level at $2,359.
Ripple bears could target the $1.77 level
Ripple price declined nearly 12% on Monday and reached a daily low of $2.06 the next day. XRP continued its decline by 5.33% until Thursday. At the time of writing on Friday, it trades down by 7.6%, at around $2.03.
If XRP closes below the $1.96 daily support level, it will extend the decline to test its February 3 low of $1.77.
The RSI on the daily chart reads 29, below its oversold conditions and points downwards, indicating significant selling pressure but technically may be due for a potential reversal or bounce. However, traders should be cautious as the RSI may remain below oversold levels and continue to correct.
XRP/USDT daily chart
Conversely, if XRP recovers, it could extend the recovery to test its resistance level at $2.72.
