- Bitcoin price continues to slide lower after facing rejection at the 30-day EMA.
- Ethereum price follows the big crypto’s suit and is heading toward the lower limit of the $1,440 to $1,1280 range.
- Ripple price comes dangerously close to flipping the $0.464 support level into a resistance barrier.
Bitcoin price has shown no signs of slowing down since it began its sell-off on October 18. There is a high chance this trend will continue until BTC finds a stable support level. Until this happens, investors should be open to seeing Ethereum, Ripple and other altcoins also shed weight.
Bitcoin price undoes volatile swings
Bitcoin price saw a massive spike in volatility that resulted in a whipsaw that pushed it down to $17,917. But a spike in buying pressure caused an eventual recovery and bounce that formed a local top at $19,951.
Over the last two days, Bitcoin price has kick-started its retracement, which could retest the midpoint at $18,934. Market participants can expect a move down to the 70.5% Fibonacci retracement level at $18,517, whilst being aware there also exists the risk of a rebound.
In the event of a bounce at the aforementioned levels two major hurdles come up: the 30-day Exponential Moving Average (EMA) at $19.503 and the resistance area, extending from $20.306 to $20.737.
BTC/USD 8-hour chart
A daily candlestick close below $17,593 will invalidate the ‘bounce’ thesis and potentially trigger a sell-off to the $17,000 psychological level.