- Bitcoin price finds some support near the 50% Fibonacci retracement.
- Ethereum price flirts with a drop below the Cloud and bull flag channel.
- XRP price reversal date could be right around the corner.
Bitcoin price suffered a strong sell-off on Monday, but oscillator values indicate some near-term support is probable. Ethereum price action is generating panic in hodlers and excitement in bears. XRP price has upcoming Kumo Twist, which could point to a temporary or long-term reversal in the current trend.
Bitcoin price to retest $52,000
Bitcoin price action remains in a solid technical bear market within the Ichimoku Kinko Hyo system. Since triggering an Ideal Bearish Ichimoku Breakout on December 4th, Bitcoin has steadily dropped lower but may have found some temporary support.
The Relative Strength Index has transitioned into bear market levels, with the oversold levels now at 30 and 20. However, the Relative Strength Index has bounced off the 30 level and held it as support. At the same time, the Composite Index has crossed above both of its moving averages while the Optex Bands oscillator has moved out of extreme oversold conditions.
BTC/USD Daily Ichimoku Chart
The expected level that Bitcoin would retrace to is likely between the 38.2% Fibonacci retracement and the daily Kijun-Sen at $52,000. However, traders will want to be careful of any daily close below $45,500 as this could trigger a swift move lower towards $40,000.
