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After dropping more than 10%, analyst points to where Bitcoin, Ethereum, and XRP are working

After dropping more than 10%, analyst points to where Bitcoin, Ethereum, and XRP are working

price Bitcoin He suffered a brutal setback from negative news from China. After all, the price fell from a level very close to the critical psychological level to a stable support near $40,000.

Despite the sudden drop, Bitcoin bulls have entered the scene and started what appears to be a recovery.

According to the analyst Akash creams From FXStreet, the Bitcoin price Fell In the demand area, which ranged from $38,207 to $42,206 on September 21. But the return of buying pressure pushed him back.

As the analyst pointed out, a further increase in buying orders is likely to push the cryptocurrency towards the $44,705 resistance level.

“Breaking this barrier will pave the way for a critical supply ceiling of $46,833. While this area is difficult to beat, it will pave the way for a psychological level of $50,000.

Thus, the analyst notes that regardless of the uptick seen in the last 10 hours, if BTC fails to achieve a daily close above $42,206, it will indicate weak buyers.

“However, a collapse of $38,207 will invalidate the bullish theory and potentially lead to a sharp decline.”

Ethereum price is trying to enter the safe zone

price Ethereum, which was in a healthy uptrend after the September 7 crash, also melted with bitcoin.

According to Girimath, unlike Bitcoin, ETH closed below the lower bound of this barrier at $3,015.

ETH is trying to climb again, but this area has huge consolidation sails. So it would be very difficult for a short-term spike in buying pressure to break through.

In this sense, the analyst indicated that a breach of the $3,223 barrier would be the first sign to confirm the bullish trend.

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“If buying pressure continues, investors can expect the price of Ethereum to rise in the fair value gap (FVG), which ranges from $3,716 to $4,071,” he notes.

ETH/USDT 1-day chart


Finally, the analyst also pointed out that the price of XRP It also snapped a demand zone between $1.012 and $0.964 during the crash on September 20-21.

Accordingly, the analyst explained that a possible increase in buying pressure, which would take the coin to $1012, would confirm the bulls’ return.

A breach of this level will lead the bulls to retest the resistance ceiling at $1,267. This rise would constitute a 35% increase over the current situation,” he says.

XRP/USD 1 day chart

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