BTC Faces Potential Drop to $100K as XRP Tests Downtrend Line
Bitcoin: Risks of Deeper Pullback
Bitcoin's multi-month rally faces strong resistance, indicated by several bearish signals in both weekly and daily charts. Key points include:
- Bulls failed to maintain levels above the macro trendline from 2017 and 2021.
- MACD histogram shows weakening momentum, significantly lower than December 2024 levels.
- 14-week RSI has broken its uptrend and is printing lower highs since March 2024.
- Daily charts show three consecutive red bricks, signaling seller control.
Immediate support at $111,965 could lead to a test of demand around $100,000 if prices drop further. Resistance levels are $120,000, $122,056, and $123,181.
XRP: Challenging Downtrend Line
XRP attempts a breakout but faces strong downtrend momentum. Notable details include:
- Price bounces but is capped by the 38.2% Fibonacci retracement level.
- 5- and 10-day SMAs trend downward, indicating a bearish bias.
- To shift focus, XRP needs to close above $3.00, targeting $3.33.
Resistance levels are $3.33, $3.65, and $4.00, with support at $2.72, $2.65, and $2.58.
Ether: Bearish Outside Week
Ether dropped nearly 10%, forming a bearish outside week candle. Key observations include:
- 5- and 10-day SMAs executed a bearish cross, breaking the short-term uptrend.
- Daily charts show two consecutive red bricks, confirming a downward trend.
Resistance levels are $3,941, $4,000, and $4,100, while support rests at $3,355, $3,000, and $2,879.
Solana: Golden Cross
Solana's price recently tested key support, bouncing from the 61.8% Fibonacci retracement level. Important points include:
- The 50- and 200-day SMAs are nearing a "golden cross," a potential bullish signal.
- The short-term trend remains bearish as 5- and 10-day SMAs trend lower.
Resistance levels are $175, $187, and $200, with support at $156, $145, and $126.