Weekly crypto market analysis with Geco.one 13.09.2021

The price of BTC has fallen by more than $ 8,700 in recent days. Such a significant depreciation contributed to the defeat of technical support of $ 46,500, which put the bitcoin rate at one of the lowest levels in more than a month.

There are also many indications that this trend will continue in the near future. So far, there has been no significant demand reaction on the market pointing to an upcoming rebound. This fact makes it highly probable that the BTC price will drop to at least $ 42,500.

Looking at the Ethereum quotations, we notice that the price of this cryptocurrency has recently fallen by more than 21 per cent. Taking into account that so far, no major demand reaction that could indicate an imminent rebound has emerged, we could expect a continuation of declines in the near future, for which even around $ 2,900 / $ 3,000 seem to be realistic.

We could expect potential declines in the near future also on the quotations of Bitcoin Cash, the price of which has recently dropped by more than 25 per cent. If this trend continues, the BCH price could reach $ 552 in the next few days.

However, it is worth noting that this support coincides with the golden ratio, i.e. measuring 61.8 per cent Fibonacci corrections from an earlier upward move. This fact means that perhaps it is there that the downward trend will end, and the market will return to the growth path.

The current situation on Litecoin quotes also looks pro-decline, as the rate has recently dropped by more than 26 per cent. This depreciation led to the defeat of technical support of $ 190.
It is worth noting that the LTC price has been relatively stable for several days. Thus, we observe a classic consolidation, the upper limit of which is the recently defeated support (now resistance). It is also essential that this level coincides with the measurement of 38.2 per cent Fibonacci correction from an earlier downward impulse.

Taking the above into account and taking into account the fact that consolidations are usually corrective formations, it can be concluded that statistically, there is a greater probability that the market will try to break the bottom, i.e. a drop below $ 163, which in turn could open the way for further sell-off in the vicinity of $ 146.

The current situation on XRP quotes is also very similar. The price of this cryptocurrency has also remained for several days inside the consolidation, the upper limit of which coincides with the measure of 38.2 per cent — Fibonacci correction from an earlier downward impulse.

If only the XRP price breaks down from this pattern, i.e. the rate slides below USD 1.05, one should be prepared for the possibility of further depreciation, for which the actual ranges seem to be around USD 0.92.

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