Weekly crypto market analysis with Geco.one 20.09.2021
The price of BTC has fallen by over $ 4,000 in recent days. Such a significant depreciation contributed to the overcoming of technical support of $ 47k.
There are many indications that this trend will continue in the near future. This fact makes it highly probable that the BTC rate will now fall to the level of $ 44,000, or even $ 42,500. It is there that the two closest, significant levels of support are located, in the vicinity of which we could expect the emergence of more significant demand reactions.
We could also expect potential declines in the Ethereum quotations. The exchange rate of ETH has dropped by over 15% over the last few days, and as a result, the line of upward trend has been defeated.
Given that the breakout of one support opens the usual way for further declines towards the next technical zone, in this particular case, we could expect a continuation of declines to around $ 2,900 and measuring 50% Fibonacci corrections from all previous upward movement.
Looking at the quotations of Bitcoin Cash, we will notice that the price of this cryptocurrency has dropped this morning by almost 6 per cent, thus increasing the range of the ongoing from September 6 this year depreciation to over 30 per cent.
As a result of such a significant sell-off, today’s BCH price slipped below the technical support of $ 600, which may naturally determine further declines. The realistic range seems to be around $ 550 (green zone in the chart below).
However, if this support is also broken, one should be prepared for the possibility of a further decline of BCH even in the vicinity of $ 400.
Looking at the Litecoin quotes, we notice that, in line with our last week’s projection, the cryptocurrency has recently dropped to around $ 163. It’s significant support, the defeating of which could open the way for further depreciation of LTC.
Therefore, if there is no strong demand reaction in the near future, indicating a potential rebound from the currently tested zone, the LTC price could drop to $ 146. It is where the next important support on Litecoin quotes is found.
The current situation on the XRP quotations also looks pro-decline. The price of this cryptocurrency broke the bottom of the consolidation that had been going on for several days, which may indicate a potential for further depreciation.
Even though the nearest local support is already in the area of $ 0.92 and another $ 0.82, in practice, One cannot rule out the possibility of XRP decline to the area between $ 0.76–0.71.