Although the cryptocurrency market has been under the influence of Elon Musk for a while and it experienced a serious decline, it continues to struggle to heal its wounds. Bitcoin (BTC) recently crashed to $45,000 after its record in April. The course of BTC can determine the path of the whole crypto money industry. In this article, we will start with bitcoin analysis and then continue with Ethereum and Ripple analysis.
Bitcoin Price Analysis
While Bitcoin price has decreased by 2.4% in the last 24 hours, experts’ comments are that the uncertainty will continue, especially until the weekly close. Well known cryptocurrency analyst Scott Melker stated in his statement and published data that very positive disputes arose for BTC.
Melker stated that the RSI on the 4-hour chart signals a positive mismatch. The analyst, who stated that he saw a positive mismatch on the 12-hour chart in his previous post, is in favor of waiting for the weekly closing.
Crypto money analyst Efloud guided investors with his analysis on the issue. Efloud implied that there was a downward trend in the chart it published and in the following statements, and that it was necessary to exceed the level of at least $52,500 for this trend to be invalid.
In addition, Efloud emphasized that the $ 9,673 and $61,381 levels are important resistances. As for the support, it is seen that the analyst pointed to the $43,040 level in addition to the $48,132 to $45,000 level.
The trend of the Ethereum price can be determined both depending on Bitcoin and independently. The ETH price reached a record level of $4,300 and rose approximately 50 times in 426 days. In this case, it seems that Ethereum needs a bit of a breathing process.
For Ethereum price, the critical resistance appears to be $4,040 and support at $3,700. ETH, which has increased by 12% in the last 7 days, can still rise with the effect of the next big update of the summer.
XRP Price Analysis
When looking at the XRP chart, it is seen that RSI and MACD indicators give alarms. Unable to break $1.40, XRP lost 13% in the last 7 days, losing its previous significant support at $1.60. For the XRP/USD pair, a fall below $1.20 could bring harder declines.
For the XRP price to start an upward trend again, it must close above $1.60 and after this, $ 1.90 will be tested.
Although the rumors that the bear market has started in general, the famous analyst Michael van de Poppe clearly stated that there is no bear market. Corrections like these were seen at the 2017 rally.