Bitcoin fell over the past week, dropping from $23.5k into the $22k-22.6k price zone. In doing so, it fell below the 200 MA and the 50 EMA on the 4h chart, following a distribution pattern it had formed over the previous few weeks. With this price fall, Bitcoin exited an ascending price channel which had been developing since mid-January 2023. Technical considerations are under the microscope at this time for traders and analysts, with the next price level for the bears being at the $21.5k support.
Ethereum (ETH) dropped below the 50 EMA on the daily chart, and is holding it as resistance, in what was a significant bearish move from the $1,650 price level over the past week. As a result of its price fall, it fell below the 200 MA and 50 EMA levels on the 4h chart, and is currently holding the $1,550 level as support. On the weekly chart, Ethereum is still holding the 50 EMA as resistance, and is operating above the 200 MA in the current period. The next move on the macro scale promises to be significant in the middle term for the premier market altcoin.
Litecoin (LTC) also fell below the 50 EMA on the daily chart, and held it as resistance for a few days before dropping further to the critical $84 price level. This price action followed a bearish head-and-shoulders pattern for Litecoin, and it is currently holding the 50 weekly EMA as support, which previously served as resistance on the weekly chart. The $84-100 price zone is a critical area for the veteran asset, especially since it failed to close above the 200 weekly MA, instead producing successive weekly shadows, and closing below the psychological $100 level each time.
Ripple (XRP) has been forming what appears to be a bullish flag over the past few weeks, as it constantly battling with the 50 EMA on the daily chart. It has held well above the $0.37 support level, and is attempting to break past the $0.40 level at the time of writing. A weekly close over this level would be a very bullish sign and would be further evidence of significant accumulation which is taking place on the larger time frames for the token.
Stay tuned for weekly updates on the cryptonews and performance of major tokens and coins.
