After the recent drop is Ethereum, XRP and Litecoin due for a rebound?

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40-years trading veteran Peter Brandt stated that if Bitcoin continues retracing it could violate the "Parabolic phase" that started in December 2018 and fall up to 80 percent from current levels, taking Ethereum, XRP, and Litecoin down with it.

At the moment, it is too early to tell if such a correction is possible, but this technical analysis will evaluate, based on the current market conditions, whether Ethereum, XRP, and Litecoin could be due for a further drop or instead for a rebound.

The TD Sequential Indicator gave a sell signal in the form of a green nine predicting a one to four week correction that could take Ethereum down to test the 50-week moving average, which is currently sitting around $190 since the significant level of support that the 150-week moving average was providing has been violated.

Although the 50 percent Fibonacci retracement seems to be acting as a barrier due to the high concentration of demand around it, failing to hold the price of Ethereum could lead to a drop down to the 61.8 percent Fibonacci retracement.

On the 1-day chart, it seems like the 50 percent Fibonacci retracement will actually be able to contain the price of Ethereum from a further decline since the ascending parallel channel that can be seen under this timeframe could be signaling that a rebound could soon come to the middle of the channel, which is where the 38.2 percent Fibonacci retracement is.

XRP. The selling pressure behind XRP continues to increase as it recently broke a major support point that was holding its market valuation since mid-May. Now that this cryptocurrency broke below the $0.38 support level and it has reached $0.30, which is the lowest it has been trading since the bull run that started in mid-December 2018, investors should pay close attention to it.

On the other hand, Peter Brand believes that if Bitcoin continues its short-term bearish outlook, then XRP will most likely drop down to $0.16, but as shown in the 1-week chart it will first have to break below the $0.23 support level.

A drop down to $70 could indeed be possible, representing a 49 percent correction from the recent high of $147.Overall Sentiment.

Under the current market conditions it seems like while Ethereum and XRP are at a pivot point where they could bounce off, Litecoin could be doomed to continue pulling back from the major upswing that it experienced since the beginning of the year.

Along the same lines, XRP has reached the December 2018 low of $0.30, which poses a lot of significance to investors who should watch out for this level as it will determine whether a 50 percent correction or the beginning of a new bull run will materialize.

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