After Bitcoin had created a new all- time- high, the crypto market in general saw prices retracing on a broad base. Bitcoin fell back below the USD 120,000 price level and the sharp correction might offer more downside in prices moving forward. Also, the US stock index NASDAQ ended trading in a slightly bearish pattern last week, which might signal that the crypto space could be ripe for a bigger correction for now.
On the fundamental side stock indices might at some point be available as tokenized versions of their benchmarks. S&P Dow Jones might then offer index tracking funds via smart contracts. Interest comes from traditional finance as well as decentralized finance market participants. The advantage would be in cross- border market access as well as added liquidity and hence complement traditional investing to new audiences.
Technical analysis:
– BTC: Bitcoin is trading at USD 117,678. After the initial positive uptrend earlier last week the market closed trading a bearish manner. Thursday marked the creation of a new all- time- high after which the market then saw a sudden break to the downside.
BTCUSD, daily chart
Based on the daily chart more downside might hence emerge at first. The sharp correction and the break of the USD 120,000 price level might now offer sliding prices. Yet, the 50- moving average as seen at around the USD 115,000 zone could offer some support causing prices to push higher again. If also this zone gives way the correction might continue towards the USD 112,000 level.
– ETH: Ethereum is trading at USD 4,408. After having tested the all- time- high, which had been created in November 2021 the market fell back to lower levels. Similarly to Bitcoin the correction happened at the same trading day last week and the current correction seems to continue.
ETHUSD, weekly chart
The candlestick pattern now shows the bearish- looking pinbar candlestick from last week, which would offer more downside momentum. The retest of the all- time- high and the creation of a “double top” would now offer negative momentum at least towards the USD 4,000 price level. That zone marks a broader support if prices continue to fall, as it previously was a strong technical resistance level. Given the recent strong bullish performance also a deeper correction could be on the cards: also, the USD 3,400 area might be tested again.
– XRP: Ripple is trading at USD 3.1067. Also, this token has started a correction but seems to hold the recent support levels quite nicely without a major retracement to the downside at least for now.
XRPUSD, monthly chart
The monthly chart still looks promising and might cause the market to resume some upside in the coming weeks ahead
– SOL: Solana is trading at USD 187.42. The price also seems to retrace after the retest of the technical resistance level of USD 200.00.
SOLUSD, weekly chart
Solana might also follow the general bearish trend in the coming days ahead and hence test the lower zones like USD 160.00, where the 50- moving average can currently be found. Furthermore, also the rising trendline below at USD 145.00 might be tested. A break of USD 200.00 is needed in order to resume the bullish momentum.
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