📊 Bitcoin, Ethereum & XRP Pull Back as Bulls Fail to Breach Resistance
After hitting $116,000 barrier, bitcoin trades the red on Wednesday.
After failing to break $3,730 daily barrier, Ethereum price falls.
XRP falls below $3, indicating weakness and a possible decline continuation.
Bitcoin confronts $116,000 resistance.
On Sunday, Bitcoin price found support around its 50-day Exponential Moving Average (EMA) at $113,058 and rebounded somewhat till Monday, reaching its bottom consolidation around $116,000. Tuesday saw a little retracement near $116,000 resistance. As of Wednesday, it trades below $114,000.
BTC falls daily below the previous all-time high of $111,980 if the 50-day EMA at $113,058 fails. It might prolong the drop to retest its psychological support at $110,000.
If BTC finds support around its 50-day EMA at $113,058, it might rebound toward $116,000, its critical obstacle.
Ethereum corrects as it tests $3,730 daily barrier.
Ethereum price regained 10.25% from its 78.6% Fibonacci retracement level at $3,392 on Sunday. On Tuesday, it fell roughly 3% as its daily resistance level of $3,730 was rejected. It remained in red at $3,588 on Wednesday.
ETH may fall to its 78.6% Fibonacci retracement level at $3,392 if it continues its drop.
If ETH rises and closes over $3,730 daily, it might continue the rally beyond $4,000.
Momentum indicators suggest XRP weakening.
XRP recovered roughly 11% on Monday after finding support at the 50-day EMA around $2.80 on Sunday. The daily level at $2.72 and the 50% Fibonacci level at $2.78 provide a significant support zone for this 50-day EMA. XRP fell 3.56% on Tuesday and is below $2.92 as of Wednesday.
If XRP keeps falling, it might reach $2.80, its critical support.
XRP might rebound to its next daily hurdle around $3.40.
