Bitcoin just moved below $9,000 and is bringing the rest of the market down with it.
Over the last 40 hours, Ethereum plunged over 6 percent, while XRP plummeted nearly 14 percent.
As a result, Bitcoin is going down to test the support given by the 50-day moving average, which is sitting around $8,600.
Based on its 3-day chart, Ethereum appears to have formed a double bottom or "W" pattern around the 75 percent Fibonacci retracement level.
While ETH's price behavior formed a "W" shape, the double bottom estimates a change in trend and momentum from bearish to bullish.
On the downside, this crypto could plunge to $168 or $157 if it closes below $180. But, a spike in volume could take Ethereum to surge above $192 targetting a move to $207 or even to the 50 percent Fibonacci retracement level that sits at $223.XRP. XRP is trending down despite the expectations that Ripple's Swell generated.
At the moment, XRP is being held by the 30-three-day moving average.
As Bitcoin moved below $9,000 without being able to finally break out of the consolidation phase it entered since four months ago, the odds for a pullback to $6,900 are growing.
XRP is showing signs of a move down to $0.24.
Ethereum is developing a double bottom pattern targetting $223. And, XRP is in a diamond bottom pattern that could take it to $0.47, as Peter Brandt explained.
Bitcoin price drops below $9,000, Ethereum and XRP following
Published on Nov 8, 2019
by Cryptoslate | Published on Coinage
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