The cryptocurrency market has remained under pressure this week. Bitcoin failed to consolidate above the psychological level of $30,000 and plummeted to the $28,000 area per coin.
The market capitalization has gone down from $1.25 trillion to $1.18 trillion over the week. In the course of seven days, Bitcoin has lost over 9%, Ethereum has also lost over 9%, Ripple has fallen over 12%, and Litecoin has lost 9%.
Bitcoin
Bitcoin failed to remain in the range between 28,790 and 30,973 and exited it downward. Following the breakout of support at 28,790 and consolidation below it, the next target for the main cryptocurrency’s weakening will be the technical level of $26,480.
That being said, BTC may attempt to return to the 28,790 – 30,973 corridor if the $28,000 psychological level remains standing.
Ripple
Ripple broke out two technical levels—0.5097 and 0.4828—from the top downward in three days and consolidated below it.
From this area, XRP/USD quotes have enough room to move toward the nearest support at 0.4397.
Ethereum
In the course of its decline, Ethereum hit the support of the 1896.78 - 2017.41 corridor. If the level is 1896.78, the ETH/USD recovery in the current sideways trend is likely.
A breakout of support at 1896.78 and consolidation below it could be an alternative scenario, paving the way to the next target at 1784.02.
Litecoin
Litecoin broke out the support at 91.12 and is attempting to consolidate below it. If this attempt ends up being successful, the price may continue to drop to 82.90.
An alternative technical scenario would be the return of LTC/USD to the sideways range between 91.12 and 97.17 if the market proceeds to grow.
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