With the recent addition of $53 billion by the Feds in the banking system has affected the price of Bitcoin and the financial market as well. BitMEX faced the liquidation of longs worth $150 million as soon as Feds dumped the money and BTC price went down.
ETH and XRP are doing better than before but looks like they are having a hard time passing the resistance levels, and this might allow the bears to manipulate the market.
Currently, Bitcoin is trading at $9,850.09 with a strong resistance forming near the $10,150 level with immediate support forming near $9,600 levels. This sudden decline in the price tested the support levels of $9,900 and $9,500 as the price failed to break the resistance level of $10,300.
Bitcoin is under pressure as the price continues to fall and test every support level that comes in its way. If the downward trend continues, we can expect the price to go below the support levels of $9,550 and $9,500, where the bulls might defend the position.
A bullish trend in the charts can take the price towards the resistance levels of $10,150 and move further upwards towards the $10,300 level. If BTC manages to close beyond $10,000, we can expect the bulls to take the price towards the major resistance level of $10,500.
Ethereum spent the whole day with a bullish trend as the price went up and tested the resistance level present at $218 as it was trading close to those levels.
A slight downward correction was noticed in the charts after that as the price came down towards the support levels of $206, but the bulls were able to defend the position and hold the price above the support levels.
Currently, ETH is trading at $207.30 with support level moving to the $204 and $200 levels as the price declined and tested yesterday support level of $206. If the downward trend continues, we can expect the price to reach the $204-$202 levels, and any further decline will make the price test the support levels at $200 and $198. Worst case scenario might take the price to $195.
If the bulls hold the position at $207, we can expect the price to rise again and head towards the critical resistance levels of $218 and $225 again.
XRP has seen significant growth in the charts as the price moved upwards towards the resistance levels of $0.3200 yesterday. Yesterday it reached the trade price of $0.3197 as the bulls tried their best to help it break the resistance level of $0.3200.
Currently, XRP is trading at $0.2895 with a strong resistance near the $0.2950 level. Immediate support is forming near the $0.2810 level as the price forms a downward trend in the charts.
If the downward correction continues, we can expect the price to decline further and test the support levels of $0.2810 and $0.2790. A further decline in the price might test the support levels of $0.2750 and $0.2700. In case the price goes upward, we can expect the price to rally towards the resistance level of $0.2950 and aim for the major resistance levels of $0.3200 and $0.3250.