Bitcoin price is too vulnerable to losses after the support at $5,000 was shattered on Monday during the European session. The seesaw movements experienced last week seem to have made a comeback. Other major cryptocurrencies are also in grave danger with Ethereum under risk of testing levels under $100 and Ripple $0.1.
Bitcoin confluence support and resistance
Support one: $4,613 – As highlighted by the pivot point one-day support two.
Support two: $4,562 – Home to the 161.8% Fibonacci one-day.
Resistance one: $4,969 – As highlighted using the previous 15-minutes, the SMA five 15-mins and the pivot point one-day support one.
Resistance two: $5,223 – This zone hosts the previous low 4-hour and the SMA five 1-hour.
Resistance three: $5,376 – Highlighted by the SMA five 4-hour and the previous high 4-hour.
ETH/USD dropped to $105.78 before recovering to $110.80 by press time. The second-largest digital asset with the current market value of $12.5 has lost over 10% since the beginning of Monday, moving in sync with the market. Ethereum’s average daily trading volumes exceeded $13 billion as reported by CoinMarketCap.
Ripple’s XRP took another nosedive to $0.1283 on Monday before recovering to $0.1312 by the time of writing. Ripple’s market value reduced to $6.2 billion, while the average daily trading volume settled at $2.3 billion. The coin has lost over 11% in recent 24 hours and 14% since the beginning of Monday.