The BTC/USD pair will likely keep falling as bears target the support at 17,000.

Bearish View

• Sell the BTC/USD pair and set a take-profit at 17,000.
• Add a stop-loss at 22,000.
• Timeline: 1-2 days.

Bullish View

• Set a buy-stop at 20,500 and a take-profit at 22,000.
• Add a stop-loss at 18,000.

The BTC/USD pair remained solidly below the important support of 20,000 during the weekend as sentiment waned. Demand for Bitcoin and other risky assets has also struggled as investors price in a more hawkish Federal Reserve. It is trading at $19,100, which is about 41% below the highest point in June this year.

Bitcoin Demand Wanes

The BTC/USD pair has declined sharply as investors worry about the cryptocurrencies industry. There have been important news from the sector. For example, in June, Celsius, a leading cryptocurrency bank announced that it was suspending deposits and withdrawals. The company attributed this situation to the significant pullback of all cryptocurrencies.

Last week, Three Arrows Capital announced that it was filing for bankruptcy. This happened as the company faced significant margin calls from leading exchanges. As a result, this made it the biggest crypto-focused hedge fund to go under. The company lost most of its money when Terra and its ecosystem crashed.

Meanwhile, in a statement, Voyager Digital, a major cryptocurrency exchange, announced that it was suspending withdrawals and deposits. The company is now raising capital to save its business.

Another major news was that BlockFi, once valued at over $4 billion was being acquired by FTX for about $25 million. Without the bailout, the company would have probably gone bankrupt.

Therefore, the BTC/USD pair has dropped sharply as investors continue worrying about their holdings. Most of them are worried about whether their exchanges will be next to suspend withdrawals and deposits.

At the same time, there have been significantly low buyers of cryptocurrencies. Recent data shows that the number of people creating accounts with exchanges has been in a strong downward trend. Volume of Bitcoins traded has also fallen recently. All this happened while the US dollar has maintained a bullish trend.

BTC/USD Forecast

The four-hour chart shows that the BTC/USD price dropped sharply in June. Shortly afterwards, the pair bounced back and retested the key resistance at 21,888, where it struggled to move above. It has now been retreating and is trading at 19,110, which is slightly above last month’s low of 17,623.

The pair has also moved below the 25-day and 50-day moving averages. It has also moved between the first and second support levels of the standard pivot points. Therefore, the BTC/USD pair will likely keep falling as bears target the support at 17,000.

There are much easier ways to make money in crypto, and certainly much safer ones than Ripple is currently offering.

Ripple struggled again on Tuesday, losing over 4%. At this point, Ripple is threatening the $0.33 level, and it looks likely to break down to test the $0.30 level in the next couple of sessions. Ripple continues to struggle right along with the rest of crypto, which is currently in a huge state of disaster. After all, there have been a lot of questions about fraud and viability, so money in general has run away from crypto over these last several months.

When you look at the crypto market, it’s clear to see that we are heading into a situation much like 1999 for technology stocks. We are about to see a lot of coins and markets disappear, but that is not necessarily a bad thing. After all, the quicker we get through getting rid of unprofitable ventures, the quicker we are going to see some type of massive bullish run, not only for pricing in the markets but for the use case scenario.

Ripple is a bit of an outlier in the sense that there are banks that use it for cross-border transactions already. However, it should also be noted that the SEC is still currently fighting Ripple in the courts, trying to determine whether it is a security or not. That being said, if the SEC ends up winning the court case, the CEO of Ripple has suggested that they would leave and abandon the United States altogether. In other words, it would be a banking token that is ignoring the most profitable and lucrative economy in the world. That is not a bullish argument, although it does not necessarily mean that Ripple has to completely disappear either.

With a backdrop like that, if Ripple starts to rally, you can guarantee that quite a bit of other markets is doing the same. This is because not only does Ripple suffer at the hands of risk appetite like the rest of crypto, it is also one that has that specter of a lawsuit hanging over it. Nonetheless, the market could really take off to the upside if and when it gets a decision, assuming that it is not fatal doing business in the United States. There are much easier ways to make money in crypto, and certainly much safer ones than Ripple is currently offering.

XRP/USD has sunk to depths not seen since January of 2021 as it hovers near the 30 cents ratio in early trading this morning.

In early price action today XRP/USD is below the 30 and a half cents level. A handful of hours ago XRP/USD fell through the 30 cents juncture, but then was able to reverse slightly higher. A parade of optimists is likely not about to suddenly emerge on the streets proclaiming XRP/USD has incredible upside. Ripple like all the other major cryptocurrencies continues to struggle in a violent bearish trend which is showing no remorse.

In yesterday’s trading XRP/USD did flirt with the 29 cents ratio, but did not fall below this juncture.  XRP/USD is now looking straight into a price range it last saw sustained price action during January of 2021, and intriguingly this ratio does show some technical support which may be targeted near the 27 cents mark.

Unfortunately technical trading at this point is largely about perception and real market value is likely to test many types of theories regarding where price junctures correlate. In other words, traders will hear plenty of opinions that may not amount to much in reality. The lower depths now being tested by XRP/USD are near prices which in January of 2021 were starting to actually cycle higher and gravitate towards over exuberance when XRP/USD nearly hit the 2.0000 level in the second week of April 2021.

The highs water marks XRP/USD experienced last spring are long gone; the broad cryptocurrency market is now suffering from an extremely strong slump in value. While some speculators may be tempted to look for short term reversals higher, skeptics may rightfully believe the stronger price action and velocity will still develop to the downside. If current conditions prevail in digital assets, the 30 cents level in XRP/USD will prove psychologically important.

Traders looking for a quick target who have the ability to withstand potential strong volatility may want to target 30 cents as a take profit via selling positions. If the 30 cents ratio proves vulnerable the 29 and three/quarters cents level could be the next goal. If XRP/USD breaks below 29 cents today, the next area Ripple may be headed is towards the 27 cents depth.

Traders are advised to be extremely cautious and make sure all their risk management is in place. Entry price orders when igniting positions are urged, to make sure price fills meet expectations. Selling XRP/USD feels like the logical wager in the present circumstances.

Ripple Short-Term Outlook

Current Resistance: 0.31170

Current Support: 0.29950

High Target: 0.33340

Low Target: 0.27350

EOS has broken down below the $1.00 level, and it does suggest that the market is ready to go much lower. At this point, crypto is dead money, and smaller crypto markets such as EOS is going to continue to fall drastically. In fact, it’s likely that you are going to be better served by shorting this market than anything along the lines of buying it. In fact, I may start doing that myself.

I believe at this point it’s very likely that EOS may go to zero, or at least make a serious attempt at doing just that. After all, Bitcoin is struggling, so its difficult to imagine some of these other markets doing much. The question now is whether or not it can survive long enough to see the next “pump higher” of the crypto world. I would not be surprised at all if EOS doesn’t exist in three years. However, anything is possible so if we do sit still long enough, it might be a great “altcoin” to start accumulating at ridiculously low levels.

The EOS market has been drifting lower for several months, now that we have broken out of this previous rectangle that I’ve drawn on the chart, it’s likely that we have much further to go based on technical analysis alone. Ultimately, this is a market that I think is probably going to target the $0.75 level, followed by the $0.50 level.

On the upside, if we broke above the $1.50 level, you might have a nice bounce in the making, but it will more likely than not offer liquidity for short-sellers to get involved again. In fact, I cannot remember the last time I heard something about EOS, let alone something good. These small markets are going to get annihilated as long as Bitcoin continues to drift lower and let’s not even get started with Ethereum. Both of those markets look like they are going to lose another 50% before it’s all said and done, and therefore the outlook for a lot of the smaller markets is going to be the same: it’s a matter of whether or not they can survive the next few years. Because of this, I will be punishing markets like this via offshore levered accounts and have no interest in buying.

The market is a disaster at this point, so there is no reason whatsoever to think it is going to change anytime soon.

The market in Stellar initially tried to rally but then rolled over to show signs of weakness. This market has been in an absolute selloff for several months, and it looks as if we are ready to go down to the $0.10 level. The $0.10 level is a large, round, psychologically significant figure, and the place where we bounced from previously.

As long as the crypto markets are soft, it is likely that stellar will get whacked as it is a small market, and one that could end up at zero given enough time. That is not necessarily my prediction, but clearly, it is possible based on what we have seen with risk appetite over the last several months. The $0.15 level has offered resistance recently and will be the short-term ceiling in the market at this point. The market is showing no signs of strength, and quite frankly no signs of hope.

As risk appetite gets eviscerated around the world, smaller crypto markets like this run the risk of going bust. Furthermore, this is starting to look a lot like 1999, when the dot com bubble burst. The markets saw several companies that had no real earnings go to zero and fall apart. I think we are on the precipice of that in the crypto markets as well, as a lot of fraud and lack of utility have been exposed.

If we break down below the $0.10 level, it is likely that we would go looking to reach the eight cents level, followed by the $0.05 level. If we break down below there, it could be thought of as a potential “lottery ticket” in case it picks back up, but more likely than not we will see the entire progress and ecosystem shut down. The market is a disaster at this point, so there is no reason whatsoever to think it is going to change anytime soon. At this point, you have to sell every rally as it occurs. If Bitcoin can start to rally for a few days in a row, then maybe Stellar will have a chance, but until then it is almost an impossibility to get bullish on this market. The momentum looks to be relentless, not only in Stellar, but anything else at this point.

DOGE/USD has stumbled to new short term lows in early trading this morning, as nervous sentiment in the broad cryptocurrency markets picks up momentum.

DOGE/USD is traversing near 12 cents in early trading this morning and it is moving along a very vulnerable support level.  Dogecoin may have lost its favor as the favorite speculative digital asset in the cryptocurrency world with the emergence of competitors like Shiba Inu over six months ago, but DOGE/USD should be watched carefully today.

DOGE/USD has certainly traded towards lower values the past week and it is testing support levels which if broken lower could produce additional fireworks for speculators.  Importantly as DOGE/USD trades lower this morning, the cryptocurrency has still maintained some of its value above mid-March lows. While many of the other major cryptocurrencies have broken vital February and January 2022 lows, DOGE/USD has somehow sustained its value above critical lows which saw the 11 cents mark tested in March.

This seemingly odd notion leads itself to the belief that this proves DOGE/USD are a stubborn group of traders.  Long term Dogecoin holders may not be willing to sell DOGE/USD no matter what happens and may be willing to go down with the ship, meaning this is the reason prices for the speculative asset have not reached the lows of its major counterparts technically. However it also highlights that DOGE/USD may be approaching a critical juncture. If more selling occurs short term and vital lows are broken, long term holders may be forced to sell their positions.

If DOGE/USD falls below the 12 cents mark and cannot climb back above the value in the short term, it may signal additional selling is going to develop in Dogecoin and the broad cryptocurrency market. Even though DOGE/USD may not be the brightest speculative star in the cryptocurrency world anymore, Dogecoin still has a steady group of followers who like its unique speculative landscape. If DOGE/USD sinks below 12 cents, and the 11 and a half cents level is challenged, this could set off shock waves.

Once considered the sweetheart of the cryptocurrency speculative crowd with talk suggesting DOGE/USD could trade above a U.S dollar one day, DOGE/USD now is in serious danger of seeing the 10 cents juncture come into view. DOGE/USD is a speculative asset. Traders who want to pursue selling positions of Dogecoin within the existing bearish trend cannot be blamed, but risk management needs to be practiced. If DOGE/USD breaks below 12 cents short term, the 11 and half cents and lower depths could be legitimate wagering targets. Careful leverage and use of stop loss and take profit orders are highly urged.

Dogecoin Short-Term Outlook

Current Resistance: 0.12620000

Current Support: 0.12090000

High Target: 0.13390000

Low Target: 0.10910000