Bitcoin and major altcoins are experiencing intense selling, with the market sell-off not yet complete.
The decline in Bitcoin may have been triggered by confusion surrounding SpaceX’s alleged write-down of its Bitcoin holdings.
Bitcoin’s price may rebound from the $24,800 level, but if it turns down from the 20-day EMA, it could drop to $20,000.
Ether turned down and broke below the support at $1,816, indicating bearish control. It may consolidate between $1,626 and $2,000.
BNB broke below the symmetrical triangle pattern and may drop to $196 and then $183 if it fails to rise above $220.
XRP tumbled below the breakout level of $0.56 and may face resistance at $0.56 and the 20-day EMA.
Cardano dropped below the descending channel pattern and may retest the support at $0.24. A break below this level could signal a downtrend.
Solana broke below moving averages and horizontal support at $22.30. It may fall to $18 and eventually $14 if it fails to rise above the 20-day EMA.
Dogecoin slipped below the support line of the ascending channel pattern and may plummet toward $0.05 if it sustains below $0.06.
Polkadot’s tight range trading expanded to the downside, and it may start the next leg of the downtrend if it breaks below the support at $4.22.
Polygon broke below the support at $0.65 and may retest the support at $0.50. A break below this level could lead to further decline.
Litecoin broke below the support at $81 and may form a range between $56 and $74. A break below $56 could extend the decline to $50.
Summary:
– Bitcoin and major altcoins are experiencing intense selling.
– Bitcoin may rebound from $24,800 but could drop to $20,000 if it turns down from the 20-day EMA.
– Ether may consolidate between $1,626 and $2,000.
– BNB may drop to $196 and then $183 if it fails to rise above $220.
– XRP may face resistance at $0.56 and the 20-day EMA.
– Cardano may retest the support at $0.24 and could signal a downtrend if it breaks below.
– Solana may fall to $18 and eventually $14 if it fails to rise above the 20-day EMA.
– Dogecoin may plummet toward $0.05 if it sustains below $0.06.
– Polkadot may start the next leg of the downtrend if it breaks below $4.22.
– Polygon may retest the support at $0.50 and could decline further if it breaks below.
– Litecoin may form a range between $56 and $74, with a break below $56 extending the decline to $50.
