This week saw significant losses in the cryptocurrency market. Market capitalization has dropped from $2.26 trillion to $1.95 trillion in just seven days.
During this period, Bitcoin fell by 5.21%, Litecoin by 6.63%, Ripple by 11.09%, and Ethereum by 10.51%.
Bitcoin
Bitcoin has pulled back from the resistance level of the sideways range between 57,686 and 64,522, now sitting midway to its support. Additionally, a bear flag has appeared on the daily chart, and if it forms, the price could fall to 57,686 after consolidation.
An alternative scenario could be a recovery towards the 64,522 resistance.
Ripple
Ripple has dropped to the support level of the sideways range between 0.5089 and 0.5865. If the 0.5089 support holds, a recovery within the range is possible. If not, and the price consolidates below 0.5089, XRP/USD may decline further to 0.4336.
Ethereum
Ethereum has slipped below the 2456.85 level, leaving an open path toward the next downside target of 2132.83.
Alternatively, there could be a pullback to retest the 2456.85 resistance and gauge its strength.
Litecoin
Litecoin has dropped from the resistance of its sideways range between 57.91 and 68.80, now sitting midway to support.
If it reaches the 57.91 level, the price could either reverse upwards or breakout and consolidate below, leading to a potential decline toward the 49.12 target.
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