After falling more than 10%, the analyst points out where Bitcoin, Ethereum and XRP are going.

price Bitcoin suffered a severe defeat due to negative news from China. In the end, the price dropped from an extremely close psychological level to stable support around $ 40,000.

Despite the sudden drop, BTC bulls took to the scene and seemed to begin a recovery.

According to the analyst Akash Girimat from FXStreet, bitcoin price it fell in the demand zone – from 38 207 to 42 206 dollars on September 21. But renewed buying pressure pushed him back.

As the analyst noted, a further increase in buy orders is likely to push the cryptocurrency towards the $ 44,705 resistance level.

“Overcoming this barrier will open the way to the critical supply limit of $ 46,833. While this area is difficult to overcome, it will pave the way to the $ 50,000 psychological level, ”he said.

As such, the analyst points out that regardless of the rally seen over the past 10 hours, if BTC fails to deliver a daily close above $ 42,206, it will indicate weakness among buyers.

“However, a $ 38,207 plunge would disprove a bullish premise and potentially trigger a sharp decline.”

Ethereum price is trying to enter a safe area

price Ethereum, which had a healthy uptrend after the September 7 crash, also melted with BTC.

Unlike Bitcoin, ETH closed below the bottom of that barrier at $ 3,015, Girimata said.

“ETH is trying to climb again, but there are huge consolidation sails in this area. So it will be extremely difficult for a short-term surge in buying pressure to overcome this, ”he said.

In this sense, the analyst noted that breaking the $ 3223 barrier would be the first sign of renewed optimism.

“If buying pressure persists, investors can expect the price of Ethereum to rise to the fair value gap (FVG), which ranges from $ 3,716 to $ 4,071,” he notes.

Ripples

Finally, the analyst also indicated that the price XRP it also cut the demand zone from $ 1.012 to $ 0.964 during the crash on September 20 and 21.

Based on this, the analyst explained that a potential increase in buying pressure, which would drive the token’s value up to $ 1,012, would confirm a bull revival.

“Clearing this level will force the bulls to retest the $ 1.267 resistance ceiling. This is a 35% increase over the current situation, ”he says.

Read also: Michael van de Poppe indicated 5 cryptocurrencies that need to be bought by the end of September

Read also: Trader points to five cryptocurrencies that could skyrocket in price in October

Read also: After the Bitcoin crash, address returns fell from 82% to 70%.