Cryptocurrencies have been trading under pressure this week. In the span of the past seven days, market capitalization has dropped from $1.19 trillion to $1.10 trillions. The weekly dynamics of Bitcoin totaled -10%, Ethereum lost over 7%, Ripple dropped 8%, whereas Litecoin declined more than 10%.
Bitcoin
Bitcoin is putting the strength of the 26,480 - 30,973 sideways range support to the test. Given the local downtrend observed in the chart, the main cryptocurrency still has enough room to travel downward to 25,201.
If this channel continues to be relevant, we can expect the recovery toward the area of $27,000 per coin after the price reaches the support and reverses upwards from it.
Ripple
Ripple also dropped, having exited sideways range between 0.4397 and 0.4828. Quotes found support at 0.4091 which is a mirror level marked with dotted lines.
From this area, XRP/USD may both recover toward the resistance at 0.4397 and continue to move down. The next targets will be 0.3956 and 0.3735.
Ethereum
Ethereum broke out support at 1784.02. If the cryptocurrency market remains under pressure, the main cryptocurrency may continue to grow weaker towards the target at 1678.21.
A return back into the range between 1784.02 and 1896.78 may be an alternative scenario for ETH/USD.
Litecoin
Litecoin broke out support at 82.90 having consolidated below it as the market was growing weaker. The LTC/USD is currently consolidating in the middle of the range between 73.43 and 82.90. It can technically travel to any of the flat boundaries from this area.
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