Demand

In the last two weeks, the bears bravely overwhelmed the bulls as the price dropped from $0.23 to $0.17. Sellers have been consistent in the downward move. Firstly, the bulls were repelled at $0.23.and the coin retraced to $0.21500. A retest at $0.22 pushes the coin down to the low of $0.20. After fluctuation between $0.20 and $0.23, the downtrend resumed and the $0.20 low was breached.

The bears' overwhelming control above the bulls took the coin to a low of $170. Subsequently, the price corrected and retested the resistance at $190. The coin pulls back and makes a sideways move. The bulls have retested the resistance twice as it continues its sideways move.

Bitcoin plunges below $7,000, and stands the risk of further depreciation. The coin may have a free fall except when it falls and find support at the $6,500. As the coin fumbles southward, it may not face serious resistance as it approaches $6,500. Attention will be focused on the critical support of $6,500. Two things will happen at the critical support level.

Suddenly, the low at $42 was beached after three weeks of defense by the bulls. Litecoin has been in a small range of $42 and $50 over a month ago. The bears have been longing at the edge of the support of $42 to break it. Now the low at $42 has been broken, the downtrend has resumed as expected.

Buyers and sellers are unrelenting as the tussle for price possession continues unabated beneath the horizontal channel. Last week, the bearish trend was from a high of $152 to $140. The coin rebounded at $140 and moved up to $145.

Notwithstanding the price fluctuation, XRP has been trading consistently above the $0.22 price level. This is an added advantage for the bulls to bounce at this price level. This can be done by the introduction of more buyers at this price level.

Ethereum is heading southward after testing the $151 and $157 price levels. Ethereum may revisit or breach the previous low at $140.

The XRP/USD pair is trading amid the levels of $0.20 and $0.23. It is assumed that consolidation may occur at a price of $0.22.

Bitcoin is three steps higher as the bears fail to breach the low at $6,800. Interestingly, the coin has temporary respite as the market maintains its upward move. Buyers are also struggling so that the coin remains above $7,000 price level. The price movement has been unstable. Bitcoin moves up after a pullback from its low of $7, 240, and commences consolidation above $7,500.