, 2022-12-23 14:52:09,
- Bitcoin price is down 75% since all-time highs.
- Ethereum price has much more space to fall without invalidating the bullish macro thesis
- XRP price could be setting up for a sweep of the yearly lows with a breach below $0.35 as the catalyst
The crypto market consolidates at the lower half of a declining trend. At the current time, most signals are pointing south. The top 3 cryptos will need to pull a total of 360 to restore faith in an end-of-year rally.
Bitcoin price has space to fall
Bitcoin price is down 64% on the year, and 75% since all-time highs at $69,000 were established in November 2021. On December 23, the peer-to-peer digital currency hovers at the bottom half of an extending downtrend. The larger time frame narrative must include significant cues to deem the downtrend over.
Bitcoin price currently auctions at $16,843. A Fibonacci retracement tool surrounding the 2020 low at $3,850 and the all-time high at $69,000 shows BTC hovering just above the unbreached 50% Fib level at $15,017. Thus the Bitcoin price still has a 10% cushion space to fall without invalidating the popular macro Elliot Wave Count proposed earlier in the year.
BTC/USDT 1-Day Chart
Ethereum price points south
Ethereum price is at a 68% loss of market value, matching Bitcoins 75% loss since all-time highs at $4,868. A Fibonacci retracement tool surrounding the pandemic lows at $86 and the…
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