According to the external media review, the mainstream encrypted asset short-line remains vulnerable. The article focuses on three types of assets: XRP, Bitcoin and ITA, all of which are considered to be in the bottom-up structure, with the XRP being the weakest, Bitcoin facing further downspectling risks, and the ETA with sustained financial attention.
XRP fell to the low point of the year.
According to the article, after the recent collapse of the XRP, which was supported by approximately US$ 1.30, the market mood was further weakened, with prices approaching the US$ 1.05 and in the lower part of the year. The dailies show that the lower triangle that XRP had previously formed has broken down, continuing the downward trend of recent months.
XRP is still below 50 days, 100 days and 200 days average in mean position, indicating that short- and medium-term sales pressure has not been significantly reduced. Of these, the 200-day mean line near approximately $1.51 is considered to be a more important observational position. It is argued that discussions on the reversal of the trend remain more difficult to establish before prices are back on track.
The volume of the deal also did not show a clear offer. It is mentioned that more recent discharges occur in the fall rather than in the rebound phase. By contrast, RSI is close to 35 and close to the oversale area, which means that short-lines may have technical rebound space, but not enough to change overall trends alone.
Bitcoin looks at $57,000 to $58,000 in support.
According to the article, Bitcoin returned to the lower road once again after it had recently failed to secure the key line. The uplink that had previously been formed between April and May has failed, and the seemingly repaired trend has not been sustained.
Several mean positions are given in the text around about 63,000, 68,000 and $76,000, respectively. As prices remain below these levels, the current structure remains weak. In recent weeks, trade-off changes have also tended to be empty, with large discharges largely accompanied by declines, indicating that the seller remains active.
According to the article, a significant support position for Bitcoin is between $57,000 and $58,000. If the area is clearly broken, the market may look closer to $52,000. The position is considered to be a lower level of historical support.
- Current areas of concern: $57,000 to $58,000
- Next historical support: approximately $52,000
- RSI around 35, close to the oversale area.
However, the article also states that RSI is close to oversold and that short-lines may rebound. However, in the current downward trend, such a rebound is more likely to be a phase-back rather than a continuous reversal.
ETH is still under pressure near $1,600.
Compared to the first two, the article is somewhat neutral in its judgment. Despite the weak performance of ETH in recent months and the competition of other networks, the market did not completely ignore this asset. Prices currently fluctuate around US$ 1,600, and there are still purchases near the supporting area.
According to the article, the wedge that had previously been formed by ETH between April and May has also broken down and prices have returned to the vicinity of local lows. On the technical side, ETH was also below the 50-day, 100-day and 200-day averages, of which 50-day averages were approximately US$1,690, constituting short-line resistance, and 100-day averages were close to approximately US$1,850 and US $2,280, respectively.
According to the paper, if ETH could get back on the line of $1,690, the market would pay further attention to the $1,850 line. Until that time, however, the overall trend remained dominated by pressure. At the same time, RSI is about 38, which shows a weak market, but there has not been a clear panic sale.
Overall, the review concluded that none of the three mainstream assets had yet produced a clear inverse signal. XRP continues to be vulnerable, bitcoin is testing for critical support, and the Taifung is maintaining some attention in the lower environment.