Bitcoin trades below $109,000 on Friday, down nearly 5% so far this week.
Ethereum nears key support at $3,593, a close below this level could accelerate the correction further.
XRP hovers around $2.46 after a sharp decline, facing rejection from its 50-day EMA at $2.67.
Bitcoin (BTC) price trades below $109,000 at the time of writing on Friday after slipping nearly 5% so far this week. Ethereum (ETH) and Ripple (XRP) prices followed BTC’s footsteps, correcting by nearly 8% and 7%, respectively. These top three currencies are approaching key support levels; a decisive close below could extend further losses.
Bitcoin could extend its correction toward $102,000 if it closes below key support
Bitcoin price was rejected from the 78.6% Fibonacci retracement level (drawn from the April 7 low of $74,508 to the October 6 all-time high of $126,199) at $115,137 on Monday, and declined 5.44% by Thursday. At the time of writing on Friday, BTC hovers at around $109,100.
If BTC continues its correction and closes below the 61.8% Fibonacci retracement level at $106,453, it could extend the decline toward the October 10 low of $102,000.
The Relative Strength Index (RSI) on the daily chart reads 43, below the neutral level of 50, indicating bearish momentum gaining traction. The Moving Average Convergence Divergence (MACD) lines are also converging, with decreasing green histogram bars signaling fading bullish momentum.
BTC/USDT daily chart
However, if BTC finds support around the 61.8% Fibonacci retracement level at $106,453, it could extend the recovery toward the 50-day EMA at $112,872.
Ethereum shows weakness in momentum
Ethereum price faced rejection from the daily resistance level at $4,232 on Monday and declined by 8.86% by Thursday. At the time of writing on Friday, ETH hovers around $3,833.
If ETH continues its correction, it could extend the decline toward the 61.8% Fibonacci retracement level at $3,593.
Like Bitcoin, Ethereum’s RSI and MACD indicators are signaling a bearish view.
ETH/USDT daily chart
However, if ETH recovers, it could extend the recovery toward the 50-day EMA at $4,089.
XRP faces rejection from the 50-day EMA
XRP price faced rejection from the 50-day EMA at $2.66 on Monday and declined by nearly 8% until Thursday, retesting the daily support level at $2.35. At the time of writing on Friday, XRP hovers at around $2.46.
If XRP breaks and closes below the daily support at $2.35, it could extend the correction toward the next daily support at $1.96.
Like Bitcoin and Ethereum, XRP RSI and MACD are showing early signs of bearish momentum.
XRP/USDT daily chart
On the other hand, if XRP recovers, it could extend the recovery toward the 50-day EMA at $2.66.
