In this article, as Kriptokoin.com, we will discuss analyst Jonathan Morgan’s analysis of Bitcoin, Ethereum and XRP. Bearish signals are warning more bearish, according to the analyst. Bitcoin price is showing strong bearish divergence, which is developing pointing to lower prices. Ethereum price bearish pennant warns of trading levels below $2,000 ahead. XRP price struggles within the Ichimoku Cloud, the bears’ takeover threshold dropping significantly.
Bitcoin price points lower
Bitcoin price is currently inside a bear flag on its daily chart, suggesting some more bearish pressure may come. Ethereum price is approaching its final support structure before a strong Ichimoku short entry is confirmed. XRP price action is probably in an unfortunate position to move into a new downtrend, even if it moves sideways over the weekend. Bitcoin price action is shaky against the critical Ichimoku resistance. Bitcoin price has experienced the same kind of whiplash that all financial markets are experiencing right now. Concerns have grown over the Russian invasion of Ukraine and its impact on all at-risk markets, particularly affecting cryptocurrencies.
At the beginning of the week, Bitcoin experienced a strong rally and confirmed the Ideal Bull Ichimoku Breakout. However, on Wednesday the momentum trailed off, and that weakness persisted into Friday. Bitcoin price is currently in the Cloud after the Ichimoku Cloud (Senkou Span B) and 2022 Volume Point Of Control failed to find support at $42,500. A bear flag has now been developed on Bitcoin’s daily Ichimoku chart. As a result, the short entry in the bear flag coincides with the short entry in the Ideal Bear Ichimoku Breakout. If there is a daily close at or below $36,900, a move towards the 61.8% Fibonacci expansion at $30,500 is very likely.
Ethereum is very similar to Bitcoin
Ethereum price at a make or break point, failure to provide support could trigger a significant crash below $2,000. Ethereum price action is bearish, very similar to Bitcoin’s current situation. The failing point for Ethereum is a daily close below $2,500. If this happens, a short signal from the break below the bearish pennant and also an Ideal Bearish Ichimoku Breakout will confirm the entry.
In this scenario, ETH will likely collapse from $1,825 towards 100% Fibonacci expansion. If the bulls want to invalidate this short-term bearish scenario, they have a chance to do so. The only level preventing Ethereum price from confirming the Ideal Bearish Ichimoku Breakout is Tenkan-Sen at $2,675. Keeping Tenkan-Sen as support is crucial to prevent a wider sale.
Ripple in critical position
XRP price could retest 2022 if it fails to close above $0.755. XRP price action is in a very undesirable position: inside the Ichimoku Cloud. The Ichimoku Cloud represents pain, misery, volatility, indecision, and whiplash. XRP had a possible bullish breakout twice during the week but failed. A key danger zone for XRP bulls lies ahead. By Sunday, March 6, 2022, if XRP fails to close at or above $0.755, it will slide into a new Ideal Bearish Ichimoku Breakout entry. This means that the start of another downtrend will likely move to a target near the $0.50 to $0.55 value area.
If the bulls want to invalidate any near-term bearish outlook, they should at least close XRP above the Ichimoku Cloud (Senkou Span B). This means a daily close at or above $0.79. Ideally, the bulls should shoot for a close around $0.855 to confirm the Ideal Bullish Ichimoku Breakout. But reducing further downward pressure is more important in the interim.
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