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- Based on the overall technical picture, Ripple could drop further to test support at $1 in the near term.
- Cardano falters at $3 as correction revisits $2.7 support; more losses could follow if the MACD flashes a sell signal.
The trading mid this week has been marred by considerable losses across the board. Bitcoin is at the forefront of the gains-trimming exercise after losing support at $49,000 to test levels slightly below $48,000. As discussed, $56,000 is the robust support. If this buyer congestion zone is revisited, Bitcoin will resume the uptrend, significantly lifting above $50,000.