Cryptocurrencies have experienced a pullback during today’s session. Bitcoin was unable to break above the resistance area near $46,500, which we repeatedly mentioned in recent days. Ethereum did not remain above the $3,200 mark for long. These two cryptocurrencies are tumbling roughly 4% on Thursday. As far as Ripple, the sell-off is even more significant as the cryptocurrency is plunging 6%.
Let’s have a look at Bitcoin’s technicals on the daily chart. The price bounced off the resistance zone marked by the 50% Fibonacci retracement and previous price actions. Should the pullback continue, declines towards the $42,000 support could be on the cards. This support zone is marked by the lower limit of the 1:1 structure, the 23,6% Fibonacci retracement as well as previous local peaks.
Bitcoin, the daily interval. Source: xStation5
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