Bitcoin hits a massive double-top pattern barrier at $19,500, opening Pandora’s Box for losses back to $17,600. Ethereum can barely hold above $580 while massive declines to $540 linger. Ripple loses ground above the 200 SMA as selling pressure intensifies, the bearish leg could revisit $0.4. The price action in the cryptocurrency market has continued to be sluggish since the week started. Bitcoin has made several attempts to break out of the one-week horizontal resistance at $19,500 but in vain. On the other hand, stability in the market is assured by the buyer congestion at $19,000. Intriguingly, some altcoins have spiked significantly over the last 24 hours. SushiSwap (SUSHI) and Synthetix (SNX) rose above the horizon, posting gains over 10%. The rest of the assets in the top 50 are dotting market red and green but without significant price action. Bitcoin is on the brink of a massive correction The horizontal resistance at $19,500 has led to a double-top pattern, which is a typically bearish indicator in technical analysis. A significant correction is usually anticipated after the formation of the chart pattern. In this case, BTC has already retreated towards support at $19,000, but an intraday low has formed at $19,040. At the time of writing, Bitcoin is trading at $19,160 amid a building bearish picture. If the bearish leg stretches past $19,000, massive sell orders will be triggered, perhaps by the whales rushing to cash out profits as explained earlier. Support is anticipated at the 100 Simple Moving Average on the 4-hour chart. However, if enough volume is created, BTC may be forced to seek anchorage at the 200 SMA or last week’s support at $17,600. BTC/USD 4-hour chart On the flip side, gains to $20,000 will come into the picture if BTC first holds above $19,000 and second, corrects beyond the double-top pattern at $19,500. The fear of missing out (FOMO) could drive Bitcoin significantly above $20,000. Ethereum struggles to hold support at $580 Ether is holding steady above $580, but potential declines eye support at $540. A recent recovery was rejected under $600, hence the bearish grip. Meanwhile, the least resistance path is downwards. The formation of an ascending wedge pattern could confirm the bearish outlook to $540. This bearish outlook forms when an asset’s price ascends with pivot highs and lows while converging at a single point. A breakdown usually occurs before the trendlines converge. The typical breakdown is normally confirmed by decreasing volume. Price slumps are generally fast and drastic; therefore, traders have to work timely, precisely and accurately. ETH/USD 4-hour chart It is worth mentioning that the bearish outlook will be thrown out the window if Ether holds onto the 100 SMA and the support at $580. A reversal must also come into the picture, targeting $600. Trading above $600 may see Ethereum take on the resistance at $620. Ripple dumps some more after losing key anchor The cross-border token is on the cusp of a significant breakdown after sliding under the 200 SMA. The seller congestion at $0.45 might save bulls from a sharp fall to $0.4. However, the bearish scenario seems to have been confirmed by the Relative Strength Index’s slope toward the oversold region. XRP/USD 4-hour chart The TD Sequential indicator has presented a buy signal that may invalidate the pessimistic outlook. The bullish formation manifested in a red nine candlestick on the 12-hour chart. If authenticated, an upswing in one to four candlestick could place XRP in a trajectory eyeing $0.6. XRP/USD 12-hour chart Similarly, the bearish narrative may be quashed if Ripple reclaims the lost ground above the 200 SMA and the seller congestion at $0.5. Trading above these levels will call for stability as buyers would prepare to pull the crypto past $0.6. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Gold Price Analysis: XAU/USD regains positive traction, focus on 20-DMA at $1875.30 – Commerzbank FX Street 2 years Bitcoin hits a massive double-top pattern barrier at $19,500, opening Pandora's Box for losses back to $17,600. Ethereum can barely hold above $580 while massive declines to $540 linger. Ripple loses ground above the 200 SMA as selling pressure intensifies, the bearish leg could revisit $0.4. The price action in the cryptocurrency market has continued to be sluggish since the week started. Bitcoin has made several attempts to break out of the one-week horizontal resistance at $19,500 but in vain. On the other hand, stability in the market is assured by the buyer congestion at $19,000. 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