Aliens TLDR

Bitcoin price is at risk of consolidating and staying below $30,000 for a long time as stock markets sell-off.

Bitcoin price, Ethereum and other cryptocurrencies are on the backfoot after the massive slaughter that happened on the trading floor on Wall Street yesterday.

Bitcoin (BTC) price tanked another 5% on Wednesday as investors threw in the towel on their positions in equities and cryptocurrencies.

As Bitcoin price recovers, a dead-cat-bounce is likely to unfold that will see price action lower in the next two trading days.

To make matters even worse, more regulatory crackdowns are being announced by the US State Department, and greater numbers of investors and companies are looking at their ESG rankings, which, admittedly, cryptocurrencies do not perform well at given their massive energy consumption from mining This could result in a bearish weight that keeps Bitcoin price below $30,000 for a very long time.

BTC/USD daily chart A reversal to the upside is always possible, however, certainly in these crazy markets where volume is becoming slimmer by the day as investors shift their money to the sidelines.

A quick reversal is always possible in thin markets as bulls ramp up prices on sudden high demand.

Ethereum (ETH) price has signalled that the game is over for now.

It almost looked like everyone was selling yesterday as bear market territory loomed in almost every asset, which had its reflection in cryptocurrencies , where ETH price tanked 8%, falling back below $2,000.

ETH price sees bulls trying to get their noses back above $2,000, but it looks heavy.

A tailwind could spill over into cryptocurrencies and lift ETH price back above $2,000, with the next profit target set at $2,148.67.

In case ETH price could close above there, further recovery is possible towards $2,278.42, printing 18% gains in the recovery.

Ripple (XRP) price fell below $0.42 in a correction on Wednesday as the stock market rout overpowered bulls in their attempt to continue Tuesday’s.

XRP price is thus on the cusp of dropping back to $0.37, with the monthly S2 support level as a floor.

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