Popular cryptocurrencies like Bitcoin, Ethereum, and Ripple are forming risky patterns ahead of the triple witching event, which traditionally triggers increased market volatility.
Bitcoin Prices Before Triple Witching
Bitcoin's price has dropped to $83,580 from its weekly high of $87,158. This movement is attributed to anticipation around the triple witching event, which involves the expiration of stock options, stock index futures, and index options. A rising wedge pattern in Bitcoin's charts suggests potential further downside.
Ethereum and Its Triple Top
Ethereum has formed a triple top at $4,005 with a neckline at $2,140, indicating potential for a strong downside move. The break below the neckline and moving averages suggests a target of $1,500.
Ripple in the Head and Shoulders Context
Despite the SEC-Ripple case concluding, XRP's price is at risk of decline due to a head and shoulders pattern. A drop below the neckline at $1.93 could see prices fall to $1.
The triple witching event and current macroeconomic factors are contributing to uncertainty in the cryptocurrency markets, with investors bracing for volatility and potential price declines.
