Bitcoin's prices, Ethereum, XRP form risky patterns ahead of triple witching

Popular cryptocurrencies such as bitcoin, ethereum and Ripple have formed different risky patterns before the Triple-Witching event closely.

The price of bitcoin (btc) has dropped to $ 83,580 from the weekly maximum $ 87,158, while ethereum (eth) has fallen below $ 2,000. Ripple (XRP) has fallen from the maximum of $ 2.59 to $ 2.35.

A probable reason for this price action is that market participants are waiting for the triple triple quarterly event on Wall Street. Triple Witching is a day that occurs on the third Friday of March, June, September and December. On this day, the actions of shares, the futures of shares index and the index options expire simultaneously.

The next Triple-Expiration event will see futures options and contracts worth more than $ 4.5 billion. Historically, the actions and prices of cryptocurrencies experience increased volatility before, during and after the witch event.

For example, bitcoin Price opened to $ 97,777 at the last triple-witching event on December 20. Then he crashed at $ 92,200 and finished the day at $ 97,000.

The triple witchcraft event of this quarter is happening as concerns have been maintained on Donald Trump's rates. It also arrives two days after the Federal Reserve issued a dull interest rate decision. While officials warned about stagflation, Jerome Powell said inflation would be transitory. The Fed also hinted that it would soon climb its quantitative adjustment policies.

bitcoin Price has formed an ascending wedge

There is a risk that the btc price falls ahead or after the triple-base event. He has formed an ascending wedge pattern, which includes two ascending and convergent tendency lines. This pattern is at the top of the double top at $ 108,150 and the cross of death that was formed on March 14. These patterns point to a greater problem of bitcoin prices, with the immediate objective of $ 76,890, its minimum march.

ethereum Price has formed a triple top

Ether has formed a triple pattern at $ 4,005, with a neckline at $ 2,140. A triple Top often leads to a strong bearish break, and in this case, it has fallen below the neckline. It also moved below the mobile averages of 50 weeks and 200 weeks, pointing to a greater inconvenience, potentially to the psychological point at $ 1,500.

The XRP price has formed a head and shoulder pattern

Meanwhile, the price of XRP runs the risk of a breakdown even after the SEC ended the Ripple case. The main reason for this is that the currency has formed a head and shoulder pattern whose neckline is $ 1.93, with the shoulders at $ 3. could not invalidate this pattern this week moving above the shoulder level. Therefore, a movement below the neckline at $ 2 runs the risk of falling to $ 1.