Crypto market update: Profit taking paints the market red – Bitcoin, Ethereum and Ripple trim gains
|- The market has dumped more than $ billion in less than 24 hours from $185 billion to the current $176 billion.
- Bitcoin continues to fight for support above $5,150.
- Ethereum reacted to a subtle double top pattern as soon as it tested $185.
- Ripple is among the biggest losers on the day with losses of more than 5%.
The market at the moment is a beehive of bear activities. Following an entire week of incredible gains across the board, the bears came in guns blazing on Thursday sending most cryptocurrencies below important support areas. The market has dumped more than $ billion in less than 24 hours from $185 billion to the current $176 billion. On the contrary, there has been an increase in the total market trading volume from $51 billion to the current $55 billion.
Bitcoin price update
Bitcoin has dropped from the intraday high at $5,342.39 to its current market value of $5,166. This represents a 2.79% decline on the day. As predicted yesterday Bitcoin stepped above $5,400. However, the asset lacked the strength to keep the uptrend sustained. The drop could not find support at the trendline which coincides with the 50 SMA 1-hour. Neither did the 100 SMA 1-hour help slow down the flash drop. At the moment, Bitcoin continues to fight for support above $5,150. The next support target is $5,000 while $4,800 support congestion area is a definite trend reversal zone.
BTC/USD 1-hour chart
Ethereum price update
Ethereum reacted to a subtle double top pattern as soon as it tested $185 during the brief surge in the evening (GMT) session on Wednesday. The price lost its mojo resulting in a drop below $180 and extended declines below both the 50 SMA and the 100 SMA 1-hour. Further losses have slipped below $170. ETH/USD is trading at $168 and could test the support congestion zone at $155 - $160 unless a reversal takes it back above $170.
ETH/USD 1-hour chart
Ripple price update
Ripple is among the biggest losers on the day with losses of more than 5%. The price has been correcting lower from the resistance congestion at $0.3700. Yesterday, the crypto attempted to break above $0.3600 but failed. A reversal ensued as bears increased their grip. XRP/USD slipped below the 50 SMA 1-hour and tested $0.3300 before a slight correction occurred. It is trading at $0.3353 at press time while supported by the 100 SMA 1-hour.
XRP/USD 1-hour chart
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