Cryptocurrency Market News: Bitcoin, Ethereum and Ripple flash sell signals

07/30/2020 09:50:51 GMT|ByJohn Isige

Bitcoin seeks support at $10,900 after free-falling from $11,361 (Wednesday high).
Ethereum price action limited by a descending trendline.
Ripple bounces off support at $0.24 but bearish pennant pattern losses still linger.

They say what goes up must come down, at least in physics. As for the cryptocurrency market, the rally that brewed for the past couple of weeks is taking a step back. This is evidenced by Bitcoin price freefall from high Wednesday’s highs at $11,361. On the other hand, Ethereum slipped under $320 only to confirm support at $314. The fourth-largest cryptocurrency, XRP fell from the new July high at $0.25 to the intraday low of $0.2347. XRP is teetering at $0.2454 amid a push to staging another attack on $0.25.

Bitcoin short term analysis

Bitcoin is trading at $10,994 as bulls focus on pushing the price above $11,000. The prevailing technical picture is bearish as seen with the downward moving RSI. If short term support at $10,900 fails to hold, a massive plunge is anticipated towards $10,500. On the bright side, the MACD is holding well inside the positive region which means that buyers have not lost entirely and can still redeem the trend above $11,000.

BTC/USD daily chart

Ethereum short term analysis

Ethereum has retreated from the new 2020 high $334. The price continues to narrow below a gradually descending trendline. On the downside, key support has been confirmed in a range between $300 and $310. ETH/USD is currently holding above the short term 50 SMA while the 100 SMA in the 1-hour range is in line to offer support at $318.55. The price is trading at $319 as buyers push for gains above $320. A break above the trendline resistance would pave the way for further action above $330 and ultimately test $350.

ETH/USD 4-hour chart

Ripple price chart analysis

Ripple sharp upward price action seems unsustainable. It has led to the formation of a bearish pennant pattern that if actualize could impact negative on the progressed made in the last 14 days. On Wednesday XRP/USD tested the $0.25 hurdle but was rejected immediately. As mentioned earlier, support at $0.24 has help buyers find balance. There is also an ongoing push eyeing $0.25. It essential that a break is made above $0.25 soon to ensure that the danger of a breakdown under the pennant pattern is averted.

XRP/USD 4-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

{{Text}}