Cryptocurrency Market Update: Bitcoin bears return for revenge ousting pre-halving stability
|- Cryptocurrencies commence the week in the red after a stable weekend session.
- Bitcoin finds support at $8,535 but will the bulls be able to sustain gains to $9,000?
- Ethereum holds above the support at $195 while Ripple renews the bullish trend above $0.21.
It is a bears’ field in the cryptocurrency market on Monday following a stable weekend session. The bullish action last week has turned bearish as though sellers are back to force a reversal ahead of the halving in less than a week. Among the major coins, the worst-hit coins is Ethereum. Other digital assets recording more losses include EOS (-5.28%), Bitcoin Gold (6%), Dash (-5.41%) and Litecoin (-4.52%).
BTC/USD has corrected lower 2.82% lower on the day to trade at $8,656. With the prevailing trend is bearish amid high volatility. An intraday low has been formed at $8,535 (short term support). If the price continues to hold above $8,600, then Bitcoin bulls can shift the focus back to $9,000. Meanwhile, RSI shows that the bearish grip is strengthening. On the other hand, the MACD keeps buyers’ hope for recovery alive. In addition to the support at $8,535 and $6,600, more support levels lie with the 200-day SMA at $8,000, the trendline and the 50-day SMA at $7,000.
Chart of the day: BTC daily
ETH/USD is flirting with $199 after correcting from an intraday high of $210.82. Losses are likely to continue increasing during the European session. If the support at $195 holds, Ethereum bulls could shift focus on stepping above $200.
XRP/USD has also not been spared by the increasing selling activities. Ripple is down 3.04% on the day and trading at $0.2128. Unlike, Bitcoin and Ethereum, Ripple is gradually returning to the bullish trend. With the volatility high, the losses posted could be correction.
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