Holy dump, as Cryptos could not overcome resistance levels
|Holy Friday began with the sellers taking control of almost all crypto assets. The lack of strength by the buyers, unable to pass through resistance levels for three consecutive days, has given strength to the sellers. The crypto market is losing almost six percent in Friday's early hours, with Bitcoin Cash (-9.3%) and Bitcoin SV (-11.01%) being the weakest, but also Ethereum (-5.54%) and Bitcoin(-4.41%) are dropping hard. Among a sea of red, only Waves(+11.37%) and Digibyte (+16.46%) move against the overall market with strength. The Ethereum token sector also follows the selling wave, with MKR(-9.51%), BAT(-8.2%), HT(-6.25%), CRO(-6.66%) and LINK (-4.9%) being the worst performers among the top capitalized, and HEDG(+5.73%) moving very strong against the selling tide.
The market capitalization is back below $200 billion, to $196.3 billion, which is a drop of roughly $9 billion. The volume reached in the last 24 hours was $39.9 billion (+10%), about $4 billion higher than the previous 24H cycle, and Bitcoin dominance is stable at 64.2%.
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Technical Analysis: Bitcoin
Bitcoin broke the ascending channel, after being unable to break the $7,400 resistance level and cut through the $7,200 and reaching the $6,900 level on strong volume. The price will find support in the area around $6,800. We can see that a lower low has not been made yet; thus, even when the short-term bias is bearish, the underlying mid-term trend is still bullish. We think the price will stabilize above $6,800, to gain strength to, then, attempt another assault to the $7,400 range.
Key Levels
|
Support |
Pivot Point |
Resistance |
|
6,550 |
6,800
|
7,200 |
|
6,200 |
7,400 |
|
|
5,850 |
7,700 |
Ethereum
Ethereum broke the triangular pattern to the downside and also went through the $165 and $160 level with increasing volume. The price may find support at the confluence of $158, the ascending trendline, and the 50-period SMA, which is also the 50% Fibo level. As we see on the chart, the price is making a retracement, whereas the overall trend is still bullish; thus, the expected continuation after the consolidation is to the upside.
Key Levels
|
Support |
Pivot Point |
Resistance |
|
142.00 |
158.00
|
165.00 |
|
135.00 |
174.00 |
|
|
128.00 |
180.00 |
Ripple
Ripple also broke the triangular formation to the downside. Now the price is broking the $0.1926 level, and the price is back to the ascending wedge. Therefore, XRP may find support near the $0.188 level, which marks the confluence of the 50-period SMA and the lower trendline of the ascending wedge. The overall trend is still bullish, and we are qualifying this drop as a normal retracement.
Key Levels
|
Support |
Pivot Point |
Resistance |
|
0.1800 |
0.1880
|
0.2000 |
|
0.1700 |
0.2050 |
|
|
0.1610 |
0.2170 |
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