BTC/USD has recovered from Tuesday's low of $11,256; however, the first digital coin is still well below critical $12,000. The bullish breakthrough engineered during early Asian hours on Tuesday looked so promising, but it failed to live up to expectations. BTC/USD is changing hands at $11,640 at the time of writing, down over 3% on a day-on-day basis.
Bitcoin confluence levels
There is not much in terms of strong technical barriers, either above or below the current price. It means that bulls and bears are in similar conditions as long as the price stays within the range limited by $11,000 on the downside and $12,000 on the upside.
Ethereum brushed shoulders with $240 but failed to make headway towards $250 milestone. The uptrend started at the beginning of the week, was deep-rooted in the support at $200.
The gains from July 24 were massively enhanced following the break above the descending trendline from July highs around $320. Moreover, trading above the hour Moving Averages pulled Ethereum higher above the resistance at $220 and $230 respectively.
Ripple bears appetite for revenge seems to have been augmented. The impressive gains recorded on Monday have all gone down the drain. As discussed yesterday in the price prediction, the support at $0.31 did not see the light of the day on Wednesday.
The correction under both the 50 Simple Moving Average 1-hour chart and the 100 SMA 1-hour was an immense boost for the bears. Ripple tanked below the tentative support at $0.3150 and pushed the bearish leg under $0.31. Fortunately, the buyers barricaded the zone at $0.3075 taking advantage of the lower price to increase their positions.
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