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Cryptocurrencies take a hit as USD bounces back following USTR news

  • Cryptocurrencies fall as USD strength kicks in
  • Indicators turn bearish on the 4-hour chart
  • ETH/USD looks to be heading back to the 200.00 psychological support
Cryptocurrencies take a hit as USD bounces back following USTR news
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

The likes of BTC, ETH and XRP have all fallen in tandem after news of a tariff delay on China was announced.

The chart below shows a 4-hour chart of ETH/USD falling 1.49% from 208.35 to 205.94 after the measures were announced. Cryptocurrencies have been threatening a move lower all day after Bitcoin flirted with the 11,120.00 area all morning. Maybe now traders have the catalyst for a break to lower support zones. 

ETH USD chart 4 hour

Looking at the chart now, you can see that the RSI indicator broke the 50 mid-line and hangs around the 35 point, while, still sloping in a downward fashion. The MACD is also setting up for a bearish crossover with the histogram hugging the mid-line and the moving averages converging to cross over. From a candlestick perspective, purists will be upset that the hammer rejection candle before this one was not successful but that is the nature of trading, one must look for a confluence of signals for confirmation. 

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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