- 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
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