Cryptocurrency Market Update: Bitcoin, Ethereum and Ripple all consolidate below strong resistance levels

Rajarshi Mitra Independent Analyst

Bitcoin

BTC/USD has gone down from $9,237 to $9,233.65 this Thursday. The Elliott Oscillator has had two consecutive green sessions, which shows that the current market sentiment is bullish. Finally, the RSI has been trending around the neutral zone.

BTC/USD faces strong resistance at $9,295.65, $9,335.30 (SMA 20), $9,431.75 (SMA 50) and $9,475.25. On the downside, good support levels lie at $9,135 and $9,006.80 (lower curve of the 20-day Bollinger Band). The price is currently consolidating below $9,295.65.

BTC/USD daily chart

Ethereum

ETH/USD jumped up from $225.60 to $231 after bouncing up from the SMA 50 curve. The price is consolidating below the SMA 20 curve. The Elliott Oscillator has had seven straight red sessions, showing that the overall market sentiment is presently bearish.

ETH/USD faces resistance at $232 (SMA 20), $238 and $243.40 (upper curve 20-day Bollinger Band). On the downside, healthy support lies at $227.54, $225.82 (SMA 50) and $220.68.

ETH/USD daily chart

Ripple

XRP/USD bulls have retained control for the second straight day as the price has gone up slightly from $0.1766 to $0.177. The Elliott Oscillator has had a green session after eight consecutive red sessions. The RSI indicator is trending along the edge of the oversold zone.

XRP/USD bulls face stiff resistance at $0.1772, $0.1825, $0.1848 (SMA 20) and $0.1942 (SMA 50). On the downside, there is good support at $0.1752. Currently, the price is trying to break above $0.1772 resistance line, which has repeatedly thwarted the bulls before.

XRP/USD daily chart

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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Cryptocurrency Market Update: Bitcoin, Ethereum and Ripple all consolidate below strong resistance levels