Cryptocurrency Market Update: Bitcoin, Ethereum and Ripple run out of momentum near key levels
- ETH/BTC has charted a bearish cross with SMA 50 crossing above the SMA 20.
- BTC/USD has failed as it neared the $10,025 resistance level.
- ETH/USD has dropped below the $200 level.
ETH/BTC daily chart
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ETH/BTC went up from 0.0207 to 0.02010 in the early hours of Friday. This followed four straight bullish days, after failing at the 0.02117 resistance line. The SMA 50 has crossed over the SMA 20 to chart a bearish cross. RSI has bounced up from the edge of the oversold zone to 37.50.
On the upside, ETH/BTC has strong resistance at 0.02116 and 0.02117. On the downside, healthy support lies at 0.02044
BTC/USD daily chart
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BTC/USD dropped from $9,792.80 to $9,495.55 in the early hours of Friday. The price lost steam as soon as it neared the $10,000 psychological level. This means that the bulls probably won’t have the momentum required to break past crucial resistance at $10,025, which has thwarted the price twice before. On the downside, healthy support levels lie at $9,540 and $9,171.
The MACD indicates an upcoming reversal of bearish momentum. Finally, William’s %R is trending around -12.80 inside the overbought zone, indicating that the price is currently overvalued and will face short-term bearish correction.
ETH/USD daily chart
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ETH/USD bears took control following three straight bullish days as the price fell from $203.33 to $199.90. The price has faltered after encountering resistance at the SMA 20 curve, The MACD shows decreasing bearish momentum, while the Elliott Oscillator has had a green session following 11 straight red sessions.
If the bulls somehow manage to break past the SMA 20, there are two strong resistance levels at $212.50 and $218.25. On the downside, there are healthy support levels at $197.50 and $187.65.
XRP/USD daily chart
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XRP/USD fell from $0.2040 to $0.2007 as it neared the red Ichimoku cloud. The MACD indicates sustained bearish momentum, while the Elliott Oscillator has had a green session following 12 consecutive red sessions.
XRP/USD bulls will want to take the price up to $0.212 to conquer the strong resistance level and cross above the SMA 20. Beyond that, another strong resistance lies at $0.218. On the downside, healthy support levels lie at $0.196 and $0.182.
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.
