Cryptocurrency Market Update: Bitcoin leaves behind Ethereum and Ripple in the dust as bulls start consolidating their positions pre-halving
- ETH/BTC bears managed to take control for the fifth consecutive day as the price dropped below the 20-day Bollinger Band.
- In the BTC/USD daily chart, SMA 20 is about to crossover SMA 200 to chart a bullish cross.
ETH/BTC daily chart
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ETH/BTC bears had a field day this Thursday as it dropped from 0.0227 to 0.0022. IN the process, the bears managed to take control for the fifth consecutive day. Since ETH/BTC is now trending below the 20-day Bollinger Band, it shows that the price is currently undervalued and may face bullish correction soon. The RSI indicator has dipped to 33.75 and is on the verge of entering the oversold zone. On the downside, there are three support levels that the bulls must defend at 0.0217 and 0.0212.
BTC/USD daily chart
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BTC/USD bulls remained in control for the second straight day as the price flew up from $9,029.73 to $9,341.85 and entered the red Ichimoku cloud. The price is trending in an upward channel formation as the bulls aim for the $9,500 psychological level. The resistance levels beyond that are at $9,615.85 and $9,941.73. On the downside, there are two healthy support levels $9,187 and $8,826.75. SMA 20 is about to crossover the SMA 200 to chart a bullish cross. The MACD indicates increasing bullish momentum, while the RSI is trending within the overbought zone at 76.45.
ETH/USD daily chart
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ETH/USD bears remained in control for four straight days, as the price fell from $205.46 to $205.64. The price is presently consolidating in a flag formation. On the downside, there are two support levels at $196.85 and $188.60. On the upside, ETH/USD must overcome resistance levels at $214.25 and $224.35. The MACD indicates decreasing bullish momentum, while the Elliott Oscillator is has had three straight red sessions.
XRP/USD daily chart
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XRP/USD fell from $0.217 to $0.216 as the bears retained control for the fourth straight day. The price is consolidating in a pennant formation as the sellers aim for the $0.2125 and $0.203 support levels. On the upside, resistance lies at $0.2236 and $0.235. The MACD indicates decreasing bullish momentum, while the Elliott Oscillator has had four straight red sessions.
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.
