Cryptocurrency market update: Major cryptos post modest losses in quiet day
- Cryptocurrencies continue to look for direction on Saturday.
- Bitcoin trades near key Fibonacci level below $10,000.
- Erhereum erases nearly 2%, stays near lower limit of consolidation channel.
After showing relatively high volatility during the first half of the week, major cryptocurrencies have gone into a consolidation phase and seem to be struggling to make a decisive move on Saturday. The total market capitalization of all cryptocurrencies stays near $280 billion, the latest available data on CoinMarketCap shows.
Top-three coins price overview
Bitcoin (BTC/USD) trades in a tight range below the critical $10,000 for the third straight day on Saturday. As of writing, Bitcoin was don 0.65% on the day at $9,635. The Relative Strength Index (RSI) indicator on the daily chart continues to move sideways near the 50 mark to confirm the near-term neutral outlook.
$9,600 (Fibonacci 23.6% retracement of January-mid-February rally) aligns as the initial support for BTC ahead of $9,300 (February 19 low) and $9,100 (Fibonacci 38.2% retracement of the same rally/50- day SMA). On the upside, $9,850 (20-day SMA) could be seen as the first hurdle before $10,000 (psychological level).
Ethereum (ETH/USD) rose more than 3% on Friday but failed to build on its gains. As of writing, ETH was trading at $260, erasing 2.2% on the day. ETH has been trading in a horizontal range between $290 and $250 and a daily close outside this channel could trigger the next decisive move. Below $250, the 20-day SMA seems to have formed a dynamic support near $240. On the upside, $300 (psychological level) could be targeted above $290.
After advancing to its highest level since July at $0.3470 a week ago, Ripple (XRP/USD) staged a deep correction and erased more than 20% since. Although XRP seems to have found support near $0.26 on Thursday, it hasn't yet made a meaningful recovery and was last seen trading at $0.2715, losing 0.9% on the day. The first support for XRP is located at $0.25-$0.26 (200-day SMA/February 20 low) area ahead of $0.2325 (100-day SMA). Resistance, on the other hand, align at $0.3000 (psychological level/February 17 high) and $0.3470 (February 15 high).
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
